S'pore relaxes card curbs

S'pore relaxes card curbs

SINGAPORE (AFP): The Monetary Authority of Singapore (MAS) has
lifted curbs restricting credit card issuers from tie-ups in
incentive programs with merchants, the Straits Times reported
Wednesday.

In a memorandum dated November 7, the MAS said it would lift
the restrictions "so as to allow card issuers the discretion to
decide on matters relating to the promotion and marketing of
credit/charge cards."

The report cited a tie-up announced last month between
American Express International and Singapore Airlines' frequent
flier program.

The ruling is a reversal of several restrictions slapped on
card issuers in the past four years imposed when authorities
sought to discourage excessive credit spending.