Payment Services in Singapore

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. The Payment Services Amendment Act, which was passed on 4 January 2021 and takes effect in stages from 4 April 2024, expand the scope of regulated payment services and imposes user protection and financial stability-related requirements on digital payment token (DPT) service providers.

This document summarises the principal regulatory obligations of different types of payment services providers in Singapore.