In a parliamentary reply, Monetary Authority of Singapore (MAS) Chairman Gan Kim Yong explained that e-wallet providers regulated under the Payment Services Act 2019 are subject to technology risk management and business continuity guidelines covering system availability and service recovery time, and that MAS reviews their resilience measures and communicates supervisory expectations, taking into account the impact on businesses and customers.
MAS outlines existing resilience guidelines and supervisory expectations for e-wallet providers
In a parliamentary reply, Monetary Authority of Singapore Chairman Gan Kim Yong outlined existing guidelines covering system availability and service recovery for regulated e-wallet providers, whose resilience measures are assessed through supervisory reviews that consider the impact on businesses and customers.