The Payment Services Act 2019 (PS Act) is a
statute
A statute is a formal written enactment of a legislative authority that governs the legal entities of a city, state, or country by way of consent. Typically, statutes command or prohibit something, or declare policy. Statutes are rules made by le ...
of the
Parliament
In modern politics, and history, a parliament is a legislative body of government. Generally, a modern parliament has three functions: Representation (politics), representing the Election#Suffrage, electorate, making laws, and overseeing ...
of
Singapore
Singapore (), officially the Republic of Singapore, is a sovereign island country and city-state in maritime Southeast Asia. It lies about one degree of latitude () north of the equator, off the southern tip of the Malay Peninsula, borde ...
that provides a framework for the regulation of payment systems and payment service providers in Singapore. 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.
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. The PS Act does not currently offer licensing for custodial services, although that MAS has published a consultation paper regarding the potential expansion of the PS Act to license custodial wallets.
The PS Act came into effect on 28 January 2020.
Reference list
External links
Payment Services Act 2019 - Singapore Statutes OnlineMAS summary of the PS ActLibrary of materials on the PS ActFAQs - Payment Services Act 2019
{{Law of Singapore
2019 in law
2019 in Singapore
Singaporean legislation