Payment services: Account issuance service

Account issuance definition


  • According to MAS (Guidelines)
    last revised 18 December 2019

    The service of issuing a payment account or any service relating to any operation required for operating a payment account, such as an e-wallet (including certain multi-purpose stored value cards) or a non-bank issued credit card.

    According to PS Act

    “account issuance service” means any of the following services:

    (a) the service of issuing a payment account to any person in Singapore;

    (b) any service relating to any operation required for operating a payment account, including —

    (i) any service (other than a domestic money transfer service or a cross-border money transfer service) that enables money to be placed in a payment account; or

    (ii) any service (other than a domestic money transfer service or a cross-border money transfer service) that enables money to be withdrawn from a payment account;