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Singapore proposes e-payment standards for financial institutions

Jaclyn Jaeger | February 14, 2018

The Monetary Authority of Singapore (MAS) has launched a public consultation on proposed guidelines to protect users of electronic payments. 

The proposed E-payments User Protection Guidelines aim to encourage wider adoption of e-payments by setting standards on the responsibilities of financial institutions—any bank, non-bank credit card issuer, finance company or holder of a widely-accepted stored value facility. The four approved widely-accepted stored value facilities are “EZ-Link Card,” “NETS CashCard,” “NETS FlashPay,” and “CapitaVoucher.”

Under the proposed guidelines, individuals and micro-enterprises, defined as “any business employing fewer than 10 persons or with annual turnover of no more than S$1 million,” who hold e-payment accounts can expect financial institutions to provide timely notifications of all e-payment...

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