Category: Corporate & Commercial

Note on Payment Services Act

Updated 20 January 2020 The Payment Services Act (“PSA”) will commences on 28 January 2020. MAS has issued the Guidelines on Licensing for Payment Service Providers, Guideline No: PS-G01 (18 December 2019) and specimen forms for PSA. Summary of Considerations for Payments Service Providers If you provide any service, incidental to your core business or […]

Case Update: Ang Ai Tee v Resource Credit [2017] SGHC 159 – Statutory Demand For Sum In Respect Of Loan Refinancing Transactions Set Aside

The article discusses the impact of the Moneylenders (Amendment) Rules 2015 and specifically whether there is a genuine triable issue that the refinancing loans contain excessive interests and the transactions are unconscionable or substantially unfair, such that the court can re-open the loan transactions under the Moneylenders Rules 2015.

Case Update: Major Shipping & Trading Inc v Standard Chartered Bank (Singapore) Ltd [2018] SGHC 04 – Claim against bank for making unauthorised transactions by fraudster fails

By Ronald JJ Wong, Director Significance: Singapore High Court construes “good faith” in banking standard terms in the context of unauthorised fund transfers, finds that circumstances were not sufficient to put a reasonable banker on suspicion regarding unauthorised transfers, and finds on reasonableness of exclusion clauses under the unfair contract terms act. Summary: The plaintiff […]