- POSTED: 18 Sep 2013 14:13
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The Competition Commission of Singapore (CCS) has given the all-clear sign to Visa Worldwide on its Multilateral Interchange Fee (MIF) system.
SINGAPORE: The Competition Commission of Singapore (CCS) has given the all-clear sign to Visa Worldwide on its Multilateral Interchange Fee (MIF) system.
Visa Worldwide had asked the commission if its MIF system violates the Competition Act, in particular the section on anti-competitive agreements.
The commission said it conducted extensive consultation with relevant stakeholders and a careful review of the facts and evidence, and it found that the system did not have any adverse effect on competition in Singapore, or in any of the relevant markets considered.
As such, the competition gave the clearance decision on Visa's MIF system.
Assistant chief executive officer of CCS, Mr Toh Han Li, said: "We have examined the effect of Visa's MIF by analysing the state of competition in the relevant markets in Singapore, with and without the MIF system.
"Based on the evidence available to CCS, we assessed that Visa's MIF system has not resulted in appreciable adverse effects on competition in Singapore.
"However, CCS reserves the right to re-examine the matter if there is a material change in current circumstances."