The Payment Services Act 2019 (“PS Act”) will commence on 28 January 2020. The Payment Services Act 2019 (Commencement) Notification 2019 is accessible for five days from the date of publication on the Government Gazette. You can find more detailed information in our Guide. To ask questions, receive a detailed consultation, as well as assistance in Licensing, please contact us.
The PAYMENT SERVICES in Singapore are divided into seven regulated activities including:
1. ACCOUNT ISSUANCE SERVICES: Issuing, maintaining or operating a payment account in Singapore, such as an e-wallet or a non-bank credit card
2. DOMESTIC MONEY TRANSFER SERVICES: Providing local funds transfer services in Singapore. This includes payment gateway services and payment kiosk services.
3. CROSS BORDER MONEY TRANSFER SERVICES: Providing money transmission and conversion services. Providing inbound or outbound remittance services in Singapore.
4. MERCHANT ACQUISITION SERVICES: Providing merchant acquisition services in Singapore. This is where the service provider contracts with a merchant to accept and process payment transactions, which results in a transfer of money to the merchant. Usually, the service includes providing a point of sale terminal or online payment gateway.
5. E-MONEY ISSUANCE: Issuing e-money in Singapore to allow the user to pay merchants or transfer e-money to another individual
6. DIGITAL PAYMENT TOKEN SERVICES: Buying or selling digital payment tokens or providing a platform to allow persons to exchange virtual currency in Singapore.
7. MONEY-CHANGING SERVICES: Buying or selling foreign currency notes in Singapore