The Monetary Authority of Singapore (MAS) and the Singapore Academy of Law (SAL) have launched a new Payments Regulatory Evaluation Programme (PREP) to help connect the payments industry with legal service providers. With the introduction of PREP, payment firms in Singapore now have a more efficient process to gain access to lawyers specialising in payment services regulations to meet their compliance needs.
PREP provides payment firms with a formal process to gain access to lawyers who are experienced in advising on payment regulation and compliance needs. Seven local and international firms have been selected to participate in this pilot programme, based upon their experience and know-how in this specialised area. Bird & Bird ATMD is one of the firms selected.
Kim Kit Ow who heads Bird & Bird ATMD's financial services practice in Singapore commented: "This is a significant development for the payment services industry in Singapore. As a firm, we are well positioned to advise businesses in this space given our track record in regulatory and compliance matters combined with our deep sectoral understanding in financial services and technology which are now so intrinsically linked. It will be interesting to see if Singapore leads the way for other such programmes across Asia Pacific in the coming months and years".
Click here for the full media release on MAS website.
Click here for the full PDF.