Regulatory Alerts2024-09-09 | 83048Added · Updated
Regulatory Improvements Proposed for Payment Gateway Services in Wake of Recent E-commerce Payment Failures
The Financial Services Commission announced new regulations for payment gateway services to prevent payment delays following recent e-commerce failures. The measures require providers to securely segregate unsettled funds with a phased implementation schedule and introduce enforcement tools for noncompliance. Additionally, the reform clarifies the legal scope of payment gateway services to exclude internal corporate transactions from regulatory oversight.
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