The Singapore's NEW Payment Services Act (PSA) explained
3 Classes of License, and 7 Regulated Activities
The new financial license regime in Singapore came into force in 28 January 2020
3 License Classes:
- Money-Changing License (MC)
- Standard Payment Institution (SPI)
- Major Payment Institution (MPI)
7 Regulated Activities:
A) Account Issuance Service
The service of issuing a payment account or any service relating to
any operation required for operating a payment account, such as
an e-wallet (including certain multi-purpose stored value cards) or
a non-bank issued credit card.
B) Domestic Money Transfer Service
Providing local funds transfer service in Singapore. This includes
payment gateway services and payment kiosk services.
C) Cross Border Money Transfer Service
Providing inbound or outbound remittance service in Singapore.
D) Merchant Acquisition Services
Providing merchant acquisition service in Singapore where the
service provider processes payment transactions from the
merchant and processes payment receipts on behalf of the
merchant.
E) E-money Issuance Service
Issuing e-money in Singapore to allow the user to pay merchants
or transfer to another individual.
F) Digital Payment Token Service
Buying or selling digital payment tokens (commonly known as
Cryptocurrencies), or providing a platform to allow persons to
exchange digital payment tokens in Singapore.
G) Money-Changing Service
Buying or selling foreign currency notes in Singapore.
Singapore payment services act (PSA) license in a glance
The EU-Singapore Free Trade Agreement (EUSFTA)
Business opportunities between Singapore and the EU
UROPEAN PARLIAMENT APPROVES EU-SINGAPORE FREE TRADE AGREEMENT AND EU-SINGAPORE INVESTMENT PROTECTION AGREEMENT.
The European Union-Singapore Free Trade Agreement (EUSFTA) is the first FTA between the European Union (EU) and an ASEAN country. Singapore and the EU launched negotiations of the EUSFTA in 2009. The Goods and Services negotiations were concluded in 2012, while the investment protection negotiations were concluded in 2014. The investment protection elements later became the EU-Singapore Investment Protection Agreement (EUSIPA).
The EUSFTA and EUSIPA were signed in October 2018, and approved by the European Parliament in February 2019. The EUSFTA was approved by the Council of the EU on 8 November 2019 and entered into force on 21 November 2019. The EUSIPA is undergoing ratification by the regional and national parliaments of the EU Member States. This is expected to take at least two years.
FinTech Advisory, Research, Solutions, FinTech, R&D, Digital Innovation
Find us at major FINTECH events around the world
