Navigating the Payment Services Act
Recent developments in FinTech have transformed Singapore’s landscape for payment, remittance and digital token services. In the Monetary Authority of Singapore's efforts to promote e-payments in Singapore, the Payment Services Act (“PSA”) came into effect on 28 January 2020 to regulate the payment ecosystem, covering seven regulated payment activities.
With the commencement of the PSA, there will be a significant impact on the industry, specifically for businesses providing the following services:
• Digital payment tokens service
• E-money / E-wallet
• Cryptocurrency exchanges and platforms
To provide guidance to business owners in understanding the regulatory requirements of the PSA, ACCESS and Crowe Singapore will be organizing a complimentary webinar on Friday, 25 September 2020 at 4:00pm.
Programme Outline:
• What are the focus areas for regulatory compliance?
• What are the tax considerations for PSA applicants?
• What are the key audit challenges?
• How do you navigate the requirements of Technology Risk Management?
• How do you maintain documentation and assess effectiveness of internal controls?
About Crowe Singapore
A member of Crowe Global – the eight largest accounting network in the world, Crowe Singapore is an award-winning firm that leverages its core strengths in audit, tax and accounting to provide a full suite of professional services, serving the needs of public-listed entities, multinational corporations and financial institutions.
Crowe Singapore has also developed niche services like Digital Advisory, Fund Administration and Private Wealth Services, uniting its strengths across its different practices to provide integrated solutions that meet the evolving requirements of its clients.
Firmly anchored on building trusted client relationships and through its depth and breadth of integrated solutions – which are still growing with clients’ needs, Crowe Singapore aims to lead the industry - as an enabler of smart decisions that create lasting value.
About ACCESS
ACCESS, The Association of Cryptocurrency Enterprises and Start-ups, Singapore has developed a Code of Practice (COP), and accompanying guidelines, which sets out the industry standards of anti-money laundering and counter financing of terrorism measures that crypto-firm may wish to comply. The COP is developed in consultation with the Association of Banks (ABS) and facilitated by the Monetary Authority of Singapore (MAS). To know more about the COP, please read more here: https://bit.ly/35AGMKJ
Zann Kwan was one of the pioneer entrepreneurs in the cryptocurrency and blockchain space. She started sharing her enthusiasm on cryptocurrency and how the blockchain technology will transform finance and accounting since early 2014.
Ms Kwan sits on the board of ACCESS, the leading blockchain and cryptocurrency industry association in Singapore. She is also a fellow of the Singapore University of Social Sciences (SUSS), providing support for their FinTech education and research activities.
He is also the founder of Zwann Pte Ltd, a technology-based company that has deployed systems for multiple private and government sector projects. Alvin has also managed the technology development and deployment for multiple projects both locally and internationally for private clients including Shell, Intel, J&J and IBM, among others.
He has also led teams to successfully win government tenders to develop mobile apps and large-scale systems for various agencies and ministries including MOM, NTU, NHB, NLB, AGC and A*STAR, among others.
He has assisted clients in implementing and conducting enterprise risk management, corporate governance reviews, internal audit and compliance reviews across a wide range of clients, including financial services, real estate and construction, marine and shipping, resources extraction and mining, manufacturing and various government agencies.
He also provided sustainability reporting services to clients listed on the SGX and HKEX.
