How does MAS determine whether to designate a payment system under the Payment Services Act (PS Act)?
- Where a disruption in the operations of the payment system could trigger, cause or transmit further disruption to participants or systemic disruption to the financial system of Singapore (for example, if its operations pose financial stability risks);
- Where a disruption in the operations of the payment system could affect public confidence in payment systems or the financial system of Singapore;
- Where MAS is satisfied that it is in the public's interest to do so; and
- Where payment systems that are widely used by other payment service providers or payment system operators could pose risks to efficiency and competition in the financial system.
- Number and value of transactions processed.
- Number and type of participants.
- The type of markets served.
- The market share.
- The interconnectedness with other payment systems and financial institutions.
- Available alternatives to using the payment system at short notice.
Can an entity hold a payment service licence and operate a payment system that is designated under the PS Act at the same time?
Yes, an entity may concurrently hold a payment service licence and operate a payment system that is designated under the PS Act.