Payment Services Act
The Payment Services Act (“PSA”) came into effect in Singapore on 28 January 2020 and streamlines the payment services regulatory framework under a single piece of legislation.
MAS has introduced two parallel regulatory frameworks. The first framework is a designation regime which enables MAS to designate significant payment systems and regulate operators, settlement institutions and participants of these designated payment systems for financial stability reasons and efficiency reasons. The second framework is the licensing framework for payment service providers.
If you would like to apply for a Payment Services Act (PSA) licence or are seeking additional help in that regulatory space, please reach out to our experienced regulatory team that understands the licensing requirements for PSA firms. We have worked with a number of clients on license applications and have assisted with the entire process. We have also assisted firms with drafting policies and procedures such as Anti-Money Laundering/Countering Financing of Terrorism policies and procedures and Technology Risk Management Policy. Read our latest Article on the PSA and the various requirements contained within.
Getting a Payment Services Licence in Singapore
Waystone’s guide to obtaining a Payment Services Licence in Singapore provides a comprehensive overview that includes the following topics:
- licencing requirements
- types of licence available
- practical steps to obtaining a licence.
Download the guide here:
How can Waystone help?
Waystone is a leading global provider of institutional governance, administration, risk, and compliance services to the asset management and financial services industry. Our global Compliance Solutions team helps clients navigate the regulatory landscape with confidence, aligning investment strategies and operational processes with compliance requirements. With over 100 compliance specialists based across Asia, the Middle East, Europe, and North America, we offer a comprehensive range of solutions, from company registration and licensing to compliance programmes and ongoing support.
In Singapore and Hong Kong, Waystone brings over 20 years of experience, working with clients regulated by the Monetary Authority of Singapore and the Securities and Futures Commission. Our team is well-equipped to provide bespoke, risk-focused, and cost-effective solutions. With extensive experience, we deliver the expertise you need while adding value to your corporate governance standards.
If you would like to discuss the themes raised in this guide with one of our APAC Compliance Solutions team members and learn how we can assist you, please contact us using the details below.