FAQs - Waystone

      FAQs

      We have provided these FAQs based on queries received from our clients and prospective clients.

      Payment Services Act FAQs

      Payment Services Act (PSA) came into effect in Singapore on 28 Jan 2020 and it streamlines payment services regulatory framework under a single piece of legislation. MAS has introduced two parallel regulatory frameworks. The first framework is a designation regime which enables MAS to designate significant payment systems and regulate operators, settlement institutions and participants of these designated payment systems. The second framework is the licensing framework for payment service providers.

      Variable Capital Company FAQs

      Singapore introduced an alternative fund framework, Variable Capital Company (VCC), to encourage more funds to be domiciled in Singapore and enhance the jurisdiction’s value as an international fund management centre. The VCC came into operation in Singapore on 14 January 2020 and it allows the set up of collective investment schemes, whether open-end or closed-end. The VCC provides an alternative to Singapore’s existing structures, namely, unit trusts, limited partnerships, limited liability partnerships and companies.

      Fund Management Company FAQs

      A Singapore Fund Managment Company is regulated under the Securities and Futures Act (Cap. 289) and to conduct the regulated activity of fund management, the FMC must obtain either a registration or a license from MAS as a Registered Fund Management Company (RFMC), Capital Markets Services License (CMSL) as a Licensed Fund Management Company or a Venture Capital Fund Manager (VCFM) or be expressly exempted from holding a licence.