The Payment Services Act of Singapore

The payment services landscape globally and in Singapore has transformed considerably in recent years. In adapting to these changes, the Monetary Authority of Singapore (MAS) promulgated the Payment Services Act (PS Act). The PS Act was passed by the Singapore Parliament on 14th January 2019 and has since come into effect on 28th January 2020 (the commencement date of the PS Act).

The PS Act will amalgamate both Payment Systems (Oversight) Act (Cap. 222A) (PS(O)A) and Money-Changing and Remittance Businesses Act (Cap. 187) (MCRBA), enhance the scope of payment services that will be regulated, and calibrate new regulations according to the risks posed by such activities. This article will highlight some key updates and provisions under the PS Act that payment services providers should note.

This article was published in the 2020 edition of IFC Review (before the commencement date of the PS Act). To read more, click here.