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]
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
- ^ "Payment Services Act" .
- ^ "Payment Services Act" .
- ^ Elaine Chan. "The Payment Services Act - An Overview" (PDF). WongPartnership. Retrieved 10 August 2019.
- ^ Holland & Marie and CNP Law. "Singapore Regulations Applicable to Digital Asset Custody Businesses". Holland & Marie. Retrieved 15 September 2019.
- ^ MAS. "Consultation Paper on the Payment Services Act 2019: Proposed Amendments to the Act". Retrieved 25 December 2019.
External links
- Payment Services Act 2019 - Singapore Statutes Online
- MAS summary of the PS Act
- Library of materials on the PS Act
- FAQs - Payment Services Act 2019
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