The Monetary Authority of Singapore (MAS) has issued a public consultation on proposed guidelines, aimed at safeguarding users of electronic payments.
Through the proposed regulations, known as E-payments User Protection Guidelines, the central bank aims to encourage wider adoption of e-payments by establishing standards regarding the responsibilities of financial institutions and e-payment users.
As per the new guidelines, individuals and micro-enterprises who own e-payment accounts can expect financial institutions to provide timely notifications of all e-payment transactions.
Additionally, financial institutions will have to set up clear resolution mechanism for unauthorised or erroneous payment transactions.
Furthermore, the proposed directives also set out the responsibilities of e-payments users, including good security practices which should be adopted to protect passwords and e-payment accounts.
MAS deputy managing director 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 which was launched on 13 February will run until 16 March 2018. The e-payment users, financial institutions, and businesses can submit their feedback on the proposed guidelines.