Singapore Regulator Proposes to Raise Caps on Personal E-wallets

The Monetary Authority of Singapore (MAS) has issued a consultation paper on proposed amendments to restrictions on personal payment accounts that contain e-money.

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MAS sets out in this consultation paper the proposed amendments to limits currently imposed on each personal payment account that contains e money (e-wallet) issued by Major Payment Institutions.

Specifically, to facilitate greater customer convenience and innovation in the e-payments landscape, MAS proposes to raise the stock cap (the maximum amount of funds that can be held at any given time) from $5,000 to $20,000 and to raise the flow cap (the maximum total outflow over a rolling 12-month period) from $30,000 to $100,000.

MAS noted that raising the caps could increase funds held or transferred through personal e-wallets and consequently potential losses incurred through scams that involve e-wallets. E-wallet issuers should take this risk into account and assess if their anti-scam controls should be strengthened. In that regard, MAS will continue to work closely with the industry to ensure that they implement robust anti-scam controls that are commensurate with their business and risk profiles.