{"id":31009,"date":"2019-11-08T12:09:35","date_gmt":"2019-11-08T04:09:35","guid":{"rendered":"https:\/\/zegal.com\/?p=31009"},"modified":"2023-11-07T16:24:30","modified_gmt":"2023-11-07T08:24:30","slug":"the-fintech-series-part-ii-overview-of-regulatory-landscape","status":"publish","type":"post","link":"https:\/\/zegal.com\/en-hk\/blog\/post\/the-fintech-series-part-ii-overview-of-regulatory-landscape\/","title":{"rendered":"The FinTech Series: Part II: Overview Of Regulatory Landscape"},"content":{"rendered":"
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One of the most important questions that a FinTech <\/span><\/span>startup<\/span> will need to answer correctly before starting operations is <\/span>whether or not its business model <\/span>will involve<\/span> <\/span>a<\/span>ny<\/span> activity <\/span>regulated by the Monetary Authority of Singapore (\u201c<\/span>MAS<\/span>\u201d)<\/span> or Ministry of Law (\u201c<\/span>MinLaw<\/span>\u201d)<\/span>.<\/span> <\/span><\/p>\n

If it will, <\/span>the company will have <\/span>to<\/span> ensure it either obtains the necessary authorisations <\/span>from MAS, or is able to qualify for an exemption from <\/span>each applicable authorisation <\/span>requirement.<\/span> Companies may need to apply for multiple licences <\/span>if <\/span>they carry on more than one regulated activity.<\/span><\/p>\n

Conversely, exemptions or exclusions from licensing requirements may be available depending on exactly<\/span>\u00a0how the <\/span>business is carried on.<\/span><\/p>\n

This article provide<\/span>s<\/span> a<\/span> simplified<\/span> overview of <\/span>some <\/span>types of<\/span> business activities that <\/span>usually <\/span>trigger regulatory requirements <\/span>under Singapore<\/span> law<\/span>.<\/span> <\/span><\/strong>It describes <\/span>some <\/span>common types of <\/span>regulated <\/span>activities<\/span> and exemptions,<\/span> and is not meant to be taken a<\/span>s <\/span>a<\/span>n exhaustive <\/span>list of all<\/span> <\/span>activities regulated by MAS or <\/span>MinLaw<\/span>. <\/span>Nevertheless, it may <\/span>prov<\/span>e helpful for FinTech<\/span> companies <\/span>to <\/span>assess their propose<\/span>d<\/span> business activities against the below description<\/span>s<\/span> to <\/span>better understand w<\/span>hether they <\/span>may <\/span>be regulated as a financial institution.<\/span><\/p>\n

Where do FinTech<\/span>\u00a0companies fit?<\/span><\/h4>\n

Given their nature, it is not always clear which category of regulated institution<\/span> <\/span> companies <\/span>fall within (or, indeed, if <\/span>at all). While FinTech <\/span>companies <\/span>in general provide finance-oriented products or services, there is also usually an innovative element. Whether this is in relation to the structure of the product or service concerned, how it is offered, and so on. This can sometimes make it more difficult to <\/span>determine how exactly it should be treated under Singapore law.<\/span><\/p>\n

As an example, take a company offering a <\/span>robo<\/span><\/strong>-advisory service.<\/strong> It may sound like it would just need a financial adviser’s licence<\/span>, since such a service involves recommending an investment portfolio based on information received about a customer\u2019s risk appetite, financial position, and investment objectives. However, the company may also need to acquire additional licences <\/span>depending on the exact range of services offered. For instance, if the company <\/span>allows<\/span> customers to also buy and sell regulated financial instruments on its platform (i.e., instead of having them make these transactions through a third-party dealer), it will likely need to obtain a capital markets services licence <\/span>for dealing in capital markets products. Similarly, if the company will be managing its customers\u2019 portfolios beyond rebalancing, it <\/span>will<\/span> likely need to obtain a capital markets services licence <\/span>for fund management.<\/span><\/p>\n

Regulated a<\/span>ctivities<\/span><\/h4>\n\n\n\n\n\n<\/colgroup>\n\n\n\n\n\n\n
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<\/div>\n<\/td>\n
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Nature of activity<\/span><\/strong><\/p>\n<\/div>\n<\/td>\n

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Licence required<\/span><\/strong><\/p>\n<\/div>\n<\/td>\n

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Exemption<\/span>(s)<\/span>\/exclusion(s)<\/span> available<\/span><\/strong><\/p>\n<\/div>\n<\/td>\n<\/tr>\n

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<\/div>\n<\/td>\n
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Company accepts money for purpose of transmitting it to persons resident in another country or a territory outside Singapore<\/span><\/p>\n<\/div>\n<\/td>\n

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Remittance licence<\/span><\/p>\n<\/div>\n<\/td>\n

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Exemption available w<\/span>here company is already allowed to carry on business as a bank, merchant bank, or finance company<\/span><\/p>\n<\/div>\n<\/td>\n<\/tr>\n

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<\/div>\n<\/td>\n
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Company carries on business in buying or selling foreign currency notes (i.e., physical currency)<\/span><\/p>\n<\/div>\n<\/td>\n

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Money-changing licence<\/span><\/p>\n<\/div>\n<\/td>\n<\/tr>\n

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<\/div>\n<\/td>\n
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Company:\u00a0<\/span><\/p>\n

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  1. <\/span>advises others <\/span>about any investment product, whether directly or <\/span>in<\/span>directly;<\/span><\/li>\n
  2. publishes research analyses or reports about any investment product; or<\/span><\/li>\n
  3. arranges any <\/span>insurance contract<\/span> in respect of life policies, apart from <\/span>reinsurance contracts.<\/span><\/li>\n<\/ol>\n<\/div>\n<\/td>\n
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Financial adviser’s licence<\/span><\/p>\n<\/div>\n<\/td>\n

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Exclusion available where <\/span>company <\/span>provides such advice or analyses <\/span>as part of an information service <\/span>through an<\/span>y<\/span> electronic, broadcasting<\/span>,<\/span> or telecommunications medium<\/span> that it owns, operates, or provides<\/span> without receiving any fees spe<\/span>cific<\/span>ally for this (<\/span>although <\/span>subscription <\/span>fees <\/span>paid for receiving<\/span> the <\/span>information service as a whole are permitted)<\/span><\/p>\n<\/div>\n<\/td>\n<\/tr>\n

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<\/div>\n<\/td>\n
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Company lends money <\/span>on condition that a larger amount <\/span>will be <\/span>repaid, or <\/span>lend<\/span>s<\/span> money to all and sundry<\/span> <\/span><\/p>\n<\/div>\n<\/td>\n

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Moneylending\u00a0 licence<\/span><\/p>\n<\/div>\n<\/td>\n

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Exclusion available where company lends money only to <\/span>legal entities, including <\/span>corporations<\/span> and limited liability partnerships<\/span><\/span><\/p>\n<\/div>\n<\/td>\n<\/tr>\n<\/tbody>\n<\/table>\n<\/div>\n<\/div>\n

\n
\n\n\n\n\n\n<\/colgroup>\n\n\n\n\n\n
<\/td>\n<\/td>\n<\/td>\n\n
<\/div>\n<\/td>\n<\/tr>\n
\n
<\/div>\n<\/td>\n
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Company <\/span>acts as a dealer<\/span> in capital markets products (e.g., securities or debt instruments)<\/span>. This includes, for example, <\/span>offering to make <\/span>or inducing any person to enter into an agreement to<\/span> acquire, subscribe for, dispose of, of underwrite any<\/span>\u00a0capital markets products<\/span><\/p>\n<\/div>\n<\/td>\n

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Capital markets services licence <\/span>(for dealing in capital markets products)<\/span><\/p>\n<\/div>\n<\/td>\n

\n
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Exemption available where c<\/span>ompany deals in capital markets products for its own account or an account belonging to and maintained entirely for a related corporation<\/span>. All such dealing is done with or through a financial institution licensed to deal in capital markets products (including banks)<\/span><\/p>\n<\/div>\n<\/td>\n<\/tr>\n

\n
<\/div>\n<\/td>\n
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Company <\/span>manages propert<\/span>y<\/span> of <\/span>or on behalf of its customers<\/span>, including portfolios of investment products<\/span><\/p>\n<\/div>\n<\/td>\n

\n
\n

Capital markets services licence <\/span>(for fund management)<\/span><\/p>\n<\/div>\n<\/td>\n

\n
\n

Exemption available where company carries on fund management for or on behalf of any of its related corporations<\/span>, subject to certain conditions<\/span><\/p>\n<\/div>\n<\/td>\n<\/tr>\n

\n
<\/div>\n<\/td>\n
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Company provides advice to any person about complying with laws or other rules relating to fund raising by any legal entity<\/span> or <\/span>about a company\u2019s restructuring<\/span>\/takeover<\/span><\/p>\n<\/div>\n<\/td>\n

\n
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Capital markets services licence <\/span>(for advising on corporate finance)<\/span><\/p>\n<\/div>\n<\/td>\n

\n
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Exemption available where company<\/span> <\/span>carries on business in giving advice on corporate finance to a related company, subject to certain conditions<\/span><\/p>\n<\/div>\n<\/td>\n<\/tr>\n<\/tbody>\n<\/table>\n

FinTech companies that wish to offer an electronic wallet (\u201c<\/span>e-wallet<\/span>\u201d) service should additionally take note of the stored value facility regime. This is a notification-based regime, not a licensing regime, which means that one need not apply to MAS for a licence <\/span>or other authorisation<\/span>\u00a0before commencing business. Instead, companies merely need to complete a standard form (Form 1A, available on the MAS website<\/a>)<\/strong> about their business and operations and email it to MAS<\/span> along with the necessary supporting documents. If MAS does not reply with questions within 10 working days of the submission, the company may commence offering its e-<\/span>wallet service. Companies should note that if they want to allow their customers to transfer funds stored in their e-wallets to people based outside of Singapore, they will need to first obtain a remittance <\/span>.<\/span><\/p>\n

\"\"<\/p>\n

FinTech companies seeking to offer payments-relate<\/span>d<\/span> services should also note that Singapore is <\/strong><\/span>currently in the midst of overhauling its <\/span>payments <\/span>regulatory framework<\/span><\/strong>.<\/span> While the full framework has yet to be finalised<\/span>, it is clear that the <\/span>regulatory <\/span>regimes for entities that carry on business in <\/span>providing <\/span>remittance, money changing,<\/span> stored value facility<\/span>, <\/span>merchant acquisition<\/span>,<\/span> <\/span>and virtual currency or cryptocurrency-related<\/span> services will be affected<\/span>. These distinct regimes will be <\/span>s<\/span>treamline<\/span>d <\/span>under a single legislation<\/span>,<\/span> the Payment Services Act 2019<\/strong><\/span>. Under the new regime<\/span>, payment service providers will only need to hold one licence <\/span>to conduct specified payment activities<\/span>.<\/span><\/p>\n

Next steps<\/span><\/h4>\n

Once FinTech <\/span>companies have determined whether they will require a licence, <\/span>and the specific licence <\/span>if so<\/span>,<\/span> they <\/span>should evaluate how best to <\/span>proceed. Companies should consider <\/span>the regulatory requirements that will be applicable to them as <\/span>holders and what will be required to ensure compliance with them.<\/span> <\/span>While there are standard requirements for holders of each type of licence<\/span>, additional regulatory requirements may also apply depending on the specific company\u2019s business model. For instance, if any core functions of the business will be outsourced, <\/span>MAS\u2019s guidelines on outsourcing <\/span>arrangements<\/span> should be observed.<\/span> <\/span><\/p>\n

If non-face-to-face customer onboarding will be undertaken, additional anti-<\/span>money laundering and countering the financing of terrorism measures will likely need to be implemented. Companies <\/span>should also consider <\/span>the<\/span> application process<\/span> itself<\/span>, including the timeline<\/span>s<\/span> involved and whether they <\/span>may<\/span> need external support (e.g., legal advice) <\/span>during<\/span> the application process.<\/span> <\/span>Upon considering what would be involved<\/span>, it<\/span> may <\/span>in some cases <\/span>make more sense to partner with a company that already has the required licence<\/span>(s).<\/span><\/p>\n<\/div>\n<\/div>\n<\/div>\n<\/div>\n

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Lisa Farrah Ho is a Singapore qualified lawyer and has worked with a range of financial institutions and FinTech companies<\/em>. In her spare time, she hikes, <\/span>dances<\/span>, and <\/span>practices yoga<\/span>. Her favourite places to travel to are those with a ton of nature and underdeveloped tourist <\/span>infrastructure.<\/span><\/em><\/span><\/p>\n

This article does not constitute legal advice.<\/i><\/b><\/p>\n

The opinions expressed in the column above represent the author\u2019s own.<\/i><\/p>\n

Start managing your legal needs with Zegal today<\/b><\/a><\/span><\/p>\n<\/div>\n

RELATED READING: The Fintech Series: Part 1 Contracts<\/a><\/p>\n<\/div>\n","protected":false},"excerpt":{"rendered":"

One of the most important questions that a FinTech startup will need to answer correctly before starting operations is whether or not its business model will involve any activity regulated by the Monetary Authority of Singapore (\u201cMAS\u201d) or Ministry of Law (\u201cMinLaw\u201d). If it will, the company will have to ensure it either obtains the […]<\/p>\n","protected":false},"author":70,"featured_media":31080,"comment_status":"closed","ping_status":"closed","sticky":false,"template":"","format":"standard","meta":{"_acf_changed":false,"_editorskit_title_hidden":false,"_editorskit_reading_time":0,"_editorskit_is_block_options_detached":false,"_editorskit_block_options_position":"{}","inline_featured_image":false,"footnotes":""},"categories":[133],"tags":[8391,6510,16,10307],"usecases":[],"businesstypes":[],"country":[],"class_list":["post-31009","post","type-post","status-publish","format-standard","has-post-thumbnail","hentry","category-startup","tag-fintech","tag-sme","tag-startups","tag-z-syndicate"],"acf":[],"yoast_head":"\nThe FinTech Series: Part II: Overview Of Regulatory Landscape<\/title>\n<meta name=\"description\" content=\"Covering the licences needed for FinTech businesses as well as the changing regulation framework coming in this year for payment 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