Payment services: Account issuance service

How is account issuance regulated under the PS Act different from the previously regulated payment services?

According to MAS (FAQs)

last revised 31 March 2021

Money-changing businesses and remittance businesses were previously regulated under the MCRBA, and the holding of stored value facilities where the float was over $30 million was regulated under the PS(O)A. The PS Act continues to regulate money-changing services. Remittance businesses are captured within the scope of cross-border money transfer service. The provision of stored value facilities and stored value are regulated under the PS Act as account issuance service and e-money issuance service. It should be noted that account issuance service, cross-border money transfer service and e-money issuance service have been broadened in scope compared to activities regulated under the previous legislation. Domestic money transfer service, merchant acquisition service and DPT services are new payment services that are regulated under the PS Act.