Payment Services Act (“the Act”) came into force on 28 January 2020 providing new framework for the regulation of payment systems and payment service providers in Singapore. The Act consolidates the previous Payment Systems (Oversight) Act 2006 and the Money-Changing and Remittance Business Act 1979.
The Act recognises seven types of payment services. It also provides for three classes of licences whose regulatory requirements differ according to the risks posed by each service provided under each license.
All approved holders of widely accepted stored value facilities and licensed remittance agents have been deemed to be major payment institutions under the Act and holders of money-changer’s licences have been deemed to as holders of money-changing licences under the Act.
If your company undertakes one or more of the above activities, you will need to choose between the following three classes of licences.
How can Argus Help?
- Assist to submit application form to operate in Singapore as a Payment Services Licensee.
- Draft Compliance policies and procedures.
- Conduct gap analysis on your current policies and assist to conduct remediation.
- Provide compliance outsourced services to overcome regulatory hurdles you face.
- Carry out Internal Audit on your processes once regulated.