Description

The Payment Services Act 2019, passed in Parliament earlier this year, will fundamentally refresh payment services regulation in Singapore. The Act streamlines the regulation of payment services within a single activity-based legislation, and will replace the existing legislation for payment systems oversight, money changing and remittance businesses. It will provide a more conducive environment for innovation in payment services, whilst ensuring that risks across the payments value chain are mitigated. A representative from MAS will share how the new Act will enhance the regulatory framework for payment services in Singapore, strengthen consumer protection and engender confidence in the use of e-payments. Learn about the journey towards regulation that is modular, activity-based and facilitative of growth and development in the Singapore payments landscape. Hear also from a practitioner about the concerns and issues that may face the industry with the passing of the Act and its potential impact on current businesses.

About The Speaker

Jo leads policy development for the regulation of payment services including the Payment Services Act, in the Monetary Authority of Singapore (MAS). At the FinTech & Innovation Group (FTIG) of MAS, she is also responsible for promoting safe and efficient payment solutions. Prior to joining FTIG as Deputy Director, Jo was Assistant General Counsel at the MAS Legal Department. In that role she advised extensively on financial services regulations and free trade agreements. Her private practice experience was at Allen & Gledhill and Amica Law. Jo graduated from the National University of Singapore with an LLB (Hons) Degree, and was called to the Singapore bar. She has a Master of Laws from University College London, and is a non-practising solicitor of England and Wales.

Kim Kit is a partner in the Banking & Finance group of Bird & Bird ATMD LLP. Her practice encompasses advising clients on issues relating to financial regulatory matters, corporate and investment banking transactions, wealth management and private banking, as well as Fintech matters. She has spent a number of years working in-house at Scotiabank and Credit Suisse, where she advised on the legal aspects of investment and private banking product development, transactions and documentation. Kim Kit also worked as Senior Legal Counsel at the Monetary Authority of Singapore (MAS) where she was involved in the calibration and drafting of Singapore’s banking laws and regulations and the development of the wealth management, intermediaries and trust industry in Singapore. In February 2018, Kim Kit was appointed onto the International Chamber of Commerce (ICC) Commission on Arbitration and ADR.

Who Should Attend

Banking lawyers, in-house bank counsel, policymakers, academics