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Do existing licence holders under the Payment Systems (Oversight) Act (PS(O)A) and the Money-Changing and Remittance Businesses Act (MCRBA) have to re-apply for a payment services licence?
Existing licence holders under PS(O)A and MCRBA may not have to re-apply for a licence under the Payment Services Act (PS Act).
Money-changing business licence holders under the MCRBA will be deemed as money-changing licensees under the PS Act. Stored value facility (SVF) licence holders and remittance licence holders under the PS(O)A or MCRBA will be deemed as major payment institution licensees under the PS Act.
All licensees are required to put in place systems, policies and procedures, on an ongoing basis, to fulfil all applicable requirements set out under the PS Act and other relevant legislation to their business.
Money-changing business licence holders under the MCRBA will be deemed as money-changing licensees under the PS Act. Stored value facility (SVF) licence holders and remittance licence holders under the PS(O)A or MCRBA will be deemed as major payment institution licensees under the PS Act.
All licensees are required to put in place systems, policies and procedures, on an ongoing basis, to fulfil all applicable requirements set out under the PS Act and other relevant legislation to their business.
This information is sourced from MAS.
Related questions
What are the payment services regulated under the Payment Services Act (PS Act) that require a licence?
Can foreign companies apply for a licence and are the requirements the same as those for local companies?
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What should licensees do if they wish to change their licence type, or add or remove payment services in relation to their business?
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Are existing licensees required to renew their licence?
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