The Monetary Authority of Singapore (MAS) and the Singapore Academy of Law (SAL) have launched a new Payments Regulatory Evaluation Programme (PREP) today. The main objective of PREP is to help connect payments industry entrants with legal service providers, who have specialisations in payment services regulations to effectively meet their compliance needs.
For a start, seven local and international law firms based in Singapore will be participating in a two-month pilot run of PREP, and Baker McKenzie Wong & Leow is proud to be one of the firms selected to provide this service. After two months, MAS and SAL will take in feedback from the pilot and make adjustments to the programme as necessary - before PREP's formal launch at the Singapore FinTech Festival in November 2019.
Commenting on PREP, Principal and Asia Pacific Chair of Financial Institutions Stephanie Magnus said: "We have been consulting alongside our peers with MAS and SAL for a few months, and are happy to see this come to fruition. The Singapore payments space is very vibrant and as we're attracting foreign and local players, it is very timely for MAS to proactively set up PREP to ensure that the industry is well resourced and that any legal compliance needs can be fast tracked through the programme."
Under the PREP pilot, payment companies can easily access a list of pre-selected law firms, and can also be assured that all regulatory assessments will be conducted comprehensively. The programme will see each payment firm responding to a standard questionnaire about its business in Singapore, where they will receive a customised assessment report. There is no cap on the number of participants for this pilot run, and interested firms are welcomed to participate in PREP by contacting a participating law firm of their choice. More information on PREP will be published on the SAL website.