Payments licensees and approved holders offer a range of payment services in Singapore. Payment systems facilitate the transfer of funds between or among participants. Find out about the designation, licensing, regulations and guidance for these entities.
Payments Licensees and Approved Holders
MAS currently regulates persons that provide these payment services:
- Holders of are regulated under the .
- Money-Changers and Remittance Businesses are licensed and regulated under the . Find out about:
With the changing payment services landscape, a new Payment Services Bill was passed in Parliament on 14 January 2019 to streamline payment services under a single legislation. Under the , payment service providers will only need to hold one licence to conduct specified payment activities. The scope of regulation has also been expanded to include payment services such as digital payment token services and merchant acquisition. MAS conducted to solicit feedback on the payments regulatory framework and subsidiary legislation under the PS Act.
The empowers MAS to collect information from all payment systems in Singapore to monitor the development of the payment system industry in Singapore and make informed policy decisions. MAS may designate a payment system under the PS(O)A if it is considered a systemically important payment system or a system-wide important payment system, or where it is otherwise in the public interest to do so.
In addition, MAS may designate important payment systems under the to ensure that these systems continue to function smoothly during times of disruption. Specifically, the FNA ensures the finality and irrevocability of transactions made through these systems by “carving out” the relevant insolvency rules.
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Licensing, Authorisation and Registration
Prudential and Supervisory Requirements
A consultation paper on proposed amendments to the Payment Services Act 2019 in relation to AML/CFT, and other amendments in respect of digital payment token service and certain technical amendments.
- Consultation number:
- Start date:
- 23 December 2019
- Closing date:
- 28 January 2020
Specimen form for entities to notify MAS of the date on which they commenced the business of providing the specific payment services under the Payment Services (Exemption for Specified Period) Regulations 2019. Notifications will only be accepted via the online form after the PS Act commences on 28 January 2020. The...
Specimen form for entities to apply for the approval of a Chief Executive Officer, Director or Partner of a payment service provider under the Payment Services Act ("PS Act"). Applications will only be accepted via the online form after the PS Act commences on 28 January 2020. The link to the online form will be made...
Specimen form for entities to apply for the variation or change of a payment service provider licence under the Payment Services Act ("PS Act"). Applications will only be accepted via the online form after the PS Act commences on 28 January 2020. The link to the online form will be made available here on 28 January...
Guidelines on Licensing for Payment Service Providers under the Payment Services Act.