What has happened?
The Monetary Authority of Singapore (MAS) has issued a public consultation on proposed guidelines to protect users of electronic payments.
What does this mean?
In a statement, MAS explained that the proposed E-payments User Protection Guidelines aim to encourage wider adoption of e-payments by setting standards on the responsibilities of financial institutions and e-payment users.
MAS is inviting feedback from e-payment users, financial institutions and businesses.
Under the guidelines, individuals and micro-enterprises that hold e-payment accounts could expect financial institutions to provide timely notifications of all e-payment transactions.
Financial institutions will also have to put processes in place in case of unauthorised or erroneous payment transactions.
The Guidelines also set out the responsibilities of e-payments users, including the security measures to adopt to protect their passwords and e-payment accounts.
MAS Deputy Managing Director Jacqueline Loh said:
“MAS hopes that these guidelines will help to make e-payments simpler and more secure, and give individuals and micro-enterprises more confidence to adopt and integrate e-payments into their daily activities.”
The consultation ends on 16 March 2018.
Copies of the public consultation paper and policy highlights document are available on the MAS website.
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