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Payment Services in Singapore
A summary of the local regulatory framework
The new regulatory framework under the Payment Services Act, 2019 (PS Act), which commenced on 28 January 2020, recognises the growing convergence across payment activities and expands the Monetary Authority of Singapore’s (MAS) regulatory scope to include more types of payment services. The new regulation replaces the Money-changing and Remittance Businesses Act and Payment Systems (Oversight) Act.
This document summarises the principal regulatory obligations of different types of payment services providers in Singapore.