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The Payment Services Act 2019 (PS Act) is a statute of the Parliament of Singapore that provides a framework for the regulation of payment systems and payment service providers in Singapore. [1] According to the Monetary Authority of Singapore (MAS) the PS Act provides for regulatory certainty and consumer safeguards, while encouraging ...
Media Development Authority of Singapore Act; National Environment Agency Act; National Science and Technology Board (Amendment) Act 2002; Payment and Settlement Systems (Finality and Netting) Act; Republic Polytechnic Act; Singapore Productivity and Standards Board (Amendment) Act 2002; Terrorism (Suppression of Financing) Act
As companies advance into the digital era, more and more are switching to electronic invoicing services to automate their accounts payable departments to reduce errors and save costs. [17] According to a benchmark study conducted by the IOMA, 19% of organisations surveyed reported a duplicate payment rate of between 0.1% and 0.5%. [18]
The Accounting and Corporate Regulatory Authority (ACRA) is a statutory board under the Ministry of Finance of the Government of Singapore.ACRA is the regulator of business registration, financial reporting, public accountants and corporate service providers.
The Penal Code [38] states the elements and penalties of common criminal offences such as homicide, theft and cheating, and also sets out general principles of criminal law in Singapore. The Sale of Goods Act, [39] an English Act made applicable to Singapore by the Application of English Law Act, sets out legal rules relating to the sale and ...
PayNow is a near-instant real-time payment system developed by Association of Banks in Singapore. [1] The interface facilitates inter-bank peer-to-peer and person-to-merchant transactions. The system is supported by all major Singaporean banks and is regulated by the Monetary Authority of Singapore (MAS) and works by transferring funds between ...
The MAS Electronic Payment System, or MEPS in short, is an SGD-only online interbank payment and fund transfer system in Singapore. [1] It went online in July 1998, and is owned and operated by the Monetary Authority of Singapore (MAS). The irrevocable transfer of funds and the real-time nature of transfers are some of the key features of MEPS.
The Singapore High Court stated in Lines International Holding (S) Pte. Ltd. v. Singapore Tourist Promotion Board (1997) [89] that the adoption of a general policy by a body exercising an administrative discretion is perfectly valid provided the following conditions are satisfied: [90]