Payment_Services_Act

Payment Services Act 2019

Payment Services Act 2019

Statute of the Parliament of Singapore

The Payment Services Act 2019 (PS Act) is a statute of the Parliament of Singapore that provides a framework for the regulation of payment systems and payment service providers in Singapore.[1] According to the Monetary Authority of Singapore (MAS) the PS Act provides for regulatory certainty and consumer safeguards, while encouraging innovation and growth of payment services and FinTech.[2]

Quick Facts Parliament of Singapore, Citation ...

The PS Act regulated seven activities: (1) account issuance services, (2) domestic money transfer services, (3) cross-border money transfer services, (4) merchant acquisition, (5) electronic money issuance, (6) digital payment token services and (7) money-changing services.[3] The PS Act does not currently offer licensing for custodial services,[4] although that MAS has published a consultation paper regarding the potential expansion of the PS Act to license custodial wallets.[5]

The PS Act came into effect on 28 January 2020.

Reference list

  1. [1]
    "Payment Services Act" .
  2. [2]
    "Payment Services Act" .
  3. [3]
    Elaine Chan. "The Payment Services Act - An Overview" (PDF). WongPartnership. Retrieved 10 August 2019.
  4. [4]
    Holland & Marie and CNP Law. "Singapore Regulations Applicable to Digital Asset Custody Businesses". Holland & Marie. Retrieved 15 September 2019.
  5. [5]
    MAS. "Consultation Paper on the Payment Services Act 2019: Proposed Amendments to the Act". Retrieved 25 December 2019.
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