The Monetary Authority of Singapore and the Singapore Academy of Law launched a payments regulatory evaluation programme. The programme will enable a connection between the payments industry and legal service providers.
Also, fintech firms will gain access to legal expertise in payment services regulations through the programme. This will help them to effortlessly fulfill all compliance needs.
Payment companies can take part in the programme by contacting a participating legal firm, according to media reports. For now, seven local and international law firms will participate in the pilot programme.
The pilot programme is expected to run for a period of two months. After that, the Monetary Authority of Singapore and the Singapore Academy of Law will receive feedback and make necessary modifications to the programme.
The final programme will be formally launched at the Singapore Fintech Festival in November — and will be open to all law firms in Singapore. This is an opportunity for payment firms to choose from an array of law firms to draw legal advice on payment services regulations.
Singapore Academy of Law Chief Operating Officer Paul Neo said, “The evolution of payment services regulations is an important aspect of Singapore’s development as a fintech hub. As a promotion and development agency for Singapore’s legal sector, we want to give our legal professionals the opportunity to showcase their expertise in the fintech space… In time to come, we hope that our lawyers will also develop legal tech solutions in the regulatory and compliance tech fields to complement their legal advisory services to the payments industry.”