Singapore:Payment Services (Amendment) Bill The Monetary Services Authority (MAS) has introduced changes in the Payment Services Act, 2019 (PS Act) to align the regulatory regime of the country with the guidance issued by the Financial Action Taskforce (FATF) on Anti-Money Laundering and Counteri...
payment systems and payment service providers in Singapore.” Replacing the former Payment Systems Oversight Act and Money-Changing and Remittance Businesses Act, the PSA “provides for regulatory certainty and consumer safeguards, while encouraging innovation and growth of payment services and fintech.”...
(i) all relevant money will be held by the Company on your behalf in a separate trust account held with a safeguarding institution (as defined in Section 23 of the Payment Services Act 2019) in Singapore; (ii) you acknowledge that relevant money received by the Company from you, or on ...
New applicants intending to provide DPT services[1]and existing payment services licensee intending to vary its license to add DPT services must appoint a qualified independent EA to perform an independent assessment of its policies, procedures, and controls in the areas of anti-money...
On January 4, 2021, the Singapore Parliament passed the Payment Services (Amendment) Act 2021 (Amendment Act) to, among other things, expand the scope of activities that would fall within certain existing regulated payment services, specifically cross-bo...
For context, the PS (Amendment) Act was introduced to align Singapore’s payment services regulatory framework with the Financial Action Task Force’s Recommendations by, among others, amending the PS Act to expand the scope of domestic and cross-border money transfer services, and ...
Ltd. is licensed by the Monetary Authority of Singapore as a Major Payment Institution under the Payment Services Act 2019.We'll use cookies to improve and customise your experience if you continue to browse. Is it OK if we also use cookies to show you personalised ads? Learn more and ...
The licence, effective January 1 2023, allows the company’s local entity, First Data Merchant Solutions Private Limited, to provide merchant acquisition services as well as domestic and cross-border money transfer services under the Payment Services Act ( PS Act ) 2019. Fiserv has been providing...
PayPal Pte Ltd is (i) licensed by the Monetary Authority of Singapore as a Major Payment Institution under the Payment Services Act 2019 and (ii) regulated by the Bangko Sentral ng Pilipinas (https://www.bsp.gov.ph) as an Operator of Payment Services in the Philippines under the National ...
To date, Razer Gold has been operating under a temporary exemption as part of transitional arrangements following the commencement of the Payment Services Act. This in-principle approval is a key milestone as it transitions towards being licensed as a Major Payment Institution. On...