The Monetary Authority of Singapore continues to oil the fintech wheels, this time targeting payment fintech firms and their increasingly complex compliance needs with a program aimed to connect them to law firms with the expertise.
«Instead of relying on informal referrals, PREP (Payments Regulatory Evaluation Program) provides payment firms with a streamlined process to gain access to lawyers specializing in payment services regulations to meet their compliance needs,» the MAS said in a release.
The program, jointly launched with the Singapore Academy of Law (SAL), will kick-off with a seven-strong list of law firms in Singapore for the initial two-month pilot before taking feedback for adjustments where necessary. PREP will formally launch in November 2019 at the Singapore FinTech Festival and be open to all law firms in Singapore to join.
In addition to assurance of the comprehensiveness of regulatory assessments from PREP's list of legal specialists, payment firms can expect to have a better view on applicable regulations based on a customized assessment generated from a standard questionnaire.
«Payment Services Act»
In January 2019, Singaporean authorities passed the «Payment Services Act» which would expand the MAS’s regulatory portfolio to «consolidate existing regimes governing the provision of payment services» in the city-state.
«With the upcoming commencement of the Payment Services Act, it is important that the payment services industry is well supported in all aspects,» said Sopnendu Mohanty, chief fintech officer of MAS. «MAS has developed PREP to ensure that payment firms that want to engage legal services to support them in their business can do so easily and quickly.»
Paul Neo, COO of SAL echoed Mohanty’s sentiments adding that he hoped that lawyers would «also develop legal tech solutions in the regulatory and compliance tech fields to complement their legal advisory services».
