What Singapore Payment Services Act 2019 requires
The Payment Services Act 2019 (Singapore, No. 2 of 2019), in force 28 January 2020 and significantly amended in 2021 and 2023, establishes a single licensing regime for seven categories of payment service in Singapore under the Monetary Authority of Singapore, requiring payment service providers to hold a money-changer licence, Standard Payment Institution (SPI) licence, or Major Payment Institution (MPI) licence depending on transaction volumes, with MPI operators facing enhanced capital (SGD 250,000 minimum), safeguarding, technology risk, and AML/CFT obligations, and unlicensed provision attracting fines up to SGD 250,000 and imprisonment up to three years.
Pillar: Banking & Global Finance · Authority: Parliament of Singapore · Version: 1.0.0 · Last updated:
Primary source: https://sso.agc.gov.sg/Act/PSA2019?WholeDoc=1
SHA-256 integrity: 298329e503c64ddd33539a76114c3f7feee957b742ddf5a4d99054b9f5ee66b1
Primary Citations — 6 traced to source
- Sections 2-8 (scope, definitions, prohibition), 14-22 (licence conditions), 23 (safeguarding), 34-43 (MAS supervisory powers), First Schedule (regulated payment activities), Second Schedule (licence thresholds) — Payment Services Act 2019 (Singapore, Act 2 of 2019) as amended
- Regulations 3-15 (capital requirements), 16-24 (safeguarding methodology), 25-35 (technology and operational requirements), 36-44 (user protection) — Payment Services Regulations 2019 (S 810/2019)
+ 4 more citations (full bibliography, deterministic workflow, actionable schema and crosswalks) included in the vault unlock — $0.01 via Skyfire / L402 / Direct Base USDC.
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