The following entities operate under a temporary exemption from holding a licence under the Payment Services Act ("PS Act") for the specific payment services while their licence applications are being reviewed. Please note that these entities are neither licensed under the PS Act to provide the specific payment services, nor at any time supervised or regulated by MAS. 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 regulated payment services prior to the commencement of the PS Act and will cease after the specified period; or if the entity submits a licence application under the PS Act, on the date that the application is approved or rejected by MAS, or withdrawn by the applicant.

Entities that have been providing the specific payment services before the commencement of the PS Act, but have failed to notify MAS pursuant to the Exemption Regulations will be in breach of the notification requirements under the Exemption Regulations. These entities are not licensed or exempt from holding a licence to provide the specific payment services. Such entities should contact MAS immediately.

The list of entities that 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.