Deputy/ Assistant Director, Payments Department (Contract)

What the role is

The Monetary Authority of Singapore (MAS) is Singapore’s central bank and integrated financial regulator.
As central bank, MAS promotes sustained, non-inflationary economic growth through the conduct of monetary policy and close macroeconomic surveillance and analysis. It manages Singapore’s exchange rate, official foreign reserves, and liquidity in the banking sector.
As an integrated financial supervisor, MAS fosters a sound financial services sector through its prudential oversight of all financial institutions in Singapore – banks, insurers, capital market intermediaries, financial advisors, and stock exchanges. It is also responsible for well-functioning financial markets, sound conduct, and investor education.
MAS also works with the financial industry to promote Singapore as a dynamic international financial centre. It facilitates the development of infrastructure, adoption of technology, and upgrading of skills in the financial industry.
Join us now, if you have a genuine interest in making an impact to help shape Singapore’s economic and financial landscape.

What you will be working on

Singapore’s payments industry is evolving rapidly with diverse set of players from remittance agents to digital payment token service providers. In addition, the introduction of the Payment Services Act also presents new opportunities for a vibrant and competitive payment landscape, while addressing new risks and challenges that lie ahead. As new payment services and models are introduced in tandem with developments and innovations in FinTech, you will be at the forefront of ensuring that these payment service providers operate in a way that promotes Singapore as an e-payment society in our drive towards a sound and progressive financial centre.

You will be part of a dynamic team within the Payments Supervision Division that oversees the licensing of payment institutions under the Payment Services Act. Among other things, you will be involved in:

1. Assessing licence applications made by existing and prospective payment institutions across the full spectrum of regulated payment services including e-money services, money transfer services and digital payment token services;
2. Reviewing the legislative requirements and policy intent of the Payment Services Act in relation to new business models;
3. Engaging key industry players to discuss regulatory and legal issues, and assess need for legislative change.

What we are looking for

1. Strong interest in the payments sector.
2. 4-10 years’ experience in related areas such as compliance, audit, legal or financial services advisory.
3. Strong familiarity with legislative review and drafting processes.
4. Strong written and verbal communication skills, as well as analytical skills to understand new business models.
5. Adaptable and versatile self-starter who is able to work well in both team and individual settings.
6. You will be working in a fast-paced environment that would require the ability to manage multiple priorities and needs of stakeholders, as well as the agility to respond to changes and developments.

This is a 2-Year Contract. As part of the shortlisting process for this role, you may be required to complete a medical declaration and/or undergo further assessment.

All applicants will be notified on whether they are shortlisted or not within 4 weeks of the closing date of this job posting.