Showing 4089 Documents for "payment services"
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- MAS
- Forms and Templates
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- . ___ Existing payment services licence holders must submit Form 2 online to vary or change their licence. About Form 2 Form 2 applies to existing payment services licence holders who wish to vary or change their licence under Section 7 of the Payment Services Act (PS Act) .
- Please note that Form 2 is only for an existing holder of a licence under the Payment Services Act 2019 (PS Act), which intends to vary or change its licence under section 7 of the PS Act.
- Resources Form 2 - Application for the Variation or Change of a Payment Service Provider Licence (Declaration in fillable format) (57.5 KB) PAYMENT SERVICES ACT 2019 (ACT 2 OF 2019) PAYMENT SERVICES REGULATIONS FORM 2 APPLICATION FOR THE VARIATION OR CHANGE OF A PAYMENT SERVICE PROVIDER
- MAS
- Consultations
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- arrangement from section 24(1)(c) of the PS Act.
- Act, an MPI that issues 2 or more e-wallets to any payment service user must aggregate all the e-money in the e-wallets issued to that payment service user and apply the stock cap and flow cap. 3 Under section 100(4) of the PS Act, MAS may, if it considers it appropriate to do so in the circumstances
- Proposed exemption for white-label e-wallet account issuance 2.9 Under Section 24(1)(c) of the PS Act, an MPI that issues 2 or more e-wallets to any payment service user must aggregate all the e-money in the e-wallets issued to that payment service user and apply the caps in Section 24(1)(c)(i
- MAS
- Consultations
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- Services Act 201911 (PS Act), from the scope of the Proposed 9 An SGQR Member must be one of the following to qualify for SGQR membership: (i) a financial institution holding a licence under the Payment Services Act 2019 (PS Act) that entitles the financial institution to carry on a business
- IMDA and MAS are in 6 Notified Entities refer to entities that have been granted an exemption from holding a licence under the Payment Services Act for specific payment services for a specified period, pursuant to Regulation 4 of the Payment Services (Exemption for Specified Period) Regulations
- of providing a merchant acquisition service; (ii) a payment service provider exempted under section 13 of the PS Act from holding a licence to carry on a business of providing a merchant acquisition service; or (iii) a public authority. 10 Source: https://www.mas.gov.sg/development/e-payments/sgqr
- MAS
- Guidance
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- Amendments to the Payment Services Act were passed in Parliament in Jan 2021 to expand the scope of DPT services and further updates to Notice PSN02 and Guidelines are in train to apply AML/CFT requirements to the newly scoped-in DPT services.
- Slide 12 Slide 12 -------- (III) DPT service providers should conduct regular review of their AML/CFT controls DPT service providers should conduct a regular review of its policies, procedures and controls.
- Exchange of DPT Person A Where the payment service provider is in the business of selling or buying DPT Exchanger Person A Person B Exchanger Where the payment service provider attempts to get any person to buy or sell DPT, but never possesses the monies or DPT 3 Facilitating Transmission
- MAS
- Media Releases
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- Regulating payment activities The regulation of payment services offered by retail payment service providers should be technology-neutral and based on payment activities rather than payment products.
- Furthermore, the establishment of the Payments Council to consolidate and streamline a single set of transparent business processes and scheme rules will support access to all centralised clearing and payment services in Singapore.
- Maintaining security and enhancing consumer protection The new regulatory framework should enhance consumer protection, introduce cyber security requirements, and create a level playing field for payment service providers as well as set more rapid payment execution standards (i.e.
- MAS
- Consultations
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- the PS Act today.
- under the PS Act.
- under the PS Act.
- MAS
- Media Releases
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- The list of such entities can be found in this link . under the Payment Services Act (PS Act). DPT services include the buying or selling of DPTs or facilitating the exchange of DPTs.
- The definition of DPT services will be expanded to include the transfer of DPTs, provision of custodian wallet services for DPTs, and facilitating the exchange of DPTs without possession of moneys or DPTs by the DPT service provider, when the amendments to the PS Act take effect. 3.
- DPT service providers include payment institutions, banks and other financial institutions, as well as applicants These are entities that are not licensed under the Payment Services Act but are allowed to continue to provide DPT services while their licence applications are being reviewed by MAS.
- MAS
- Consultations
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- This consultation paper sets out proposed regulatory measures for licensed and exempt payment service providers1 that carry on a business of providing a digital payment token (DPT) service under the Payment Services Act 2019 (PS Act) (collectively known as DPT service providers or DPTSPs
- capital_markets@mas.gov.sg. 1 These include persons who are currently operating under the transitional exemption as they have been providing DPT services before the commencement of the PS Act and have notified MAS pursuant to the Payment Services (Exemption for Specified Period) Regulations
- This consultation paper sets out proposed regulatory measures for digital payment token service providers, as well as prohibitions against unfair trading practices that are generally applicable to all market participants, to address market integrity risks in digital payment token services.
- MAS
- Consultations
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- Authentication Channel WAP, Voice, SMS, Data Bank / Payment Service Provider 3. Payment Channel Internet, Proprietary Linkages Merchant Customer & Mobile Devices 1.
- Frequency of usage of payment service. Outlets where goods or services are purchased. Locality of merchants.
- These basic transport layer security mechanisms cannot be considered sufficient for banking and payment services.
- MAS
- Media Releases
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- All persons that provide payment services under the PS Act must be licensed by the MAS. We have begun accepting licence applications under the PS Act from 28 January 2020 onwards.
- The Payment Services (Exemption for Specified Period) Regulations 2019, which were made under the Payment Services Act 2019 (PS Act), provides for a grace period ranging from 6 months to a year for entities providing certain regulated payment services to apply for the relevant licence.
- During this grace period, such entities may provide the regulated payment service without a licence and MAS may issue directions to such entities. The PS Act, which regulates the provision of payment services in Singapore, came into force on 28 January 2020.