How does MAS determine whether to designate a payment system under the Payment Services Act (PS Act)?

MAS may designate a payment system under the PS Act if any of the following applies:

• Where a disruption in the operations of the payment system could trigger, cause or transmit further disruption to participants or systemic disruption to the financial system of Singapore (for example, if its operations pose financial stability risks);
• Where a disruption in the operations of the payment system could affect public confidence in payment systems or the financial system of Singapore;
• Where MAS is satisfied that it is in the public's interest to do so; and
• Where payment systems that are widely used by other payment service providers or payment system operators could pose risks to efficiency and competition in the financial system.

Find out the types of payment systems designated under the PS Act.

The criteria used to determine when to designate a payment system may include any of the following:

• Number and value of transactions processed.
• Number and type of participants.
• The type of markets served.
• The market share.
• The interconnectedness with other payment systems and financial institutions.
• Available alternatives to using the payment system at short notice.