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...
Singapore, 01 Oct 2021 - DBS Vickers (DBSV), the brokerage arm of DBS Bank, today announced that it has received formal approval from the Monetary Authority of Singapore (MAS) under the Payment Services Act 2019 to provide digital payment token services as a Major...
The Singapore Payment Services Act 2019 (PSA) was issued by the Singapore government as a “forward-looking and flexible framework for the regulation of payment systems and payment service providers in Singapore.” Replacing the former Payment Systems Oversight Act and Money-Changing and Remittance Bu...
(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 ...
[PS-G01] (the Guidelines), which will take effect on August 26, 2024. The revisions to the Guidelines are intended to improve clarity, streamline application reviews, and enhance the licensing process for payment service providers under the Payment Services Act 2019 of Singapore (...
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-b...
Under the Payment Services Act 2019, BigPay said it is licensed as a MPI to carry on the business of cross-border money transfer service, and now, account issuance service, domestic money transfer, and e-money issuance. The company claimed that in 2022, it has more than doubled its user...
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. ...
services identified by singapore government agencies to have a high likelihood of being fraudulent or to be being transacted by the customers in violation of singapore law; the personal information of third parties in violation of singapore law; no-value-added services of any kind, including but ...
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