Nature of Non-Bank Credit Cards
Do non-bank credit card or charge card issuers require a license under the Payment Services Act?
According to MAS (FAQs)
last revised on 31 March 2021
Non-bank credit cards or charge cards issuers are [...] exempted from holding a licence and complying with licensing-related requirements. Non-bank credit card or charge card issuers are already required to hold a licence under the Banking Act for the provision of credit facilities. Non-bank credit card issuers however need to comply with the other requirements in the PS Act, that do not overlap with those in the Banking Act.