Payments

Find out about the licensing and regulations for payment service providers and credit bureaus, and designation for payment systems in Singapore.

Payment Services Act

The Payment Services Act 2019 ("PS Act") provides for the licensing and regulation of payment service providers and the oversight of payment systems in Singapore. The PS Act has commenced on 28 January 2020.

Payment service providers operating in Singapore are regulated under the PS Act, unless exempted under specific conditions set out in the PS Act (for example, if their payment services fall under those listed in Part 2, First Schedule of the PS Act) or for specific payment services for a specified period under the Payment Services (Exemption for Specified Period) Regulations 2019 ("Exemption Regulations") .

  • To view the list of entities temporarily exempted under Exemption Regulations, please refer to the exempted list.
  • To view the list of entities that were previously granted an exemption but are currently no longer exempt under the Exemption Regulations, please refer to this list.
  • To view the list of licensed payment service providers in Singapore, please refer to the Financial Institutions Directory.
  • To view the list of persons who, based on information available to MAS, may be or may have been wrongly perceived as being licensed or in any other way authorised or regulated by MAS, refer to the Investor Alert List.

Credit Bureau Act

Credit bureaus are regulated under the Credit Bureau Act 2016 (“CBA”). Licensed credit bureaus collect, use and disclose information relevant to the assessment of credit worthiness of borrowers from banks and other financial institutions which are their members.

Resources

Repealed regulations with the commencement of the Payment Services Act - Access the repealed documents under the Money-changing and Remittance Businesses Act and Payment Systems (Oversight) Act

FAQs on the Payment Services Act - Access the FAQs on the Payment Services Act