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
FATF’s guidance for implementing the risk-based approach for virtual assets and virtual asset service providers
Requirements on cyber hygiene for operators of designated payment systems.
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.
- Consultation number:
- Start date:
- 05 July 2019
- Closing date:
- 05 August 2019
Sets out MAS’ supervisory expectations of financial institutions’ (“FIs”) controls to address the misuse of legal persons risks and typologies observed.
For all holders of a remittance licence that they must not carry on a business of granting any credit facility to any individual in Singapore, with effect from 10 September 2019.