Showing 4089 Documents for "payment services"
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- MAS
- Notices
Last revised date:
- For the avoidance of doubt, an exempt person shall continue to comply with MAS Notice PS-N01 Notice to Holders of Payment Services Licence (Specified Payment Services) in relation to the provision of payment services for a specified product. 2.2 3 3.1 3.2 Table 1 First column
- 13(1) of the Payment Services Act 2019 (Act 2 of 2019) in relation to the provision of payment services for a specified product that involves account issuance, domestic money transfer and e-money issuance services.
- Services Act 2019 (Act 2 of 2019) (PS Act) from the requirement to have in force a licence that entitles the person to carry on a business of providing any payment service: (a) a bank licensed under the Banking Act (Cap. 19); (b) a merchant bank approved as a financial institution under
- MAS
- Guidelines
Last revised date:
- Company I should consider whether its services are regulated under the PS Act, and if so, to apply for the relevant licence under the PS Act.
- MONETARY AUTHORITY OF SINGAPORE 8 -------- A GUIDE TO DIGITAL TOKEN OFFERINGS 3.4 The Payment Services Act (PS Act) came into effect on 28 January 2020.
- For more information relating to the PS Act, you may refer to our website here.
- MAS
- Explainers
Last revised date:
- Company I should consider whether its services are regulated under the PS Act, and if so, to apply for the relevant licence under the PS Act.
- MONETARY AUTHORITY OF SINGAPORE 8 -------- A GUIDE TO DIGITAL TOKEN OFFERINGS 3.4 The Payment Services Act (PS Act) came into effect on 28 January 2020.
- For more information relating to the PS Act, you may refer to our website here.
- MAS
- Media Releases
Last revised date:
- 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.
- MAS
- Media Releases
Last revised date:
- Singapore, 21 November 2017… The Monetary Authority of Singapore (MAS) today launched a second consultation on its proposed payments regulatory framework, known as the Payment Services Bill (the “Bill”) 1 .
- service providers. 5 The Bill will empower MAS to regulate payment services for money-laundering and terrorism financing risks, strengthen safeguards for funds belonging to consumers and merchants, set standards on technology risk management and enhance interoperability of payment solutions across
- This will help to protect consumers and merchants while creating an environment conducive for innovation in payment services.” 7 The public consultation will run from 21 November 2017 to 8 January 2018. A copy of the public consultation paper is available on the MAS website .
- MAS
- Media Releases
Last revised date:
- The Payment Services Bill (the “Bill”) will provide a more conducive environment for innovation in payment services, whilst ensuring that risks across the payments value chain are mitigated. 2 The Bill streamlines the regulation of payment services Payment services are currently regulated under the
- At any point in time, a payment service provider needs only to hold one licence, but of a class that corresponds to the risk posed by the scale of payment services provided.
- The Monetary Authority of Singapore (MAS) has finalised the new regulatory framework for payment services in Singapore.
- MAS
- Consultations
Last revised date:
- licensees and PS Act licensees and how the FSMA regime will interact with existing PS Act licensees.
- Where the DTs are DPTs, such entities may be considered to be carrying on business of providing DPT service under the PS Act.
- MAS Response 3.35 The scope and capture of licensees under the PS Act and FSMA differ. PS Act licensees perform DPT services in Singapore and are required to have either a permanent place of business or a registered office.
- MAS
- Monographs/Information Papers
Last revised date:
- Services Act (PS Act) was passed in Parliament on 14 January 2019.
- Company I should consider whether its services are regulated under the PS Act, and if so, to apply for a licence under the PS Act when it commences.
- However, if Token K falls within the definition of e-money under the PS Act, MAS general regulatory stance is to not regulate Token K as a debenture. Application of the PS Act Token K may be considered e-money under the PS Act.
- MAS
- Media Releases
Last revised date:
- on the proposed regulatory measures for DPT services. public consultation on regulatory measures to enhance investor protection and market integrity in DPT services.
- is now seeking public feedback on the draft legislative amendments to the Payment Services Regulations here to put these requirements into effect.
- This will mitigate the risk of loss or misuse of customers’ assets, and facilitate the recovery of customers’ assets in the event of a DPT service provider’s insolvency.
- MAS
- External Publications
Last revised date:
- DPTSPs15 are payment service providers16 that provide any of the following services: a digital payment token service (i.e., deal in or facilitate exchange of DPT) a digital payment token transfer service (i.e., facilitate transmission of DPT)17 a custodian wallet service17 brokering of DPT17 FIs
- . 16This includes banks offering DPT services. 17These DPT services are reflected in the Payment Services (Amendment) Act 2021. 18FATF Recommendation 16 requires DPTSPs to obtain, hold, and transmit required originator and beneficiary information, immediately and securely, when conducting digital asset
- Digital Payment Token Service Providers This section focuses on recommended due diligence measures for Digital Payment Token Service Providers (DPTSPs), FIs, and Non-Bank FIs (NBFIs).