In February 2018, the Monetary Authority of Singapore (MAS) launched a public consultation on proposed guidelines to protect users of electronic payments (e-payments). The proposed guidelines aim to encourage wider adoption of e-payments by setting standards on the responsibilities of financial institutions and e-payment users. Under the new guidelines, individuals and micro-enterprises that hold e-payment accounts can expect financial institutions to provide timely notifications of all e-payment transactions. Financial institutions will be expected to set clear resolution processes for unauthorized or erroneous payment transactions. The guidelines also set out the responsibilities of e-payments users, including the good security practices they should adopt to protect their passwords and e-payment accounts. The consultation was closed on 16 March 2018 and the final draft of the guidelines were published in July, 2018.

Digital-world consumers expect banks to securely step up their technology game

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Traditional banks must evaluate their place within the payments ecosystem and be open to partnering with FinTechs and third-party developers to drive value collaboratively.

Collaborative Payments Ecosystem Boosts Customer Centricity

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Structural changes are spurring payments industry participants to evaluate the future of the business as well as their role in the months and years ahead.

New payments ecosystem key enablers

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The Payment Services Directive 2 or PSD2 has been in full force for more than six months, and its impact is being felt not just in the European Union, but across the globe – with several markets, such as Singapore, Australia, and Nigeria, as well as Hong Kong announcing open banking initiatives inspired by the PSD2

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