On 26 July 2024, the Monetary Authority of Singapore (MAS) updated the Guidelines on Licensing for Payment Service Providers (PS-G01), which became effective on 26 August 2024. These changes are applicable to current and future Standard Payment Institutions (SPIs) and Major Payment Institutions under the Payment Services Act (PSA).
The updates can be divided into those that relate to (i) the application process for a new MPI or SPI license or a variation of an existing license under the PSA; and (ii) those that relate to ongoing business conduct.

On 26 March 2024, the Australian Senate resolved to establish the Select Committee on Adopting Artificial Intelligence (“Committee”) to inquire into and report on the opportunities and impacts arising out of the adoption of AI technologies in Australia.
The Committee’s inquiry provides an important opportunity for Australian companies to shape the future direction of Australia’s AI-related regulatory reforms as the Government continues to formulate its position on the regulation of AI.

The Australian Government’s interim response to the “Safe and responsible AI in Australia” discussion paper flags a risk-based approach to AI governance in Australia including a mix of voluntary AI safety standards, voluntary labelling and watermarking for generative AI and the development of mandatory guardrails with a particular focus on high-risk and frontier AI applications.

The Australian Government has released its much-anticipated response to the Commonwealth Attorney-General Department’s report on its review of the Privacy Act 1988 (Cth). The Report recommended wholesale amendments to Australia’s principal privacy legislation and contained 116 proposals for consideration by the government.

On 22 July 2023, the Competition and Consumer (Consumer Data Right) Amendment Rules (No. 1) 2023commenced. The amending rules enhance the existing Consumer Data Right (CDR) regime for business consumers by improving access to and use of CDR data for businesses and enabling more participants in the CDR regime to use third-party service providers.

The Commonwealth Attorney-General’s Department has released its long-awaited report on its review of the Privacy Act 1988 (Cth), which proposes widespread amendments to Australia’s flagship privacy legislation. Stakeholders have until 31 March 2023 to provide feedback to the government on the proposals.

The Australian Federal Government has passed major changes to the Privacy Act 1988 (Cth) in the form of the Privacy Legislation Amendment (Enforcement and Other Measures) Bill 2022.