Payment Services Act 2019 (No. 2 of 2019)

An Act to provide for the licensing and regulation of payment service providers, the oversight of payment systems, and connected matters, to repeal the Money‑changing and Remittance Businesses Act (Chapter 187 of the 2008 Revised Edition) and the Payment Systems (Oversight) Act (Chapter 222A of the 2007 Revised Edition), and to make consequential and related amendments to certain other Acts.

This act increases the scope of regulation and covers payment systems and payment services providers (PSP) in Singapore. It also encourages the Fintech growth. The MAS explains:

The Bill streamlines the regulation of payment services [1]  within a single activity-based legislation. It comprises two parallel regulatory frameworks, a designation regime that enables MAS to regulate systemically important payment systems for financial stability as well as efficiency reasons, and (ii) a licensing regime that focuses on retail payment services provided to customers and merchants. 

The activity-based licensing framework for retail payment services facilitates innovation and mitigates risks. The licence regime has been broadened to encompass a wider range of payment activities, including domestic money transfers, merchant acquisition and the purchase and sale of digital payment tokens. At any point in time, a payment service provider needs only to hold one licence, but of a class that corresponds to the risk posed by the scale of payment services provided. Risk mitigating measures will then be tailored to the specific payment services that a licensee provides to better safeguard customer and merchant monies, ensure adequate controls against money laundering and terrorism financing risks, reduce fragmentation and strengthen technology and cyber standards in the payments space.

Table of Contents

Part 1 PRELIMINARY
Part 2 LICENSING OF PAYMENT SERVICE PROVIDERS
Part 3 PAYMENT SYSTEMS
Part 4 INSPECTION AND INVESTIGATIONS
Part 5 EMERGENCY POWERS
Part 6 ASSISTANCE TO FOREIGN REGULATORY AUTHORITIES
Part 7 OFFENCES
Part 8 MISCELLANEOUS
Part 9 CONSEQUENTIAL AND RELATED AMENDMENTS TO OTHER ACTS
Part 10 SAVING AND TRANSITIONAL PROVISIONS
FIRST SCHEDULE Payment services
SECOND SCHEDULE Specified provisions

 

Document Details

Document Type: 
Document Topic: 
Doument Author (Entity): 
Authoring Country: 
Originating Country or Trade Block: 
Year of Document: 
2019
Date of Document: 
Friday, February 22, 2019
Document Authors: 
Monetary Authority of Singapore (MAS)
Language (This Document): 
English

Legal Disclaimer: The content appearing on this site is for general information purposes only and made available on an "AS-IS" basis. The law is subject to change and no representation or warranty is made with regard to accuracy or fitness for a particular purpose.