Regulations for E-wallets
Are e-wallets regulated in Singapore?
If the e-wallet constitutes a “payment account” under the Payment Services Act 2019 (“PSA”), then the service of issuing it to any person in Singapore or the service relating to any operation required for operating a payment account would be regulated under the PSA.
"If the e-wallet constitutes a “payment account” under the Payment Services Act 2019 (“PSA”), then the service of issuing it to any person in Singapore or the service relating to any operation required for operating a payment account would be regulated under the PSA.
A payment account is any account, or any device or facility (whether in physical or electronic form), that is held in the name, or associated with the unique identifier, of any person(s), and is used by the person(s) for the initiation of a payment order or the execution of a payment transaction, or both."
Section 2(1) and Part 3 of the First Schedule, Payment Services Act 2019