Payment services: Account issuance service

According to MAS (Notices), 
last revised on 01 March 2022

“exempted product” means ⎯
(a) where the product involves an account issuance service, the product:

(i) does not allow the withdrawal of any cash;
(ii) does not allow a refund of any amount in excess of S$100 in cash from each
payment account to any person, except:

(A) upon the production of an identification document of the holder of
the payment account that bears a photograph of that holder and
is in force; and
(B) where the person has a policy of keeping records of the refund
and identification document mentioned in sub-paragraph (A) for at
least 5 years after the date on which the refund is made; and

(iii) is not able to contain an amount of money or the currency equivalent of e-money of more than S$1,000;

(b) where the product involves a domestic money transfer service, the product
satisfies at least two of the following requirements:

(i) is to be used only as a means of payment for goods or services;
(ii) is funded from an identifiable source;
(iii) the payment transaction value does not exceed S$20,000;

(c) where the product involves a cross-border money transfer service, the product is
to be used only as a means of payment for goods or services and is funded from
an identifiable source;