Regulations for activities relating to E-money

"Money" is defined under the Payment Services Act to include e-money.

Hence, "There are 2 types of services [that may be involved]:
Domestic money transfer services are local funds transfer services in Singapore.
Cross-border money transfer (or remittance) services involves the transfer of funds to persons outside Singapore."

"In Singapore, it is against the law to carry on a business of providing a money transfer service without a valid licence from the MAS."

Source: Moneysense, last revised on 5 October 2018

But "E-money that is for a limited purpose such as pre-paid cards, the purchase of limited goods and/or services or particular loyalty programmes" are excluded from the above.

Source: Singapore Legal Advice, last on revised 21 September 2021