Regulations for activities relating to E-money

According to MAS (PS Act Guide)

Major Payment Institutions and exempt payment service providers are required to safeguard customer money from their insolvency in respect of domestic money transfer service and cross-border money transfer service. These entities are required to safeguard customer money for these services using any of the following means:
a) an undertaking from a bank in Singapore, a merchant bank or a finance company;
b) a guarantee from a bank in Singapore, a merchant bank, a finance company, or a financial guarantee insurer;
c) a deposit in a trust account held with a bank, merchant bank or finance company; or
d) safeguarding in such other manner as may be prescribed by MAS.

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SPIs are not required to comply with safeguarding requirements but must disclose certain information to their customers so that customers can make informed decisions