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”.