Consultation Paper on Proposed Amendments to Restrictions on Personal Payment Accounts that Contain E-Money

21 Oct 2022 Legal Highlights

The MAS has issued a consultation paper on “Proposed Amendments to Restrictions on Personal Payment Accounts that Contain E-Money” on 18 October 2022. The proposed amendments would raise the existing stock cap (from S$5,000 to S$20,000) and flow cap (from S$30,000 to S$100,000) applicable to personal payment accounts that contain e-money ("e-wallets") which are issued by Major Payment Institutions.  The proposed amendments are intended to facilitate greater customer convenience and innovation in the e-payments landscape. However, the MAS has also noted that the proposed increase in these caps could also magnify any potential losses incurred through scams that involve e-wallets – as such, e-wallet issuers should take this risk into account and assess if their anti-scam controls should be strengthened. The MAS has also indicated that they will continue to work closely with the industry to ensure that they implement robust anti-scam controls that are commensurate with their business and risk profiles.


The information paper may be accessed here.


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