Cap. 376 Art. 10BSafeguarding requirements.

(1) A payment institution providing payment services as referred to in paragraphs 2(a) to (f) of the Second Schedule and an electronic money institution shall safeguard all funds received from any person making use of its services, or received through another payment service provider for the execution of payment transactions, or in exchange for electronic money that has been issued.

(2) For the better carrying out of the provisions of this Act on safeguarding requirements, the competent authority may, from time to time, issue, amend or revoke any Financial Institutions Rule which shall be binding on financial institutions as specified therein.