Payment Services Act 2019

Payment Services Act 2019
Parliament of Singapore
  • 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.
CitationAct 2 of 2019
Enacted byParliament of Singapore
Enacted14 January 2019
Assented to11 February 2019
Commenced28 January 2020
Legislative history
Bill titlePayment Services Bill
Bill citationBill No: 48/2018
Introduced byMr Ong Ye Kung (Minister for Education), on behalf of Tharman Shanmugaratnam (Deputy Prime Minister and Minister-in-charge of the Monetary Authority of Singapore)
Introduced19 November 2018
First reading19 November 2018
Second reading14 January 2019
Third reading14 January 2019
Summary
The Payment Services (PS) Act is a forward looking and flexible framework for the regulation of payment systems and payment service providers in Singapore. It provides for regulatory certainty and consumer safeguards, while encouraging innovation and growth of payment services and Fintech.
Status: In force

The Payment Services Act 2019 (PS Act) is a statute of the Parliament of Singapore that provides a framework for the regulation of payment systems and payment service providers in Singapore.[1] According to the Monetary Authority of Singapore (MAS) the PS Act provides for regulatory certainty and consumer safeguards, while encouraging innovation and growth of payment services and FinTech.[2]

The PS Act regulated seven activities: (1) account issuance services, (2) domestic money transfer services, (3) cross-border money transfer services, (4) merchant acquisition, (5) electronic money issuance, (6) digital payment token services and (7) money-changing services.[3] The PS Act does not currently offer licensing for custodial services,[4] although that MAS has published a consultation paper regarding the potential expansion of the PS Act to license custodial wallets.[5]

The PS Act came into effect on 28 January 2020.

Reference list

  1. ^ "Payment Services Act" .
  2. ^ "Payment Services Act" .
  3. ^ Elaine Chan. "The Payment Services Act - An Overview" (PDF). WongPartnership. Retrieved 10 August 2019.
  4. ^ Holland & Marie and CNP Law. "Singapore Regulations Applicable to Digital Asset Custody Businesses". Holland & Marie. Retrieved 15 September 2019.
  5. ^ MAS. "Consultation Paper on the Payment Services Act 2019: Proposed Amendments to the Act". Retrieved 25 December 2019.