Nature of E-money

E-money Issuance definition

E-money issuance refers to the service of issuing e-money to any person, for the purpose of making payment transactions or to transfer to another individual. 

According to MAS (Guidelines)
last revised 18 December 2019

Issuing e-money to allow the user to pay merchants or transfer to another individual.

According to PS Act
last revised 01 April 2022

“e-money issuance service” means the service of issuing e-money to any person for the purpose of allowing a person to make payment transactions;

FinReg business tip

The issuance of e-money (such as NETS and Alipay) is one of the 7 regulated activity under the Payment Services Act and requires a licence. This does not include e-money such as shopping vouchers, which the PS Act classifies as “limited purpose e-money”.