Ong Ye Kung on Payment Services (Amendment) Bill

January 2021

Parliament Banner


Ong Ye Kung on Payment Services (Amendment) Bill

(Updated: )

Singapore aims to tighten regulations on virtual payment service providers to keep pace with global standards in fighting the risks of money laundering and terrorism financing. Monetary Authority of Singapore board member Ong Ye Kung outlined the details in Parliament on Monday (Jan 4). MAS would have the power to regulate virtual asset service providers which facilitate the use of digital payment tokens. With wider adoption of such tokens, it would also be able to impose measures on service providers to protect consumers and maintain financial stability.