Allen & Overy and Standard Chartered launch guide to payment regulations in Asia
Yu Jia Ang
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The guide provides an overview of the rules that apply to payments and e-money services in different markets and addresses regulatory frameworks and licensing schemes.
Singapore partner, Shuhui Kwok, led the collaboration between A&O offices across the network and relationship firms to deliver the most up-to-date advice spanning mainland China, Hong Kong, India, Malaysia, South Korea, Thailand, Taiwan and Singapore.
Shuhui Kwok said “We are proud to have worked on the first iteration of the payment regulations guide that sheds light on an increasingly complex regulatory landscape in multiple key jurisdictions and markets in Asia.”
“Thanks to the collective efforts of Standard Chartered, A&O and local law firms where we have trusted relationships, we’ve been able to provide practical guidance covering the changing payment landscape. It has become essential to understand the potential legal and commercial challenges that lie ahead for those that intend to expand domestically or globally.”
“Digitalisation of business models is driving an exponential growth in digital payments,” said Philip Panaino, Global Head of Cash at Standard Chartered. “To support this rapid growth, regulators are updating and introducing new regulations to ensure a resilient and secure business infrastructure. As corporates look to international expansion, it is often challenging to navigate the diverse regulatory payment and e-money guidelines. We are pleased to collaborate with Allen & Overy to launch this guide that interprets some of the most critical areas that corporates and fintechs consider when evolving business models or expanding to new markets.”
There are plans for an updated iteration to include another seven markets.