In: Accounting
The following is adapted for academic purposes from the original
speech: “Staying on Top of Our Game” by Singapore Minister Mr Ong
Ye Kung during the launch of the Financial Services Industry
Transformation Map on 30th Oct 2017.
“The regulator facilitates the development of infrastructure upon
which new services and ideas can thrive. A good example is the
payments infrastructure. Three years ago, MAS worked with the
banking industry to launch FAST, to conduct direct real-time
transfers between bank accounts. This year, the banks launched
PayNow, which links bank accounts to NRIC or mobile numbers, making
transfers more convenient. More importantly, PayNow will activate
the full potential of FAST. It currently works only for P2P, but
will be progressively expanded for P2B and B2B next year. To
further facilitate this, we will introduce by the end of the year a
common QR code that can accept all payments using QR
readers…..”
Question 1:
One of the functions the Monetary Authority of Singapore (MAS) performs in the financial market of Singapore is the oversight of payment systems. Relate and discuss the relevant Act, Regulated Activities and Types of Licenses that MAS uses to perform this function as discussed in the speech above.
Answer:The relevant act is the Payment Services Act, by the purpose of the promotion of choosing electronic payment services. The aforementioned act gives the Monetary Authority of Singapore with the influence of ordinance and through decreasing the risk correlated with the various activities. The Monetary Authority of Singapore is broadly enabled with all powers by the Monetary Authority of Singapore Act.
The regulative actions are made by the Monetary Authority of Singapore by some instruments.
There are primarily three kinds of licenses in these circumstances:
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