Showing 4089 Documents for "payment services"
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- MAS
- FAQs
Last revised date:
- Domestic money transfer service, merchant acquisition service and DPT services are new payment services that are regulated under the PS Act Question 2. When has the PS Act taken effect?
- Not all services relating to payments are regulated under the PS Act.
- Are all services relating to payments regulated under the PS Act? If not, then why not? What are some of the services relating to payments that are not regulated as payment services under the PS Act? For example, are technology services and escrow services regulated?
Q&A covered- What is "limited purpose e-money"?
- What constitutes a "person outside Singapore" for the purposes of cross border money transfers?
- Does the calculation of the SPI threshold for e-money issuance include e-money that has already been spent?
- Do Technology Risk Management (TRM) measures apply to merchant acquirers?
- How is account issuance regulated under the PS Act different from the previously regulated payment services?
- What is interoperability and why is it necessary for Singapore’s e-payment ecosystem?
- Is a fiat on-ramp service required to safeguard the cryptocurrency purchased with fiat?
- How does MAS regulate AML/CFT measures for DPT service providers?
- Is all e-money regulated?
- E-wallet providers are prohibited from providing cash withdrawal services. Would this inability to withdraw cash discourage customers from using e-wallets?
- What requirements are non-bank credit cards or charge cards issuers subject to under the Payment Services Act?
- What is an e-wallet?
- Regulations relating to e-money stored in e-wallets
- When is an account issuance service provider also considered a merchant acquisition service?
- Why is it necessary to regulate the provision of an e-wallet as a separate activity from the issuance of e-money? Are they not the same?
- Is an e-wallet top up service an account issuance service?
- AML/CFT requirements for custodian wallet services
- Which regulated activities are typically associated with e-wallet businesses?
- When are e-wallet services considered "low risk"?
- Why are e-wallet providers prohibited from providing cash withdrawal services?
- What are some examples of entities that provide merchant acquisition services?
- What regulations are typically associated with e-money transfers?
- Do non-bank credit card or charge card issuers require a license under the Payment Services Act?
- The payment services of domestic money transfer, cross border money transfer and merchant acquisition appear to overlap. Is that intended?
- MAS
- Consultations
Last revised date:
- of payment services.
- certain technical amendments in the PS Act.
- A respondent asked if it was necessary for a DPT service provider to apply for separate licenses if it carried out other payment services under the PS Act.
- MAS
- Notices
Last revised date:
- service, as the case may be, and where such services are relevant payment services; the exchange rate which an exempt payment service provider is offering in respect of any purchase or sale of a DPT, where the DPT service is a relevant payment service; the exchange rate which the
- with the payment service user that the payment service user is a Singapore resident; or if sub-paragraph (i) is not satisfied, the licensee or exempt payment service provider has determined that the payment service user is resident in Singapore based on evidence of the payment
- the major payment institution or exempt payment service provider has agreed in writing with the payment service user that the payment service user is a Singapore resident; or if sub-paragraph (i) is not satisfied, the major payment institution or exempt payment service
- MAS
- Notices
Last revised date:
- carry on a business of providing digital payment token service (payment service provider).
- business of providing digital payment token service (payment service provider).
- HOLDERS OF PAYMENT SERVICE LICENCE (DIGITAL PAYMENT TOKEN SERVICE) INTRODUCTION 1.
- MAS
- Consultations
Last revised date:
- and payment service providers in Singapore.
- It provides regulatory certainty and consumer safeguards, while encouraging innovation and growth of payment services and financial technology (FinTech). Payment services such as the issuance of e-money and digital payment token (DPT) services will be regulated under the PS Act.
- There are no low risk DPT services. All DPT service providers will be subject to AML/CFT requirements.
- MAS
- Guidelines
Last revised date:
- Guidelines on Licensing for Payment Service Providers under the Payment Services Act. These guidelines set out the eligibility criteria and application procedures for payment service providers under the Payment Services Act.
- The seven payment services in the First Schedule of the PS Act are set out in Table 1 below with a brief description of each payment service.
- Licences under the PS Act 2.1 Pursuant to section 5 of the PS Act, any person that conducts payment services as defined in the First Schedule of the PS Act is required to hold a licence unless that person is exempted.
- MAS
- Speeches
Last revised date:
- The Payment Services Act, or PS Act, came into force in January last year. Since then, payment services have continued to evolve rapidly, with innovative activities and new business models emerging. One significant development is in the area of digital payment tokens (DPT).
- The Bill makes amendments to the PS Act in three broad areas. First, Mitigating ML/TF Risks 7. Under the PS Act, MAS currently regulates service providers dealing in DPTs and facilitating the exchange of DPTs where the service provider comes into possession of moneys or DPTs.
- In regulating these Virtual Assets Service Providers, the Bill will expand the scope of DPT services in the PS Act to include the following three activities: One, facilitating the transmission of DPTs from one account to another; second, custodial services for DPTs; and third, facilitating the exchange
- MAS
- Pages
Last revised date:
- Ravi Menon, and comprises leaders from banks, payment service providers, businesses, and trade associations. Parliament passed the new Payment Services Act (PS Act) in January 2019 to unify and streamline the regulatory requirements for various payment services in Singapore, including e-payments.
- The PS Act adopts a modular and risk-focused approach to tailor MAS’ rules according the scope and risks of each payment service.
- 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.
- MAS
- Parliamentary Replies
Last revised date:
- The specified grace period for digital payment token (DPT) service providers ended in July 2020, six months after the commencement of the PS Act.
- Answer by Mr Tharman Shanmugaratnam, Senior Minister and Minister in charge of MAS: 1 The new Payment Services Act (“PS Act”) commenced on 28 January 2020.
- To date, 30 DPT applications (or 18%) have been withdrawn after engagement with MAS and two have been rejected.
- MAS
- Acts
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.