The following entities operate under a temporary exemption from holding a licence under the Payment Services Act 2019 ("PS Act") for payment services caught under the expanded scope of regulated activities while their licence applications are being reviewed. Please note that these entities are neither licensed under the PS Act, nor supervised or regulated by MAS, for the payment services caught under the expanded scope of regulated activities. Customers of these entities are not protected by the regulatory safeguards under the PS Act.  

The exemption applied to entities that had carried on a business of providing previously unregulated payment services as set out in the Transitional Regulations 2024. The exemption will cease after the specified period; or if the entity submits a licence application under the PS Act and an external auditor attestation as required under the Transitional Regulations 2024, on the date that the application is approved or rejected by MAS, or withdrawn by the applicant.

Entities that have been providing previously unregulated payment services before the commencement of the Payment Services (Amendment) Act 2021 but have failed to notify MAS pursuant to the Transitional Regulations 2024 will be in breach of the notification requirements under the Transitional Regulations 2024. Such entities are neither licensed nor exempt from holding a licence to provide the previously unregulated payment services. Such entities should cease any regulated activities accordingly and contact MAS immediately. 

The list of entities that were previously exempted under the Transitional Regulations 2024 but are no longer exempt from holding a licence under the PS Act can be found here. Please refer to the Financial Institutions Directory for the full list of entities that are licensed by MAS, or approach the entity for more information on their exemption status.