Payment Services Act

POSTED ON: Monday 15 Mar 2021 BY: rhtgoc

We understand your needs and concerns. As a Financial Institution regulated by the Monetary Authority of Singapore (MAS), complying with the rules and regulations is of paramount importance.

With the Payment Services Act (PS Act) in place, the new licensing framework addresses three (3) main licence classes – money changing licence (MCL), standard payment institution licence (SPIL), and major payment institution licence (MPIL), covering seven (7) payment activities including account issuance, domestic money transfer, cross border money transfer, merchant acquisition, e-money issuance, money changing, and the purchase and sale of digital payment tokens.

The new PS Act licensing regime aims to address four main risks – technology risks, interoperability, money laundering and terrorism financing, as well as consumer protection. If you are one of the payment service providers covered by the PS Act, fret not, you do not have to handle all the regulatory complexities alone. We are equipped to assist you in your business and compliance needs.

 

 

Services we provide

 

Together, Ardent Business Advisory and RHT Compliance Solutions are ready to support you, whilst you focus on your core business. With our combined expertise and backed by a bigger team, we will help you navigate through the complex requirements and business needs.

We care for your business and we are just a call away.

Get in touch with us and find out how we can be your trusted partners in taking care of your regulatory requirements and compliance needs.

Email us for a chat today!

 

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RHT Compliance Solutions is a premier Compliance Service Advisory firm based in Singapore.

Our team comprises experienced and certified professionals with extensive regulatory, compliance and risk management experience from Singapore, Indonesia, Hong Kong and the broader region. The team is well equipped to provide clients with intelligent, risk-focused and cost-effective solutions.

RHT Group of Companies is an integrated ecosystem offering consultancy and fintech advisory services. When you engage us, you can be assured of a one-stop seamless service and multi-dimensional advisory afforded by our network of companies, backed by a team of capable leaders and effective individuals with expert knowledge. We are equipped to serve you at every stage of your business.

Ardent Business Advisory Pte Ltd is a member firm of Kreston International, a cohesive network of close to 200 firms in over 110 countries that is home to more than 23,000 dedicated professionals.

In Singapore, Ardent has partners and directors with extensive experience of over 30 years in the financial services sector, and qualified and trained professional staff. Ardent was honoured with three business excellence awards at the Singapore Accountancy Awards, including the Best Practice Award (SMP category) in 2016.

Ardent has deep technical expertise and experience with MAS regulatory compliance work in Singapore. Ardent currently serves as the appointed internal auditor of several CMS license holders and financial institutions registered with the MAS.

 

For further information, contact:


Jayaprakash Jagateesan
Executive Director and CEO
RHT Compliance Solutions
prakash.j@rhtgoc.com


Sarjit Singh
Senior Director
InCorp Global Pte Ltd
Ardent Business Advisory Pte Ltd
sarjitsingh@ardent.com.sg

 

RHT Compliance Solutions
1 Paya Lebar Link #06-08
PLQ 2 Paya Lebar Quarter
Singapore 408533
cs@rhtgoc.com