What are the payment services regulated under the Payment Services Act (PS Act) that require a licence?
MAS regulates 7 types of payment services under the PS Act.
Payment service providers must hold a licence to provide these payment services in Singapore:
Payment service providers must hold a licence to provide these payment services in Singapore:
- Account issuance service.
- Domestic money transfer service.
- Cross-border money transfer service.
- Merchant acquisition service.
- Digital payment token service.
- E-money issuance.
- Money-changing service.
Find out about what each of these payment services entail.
This information is sourced from MAS
Related questions
What are the types of payment service provider licences I can apply for?
Are all services relating to payments regulated under the PS Act? If not, then why not? What are some of the services relating to payments that are not regulated as payment services under the PS Act?
Can foreign companies apply for a licence and are the requirements the same as those for local companies?
How does MAS determine whether to designate a payment system under the Payment Services Act (PS Act)?
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