The Monetary Authority of (MAS) today launched a public consultation on proposed to protect of payments (“e-payments”).

The proposed E-payments User Protection Guidelines aim to encourage wider adoption of e-payments by setting standards on the responsibilities of the financial institution and e-payment users.

Under the new Guidelines, individuals and micro-enterprises who hold e-payment accounts can expect financial institutions to provide timely notifications of all e-payment transactions.

Financial institutions will be expected to set clear resolution processes for unauthorised or erroneous payment transactions. The Guidelines also set out the responsibilities of e-payments users, including good practices they should adopt to protect their passwords and e-payment accounts.

Jacqueline Loh  - Jacqueline Loh 150x150 - Singapore Guidelines to Protect Users of Electronic PaymentsMAS Deputy Managing Director, Ms 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 public consultation will run from 13 February to 1 March 2018. Copies of the public consultation paper and policy highlights document are available on the MAS website. MAS invites e-payment users, financial institutions, and businesses to give feedback on the proposed guidelines.


User Protection Guidelines

User Protection Guidelines Infographic  - User Protection Guidelines Infographic 742x1024 - Singapore Guidelines to Protect Users of Electronic Payments


This article first appeared on, Featured image via Pixabay

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