Singapore: Introduced Payment Services Act (PS Act) including licensing requirement for payment service providers
Description
Introduced Payment Services Act (PS Act) including licensing requirement for payment service providers
On 19 November 2018, the Payment Services Act (PS Act) was introduced to the Singapore Parliament. The Act would regulate seven payment activities, including account issuance services, domestic money transfer services, cross-border money transfer se…
Scope
Policy Area
Authorisation, registration and licensing
Policy Instrument
Operational license requirement
Regulated Economic Activity
digital payment provider (incl. cryptocurrencies)
Implementation Level
national
Government Branch
legislature
Government Body
parliament
Complete timeline of this policy change
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2018-11-19
under deliberation
2019-01-14
adopted