Singapore: Adopted Payment Services Act (PS Act) including licensing requirement for payment service providers
Description
Adopted Payment Services Act (PS Act) including licensing requirement for payment service providers
On 14 January 2019, the Payment Services Act (PS Act) was adopted by the Singaporean Parliament. The Act regulates seven payment activities, including account issuance services, domestic money transfer services, cross-border money transfer services,…
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