MAS Consults on Draft Digital Payments Bill

A new draft Payment Services Bill sets out the MAS’s proposed licensing framework for providers of payment service activities. The three categories are: Money-Changing Licensee, Standard Payment Institution and Major Payment Institution. They will need to implement risk mitigation measures, which are broadly divided into AML/CFT measures and user protection measures. AML/CFT measures apply to all three types of licensees. The user protection measures apply only to Major Payment Institutions.

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Super-Priority for Rescue Financing: Show Attempts to Get Financing Without Super-Priority First

Re Attilan Group Ltd is the first decision of the Singapore courts on super-priority for rescue financing. The High Court refused the application as the applicant had not provided evidence of reasonable attempts at trying to secure financing on a normal basis, ie, without any super-priority. It also held that an existing creditor may claim super-priority for providing new financing provided that it is not obliged to provide the new financing.

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ACMF Launches ASEAN Green Bond Standards

The ASEAN Capital Markets Forum has launched the ASEAN Green Bond Standards. These provide specific guidance on how the ICMA’s Green Bond Principles are to be applied across ASEAN in order for bonds to be labelled as ASEAN Green Bonds.

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