New scheme to link up Singapore fintech firms with legal expertise on compliance issues

The Monetary Authority of Singapore and the Singapore Academy of Law have rolled out a pilot programme to connect fintechs with legal service providers, in a move expected to enhance Singapore's appeal as a fintech hub.

So, instead of relying on informal referrals, PREP provides payment firms with a streamlined path to lawyers specialising in payment-services regulations, so they can get advice on their compliance needs, said the MAS and SAL in a joint statement on Friday. The Singapore Fintech Association is a cross-industry, non-profit initiative, intended as a platform to facilitate collaboration between all market participants and stakeholders in the fintech ecosystem.

"Often, a licence would be required and the grant of a licence would involve a rigorous process lasting a few months. These fintech players invariably had to postpone their launch plans," he said.

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