Singapore has introduced a new initiative to streamline access to legal help, so payment services providers can more easily get assistance from law firms specialised in their sector. The new Payments Regulatory Evaluation Programme (PREP) aims to pull together a list of legal services and provide fintech companies information on regulations related to the payment market.
Introduced by the Monetary Authority of Singapore (MAS) and Singapore Academy of Law (SAL), the new scheme offered a streamlined process to access lawyers who could help payment operators ensure compliance with local laws. Upon filling in a standard questionnaire about their business in Singapore, these payment services providers would receive a customised assessment report on local legislations applicable to their business here.
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