Regulatory Alerts2023-04-25
Added · Updated
Binding payment cards for contactless mobile payments
The Monetary Authority of Singapore issued this circular on April 25, 2023, to establish binding requirements for the use of payment cards in contactless mobile payments. The directive mandates that financial institutions implement robust risk management and consumer protection measures to ensure the security of digital transactions. This regulation aims to mitigate technology risks associated with e-banking and safeguard consumers against potential fraud or unauthorized access.