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(other than a domestic money transfer service or a cross-border money transfer service) that enables money to be withdrawn from a payment account;