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.

What are the different activities regulated under the Payments Services Act (PSA)?

The Payment Services Act (PSA) currently regulates the following 7 types of activities:

  1. Account issuance services
  2. Domestic money transfer services
  3. Cross-border money transfer services
  4. Merchant acquisition services
  5. E-money issuance
  6. Digital payment token services
  7. Money-changing service

You can read detailed articles on PSA.

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