SINGAPORE, Could 4, 2021 /PRNewswire/ — Adyen, the worldwide funds platform of alternative for most of the world’s main firms, at present introduced that its Singapore entity, Adyen Singapore Pte Ltd, has obtained approval from the Financial Authority of Singapore (MAS) to hold out service provider acquisition companies beneath the Payment Services Act 2019 (PSA).
Efficient from 1 Could 2021, Adyen Singapore’s license as a Main Cost Establishment beneath the PSA has been expanded to incorporate service provider acquisition and home cash switch companies, on high of the beforehand licensed exercise of cross-border cash switch service. Adyen Singapore is the primary international funds supplier to be licensed for the newly regulated exercise of service provider acquisition service beneath the PSA.
The PSA is a streamlined framework for the regulation of cost methods and cost service suppliers in Singapore. It got here into pressure on 28 January 2020 and Adyen Singapore obtained its license as a Main Cost Establishment beneath the PSA for cross-border cash switch companies on the identical day. Beforehand, the business was regulated by the Cost Techniques (Oversight) Act – or PS(O)A – and the Cash-Altering and Remittance Companies Act – or MCRBA. With the enactment of the PSA, the PS(O)A and MCRBA have each been repealed.
Adyen Singapore has put in place safeguarding preparations for quantity to safeguard buyer funds beneath the PSA, following the relevant transition interval.
Warren Hayashi, President, Asia-Pacific, Adyen feedback:
“We see the brand new rules put in place by the MAS as a constructive transfer to uplift the integrity and safety requirements of the funds ecosystem in Singapore
. As we proceed to develop Adyen’s enterprise in Singapore, it can be crucial our operations stay compliant with rules, which is important to constructing belief within the funds business and safeguarding client pursuits.”
Mariette Swart, Chief Authorized & Compliance Officer, Adyen feedback:
“We’re dedicated to making sure that our operations stay compliant with evolving regulatory frameworks in Singapore and within the markets we function in. It’s our foremost precedence to optimise our threat management efforts by continually assessing our insurance policies and procedures in opposition to the regulatory frameworks of the markets we function in. Adyen delivers the best degree of assurance to our prospects in order that they’ll give attention to their core enterprise with peace of thoughts.”
Adyen (AMS: ADYEN) is the funds platform of alternative for most of the world’s main firms, offering a contemporary end-to-end infrastructure connecting on to Visa, Mastercard, and shoppers’ globally most popular cost strategies. Adyen delivers frictionless funds throughout on-line, cellular, and in-store channels. With places of work the world over, Adyen serves prospects together with Fb, Uber, Spotify, L’Oréal, Cathay Pacific, Seize, Klook and Singapore Airways.
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