Regulations for E-wallets
Regulations relating to e-money stored in e-wallets
The business will be regulated under the Payment Services Act (PSA) and its associated regulations and may require applying for a payment service provider licence. This is because the regulatory framework for Payments Services is centered upon 7 regulated payment activities, of which 3 are typically associated with e-wallets.
According to MAS (FAQ)
last revised on 31 Mar 2021
Most providers of e-wallets and e-money for example are regulated for account issuance service, domestic money transfer service and e-money issuance.
According to MAS (Pages)
last revised on 23 Sep 2021
E-money issuance service - Issuing e-money to allow the user to pay merchants or transfer to another individual.
Account issuance service - The service of issuing a payment account or any service relating to any operation required for operating a payment account, such as an e-wallet (including certain multi-purpose stored value cards) or a non-bank issued credit card.
Domestic money transfer service - Providing local funds transfer service in Singapore. This includes payment gateway services and payment kiosk services.