Payment Services Act

The Payment Services (PS) Act is a forward looking and flexible framework for the regulation of payment systems and payment service providers in Singapore. It provides for regulatory certainty and consumer safeguards, while encouraging innovation and growth of payment services and FinTech. Parliament passed the PS Act on 14 January 2019. You may find further information on the PS Act below:

Applies to: Designated Payment System , Widely Accepted Stored Value Facility , Relevant Stored Value Facility , Single Purpose Stored Value Facility , Remittance , Money Changer

Consultations

Published Date: 05 July 2019

Consultation Paper on Proposed Payment Services Notices and Guidelines

This consultation sets out MAS’ proposed notices and guidelines applicable to entities regulated under the Payment Services Act 2019, to effect the objectives of the Act.

Anti-Money Laundering Conduct Gazette Information Gathering OTC Markets Widely Accepted Stored Value Facilities Consumer Finance Exemptions Financial and Margin Governance Licensing, Authorisation and Registration Mergers and Acquisitions Offers of Investments Prudential and Supervisory Requirements Regulatory Submissions Resolution Risk Management Public Submissions Products Treasury

Consultation number:

P012-2019

Start date:

05 July 2019

Closing date:

05 August 2019

Status:

Open
Consultations

Published Date: 06 June 2019

Consultation Paper on the Proposed Payment Services Notices on Prevention of Money Laundering and Countering the Financing of Terrorism

A consultation paper on new Notices to payment services providers on the prevention of money laundering and countering the financing of terrorism, which applies to 3 classes of licensees – Money-Changing licence, Standard Payment Institution licence, and Major Payment Institution licence.

Anti-Money Laundering AML/CFT

Consultation number:

P010-2019

Start date:

06 June 2019

Closing date:

05 July 2019

Status:

Open
Consultations

Published Date: 10 April 2019

Consultation Paper on Proposed Payment Services Regulations

This consultation sets out MAS’ proposed regulations and order applicable to entities regulated under the Payment Services Act 2019, to effect the objectives of the Act.

AML/CFT Conduct Gazette Information Gathering OTC Markets Widely Accepted Stored Value Facilities Consumer Finance Exemptions Financial and Margin Governance Licensing, Authorisation and Registration Mergers and Acquisitions Offers of Investments Prudential and Supervisory Requirements Regulatory Submissions Resolution Risk Management Public Submissions Products Treasury

Consultation number:

P005-2019

Start date:

10 April 2019

Closing date:

10 May 2019

Status:

Closed
Consultations

Published Date: 20 November 2017

Consultation Paper on Proposed Payment Services Bill

This consultation sets out the proposed Payment Services Bill which MAS developed to streamline payment services under a single legislation and calibrate regulations according to the risks the activities pose by adopting a modular regulatory regime.

Anti-Money Laundering Conduct Gazette Monetary Policy OTC Markets Consumer Finance Financial and Margin Exemptions Governance Licensing, Authorisation and Registration Mergers and Acquisitions Offers of Investments Prudential and Supervisory Requirements Regulatory Submissions Resolution Risk Management Public Submissions Products Treasury

Consultation number:

P021 - 2017

Start date:

20 November 2017

Closing date:

08 January 2018

MAS response date:

19 November 2018

Status:

Responded
Consultations

Published Date: 25 August 2016

Proposed Activity-based Payments Framework and Establishment of a National Payments Council - First Consultation

This consultation sets out MAS’ proposals for an activity based payments framework and the establishment of a national payments council.

Anti-Money Laundering Audit Conduct Information Gathering OTC Markets Widely Accepted Stored Value Facilities Consumer Finance Exemptions Financial and Margin Governance Licensing, Authorisation and Registration Mergers and Acquisitions Offers of Investments Prudential and Supervisory Requirements Regulatory Submissions Resolution Risk Management Public Submissions

Consultation number:

P009 - 2016

Start date:

25 August 2016

Closing date:

31 October 2016

MAS response date:

02 August 2017

Status:

Responded