After two years of coming to grips with the Payment Services Act regime, e-money service providers have cause for celebration when the Monetary Authority of Singapore signaled by its new consultation paper that limits for e-wallets will be modified slightly and certain white label account issuance activity will be exempted.
Undoubtedly, service providers would have found that a one size fits all approach would result in some areas coming unstuck and would have provided feedback to the regulator. This news suggests that the regulator is willing to listen and accept modifications subject toe managing risk. The regulator also reserved the right to grant specific exemptions if necessary.
The larger question is whether such rule making will extend to other areas of fintech currently being regulated?