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Payment Services Act 2019

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Payment Services Act 2019
Parliament of Singapore
  • The Payment Services Act is a framework for the regulation of payment systems and payment services providers in Singapore.
Enacted byParliament of Singapore
Enacted14 January 2019

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 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 explicitly regulate custodial services.[4]


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.
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