payment services act singapore

What is a major payment institution?

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Major payment institutions are licensed and regulated under the Payment Services Act (“PS Act”) to provide payment services without being subject to the specified thresholds. In Singapore, payment service providers are classified into several categories under the PSA, including: Money-Changers: These entities are licensed to provide services such as currency exchange. Standard Payment Institutions (SPIs): … Read more

What is the Payment Services Act by MAS?

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The Payment Services Act 2019 (“PS Act”), which commenced on 28 January 2020, provides for the licensing and regulation of payment service providers and the oversight of payment systems in Singapore.