Payment Services Act (“PSA”) came into effect in Singapore on 28 January 2020 and it streamlines payment services regulatory framework under a single piece of legislation. MAS has introduced 2 parallel regulatory frameworks. The first framework is a designation regime which enables MAS to designate significant payment systems and regulate operators, settlement institutions and participants of these designated payment systems for financial stability reasons and efficiency reasons. The second framework is the licensing framework for payment service providers. The following activities are regulated under the licensing regime of PSA:
Type of Licence Class
Under the Payment Services Act (PSA), payment service providers have to be licensed under one type of licence class namely:
- Money – Changing Licence;
- Standard Payment Institution Licence
- Major Payment Institution Licence
What are the requirements for each licence application under PSA?
The following table sets out the basic pre requisites for each licence under the Payment Services Act :
How can Argus Help?
Are you keen to apply for a Payment Services Act (PSA) licence or are looking for some additional help in that regulatory space? We are an experienced regulatory consulting firm who understands the licensing requirements for PSA firms. We have worked with a number of clients on licence application and have assisted with the entire process. We have also assisted firms with drafting policies and procedures such as Anti-Money Laundering/Countering Financing of Terrorism policies and procedures and Technology Risk Management Policy. Contact us today for an initial consultation at email@example.com
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