Initiative to link fintech sector, law firms,

A regulatory evaluation programme is being rolled out to help connect the payment industry with legal service providers.

The programme will make it easy for fintech firms to access lawyers specialising in payment services regulations so they can meet their compliance needs.

This will assure payment companies that the regulatory assessment done by the legal firm will be rigorous enough, said the Monetary Authority of Singapore (MAS) and the Singapore Academy of Law (SAL), which jointly devised the initiative.

Payment companies can participate in the programme by contacting a participating law firm of their choice.

Seven local and international law firms will take part in a two-month pilot. The MAS and SAL will take feedback and make adjustments.

The programme will then be formally launched at the Singapore Fintech Festival in November and will be open to all law firms here.

Payment companies will then get an expanded list of law firms providing specialised services.

SAL chief operating officer Paul Neo said yesterday: “The evolution of payment services regulations is an important aspect of Singapore’s development as a fintech hub.

“We want to give our legal professionals the opportunity to showcase their expertise in the fintech space.”

MAS chief fintech officer Sopnendu Mohanty said the regulator developed the programme to ensure that payment companies can easily and quickly engage legal services.

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