Introducing an activity-based, risk-differentiated, modular licensing model The MAS has acknowledged the rapid development Submissions must be made via the online form here. (PSA has not come into effect. We are currently experiencing a high volume of applications. The major payment institution licence is valid until either: 1. PSA Obligations If Your Business Offers One Or More of The Payment Services The law mandates the implementation of a licensing … According to the Payment Services Act’s FAQ section. Please note that a CorpPass ID is required. MAS has indicated that a temporary exemption from the licensing requirement under Section 5(1) of the PS Act would be available for entities that provide payment services … The Payment Services (PS) Act is a forward looking and flexible framework for the regulation of payment systems and payment service providers in Singapore. This consultation sets out MAS’ proposals for an activity based payments framework and the establishment of a national payments council. Please expect a delay in our response as we will require additional processing time when you submit an application. This consultation sets out the proposed Payment Services Bill which MAS developed to streamline payment services under a single legislation and calibrate regulations according to the risks the activities pose by adopting a modular regulatory regime. This new law will replace the Payment Systems (Oversight) Act (Cap. Form for applicants to apply for a payment service provider licence or to apply to change their entity type between a sole-proprietorship, partnership, or company/corporation under the Payment Services Act 2019. The application of the PSA to digital payment tokens is a significant regulatory step for the use of cryptocurrency in Singapore. Payment service providers and payment systems are both regulated under the Payment Services Act 2019 ("PS Act"). 222A) (“PSOA”) and the Money-Changing and Remittance Businesses Act (Cap. View Document Guidelines on Licensing for Payment Service Providers [PS-G01] (282.3 KB) Parliament passed the PS Act on 14 January 2019. According to the Monetary Authority of Singapore (MAS) the PS Act provides for regulatory certainty and consumer safeguards, while encouraging innovation and growth of payment services and FinTech. Industry collaboration that explores blockchain’s usage for Central Bank Digital Currency, World’s largest festival for the FinTech community to connect, collaborate and co-create, Fast track intellectual property protection through various initiatives, A collaborative AI-driven global solutions hub to foster SME digitalisation, Find out about the opportunities and plans that MAS has to grow your business areas, Read about the support that is available for your business operations, Find out how MAS and our partners build a pipeline of financial professionals and leaders, Read about MAS’ monetary policy framework, central bank operations and related information, Get information on SSB, SGS Bonds, T-bills, MAS Bills and MAS FRN, Discover more about the Singapore’s currency, Access the various consultations, monographs, macroeconomic reviews and other publications, View data on Singapore’s financial sector, reserves statistics, exchange rates and others, Get the latest news, speeches, updates and announcements, Find out about working in MAS and the various opportunities that are available. Payment Services Bill passed to introduce new licensing regime and unify regulatory framework 26 February 2019 The Payment Services Bill (“ Bill ”), which provides for the licensing and regulation of payment service providers and the oversight of payment systems, was passed in Parliament on 14 January 2019. Industry collaboration that explores blockchain’s usage for Central Bank Digital Currency, World’s largest festival for the FinTech community to connect, collaborate and co-create, Fast track intellectual property protection through various initiatives, A collaborative AI-driven global solutions hub to foster SME digitalisation, Find out about the opportunities and plans that MAS has to grow your business areas, Read about the support that is available for your business operations, Find out how MAS and our partners build a pipeline of financial professionals and leaders, Read about MAS’ monetary policy framework, central bank operations and related information, Get information on SSB, SGS Bonds, T-bills, MAS Bills and MAS FRN, Discover more about the Singapore’s currency, Access the various consultations, monographs, macroeconomic reviews and other publications, View data on Singapore’s financial sector, reserves statistics, exchange rates and others, Get the latest news, speeches, updates and announcements, Find out about working in MAS and the various opportunities that are available. According to the MAS, the appropriate requirements for anti-money laundering and countering the financing of terrorism (AML/CFT) are to be imposed on relevant licensees through notices issued under the MAS Act. Prior to applying for a licence, you should determine whether you meet the admission criteria for the respective licence (money-changing licence, standard payment institution licence, major payment institution licence). Exemption from the requirement to hold a standard payment institution licence: An exemption may be granted for an entity that only conducts payment services that carry low money laundering (ML) or terrorism financing (TF) risks, within the standard payment institution payment transaction or e-money float threshold, and which complies with the prohibitions in sections 19, 20(1) … 19 December 2019. You may refer to the decision tree below to assist you in considering whether you are conducting a payment service and which licence would be suitable for you. This is to be submitted prior to 27 February 2020. Anti-money laundering (AML) and countering the financing of terrorism (CFT) requirements to facilitate the transition of existing stored value facility holders. Understand the various initiatives for technology solutions and projects in Green Finance. It provides for regulatory certainty and consumer safeguards, while encouraging innovation and growth of payment services and FinTech. The Monetary Authority of Singapore (MAS) has announced the commencement of the city-state’s new Payment Services Act. Under the Act, any entity that provides any type of payment service in Singapore needs a license entitling it to provide that type of payment service, unless otherwise exempted. Instructions on the amount and manner of payment will be provided after you have submitted Form 1. PSB was passed in Parliament on 14 January 2019 . The application fees are, in summary: For a money-changing licence, S$500. MAS issues Guidelines on Licensing for Payment Service Providers On 18 December 2019, the MAS issued the Guidelines on Licensing for Payment Service Providers (“Guidelines”) to supplement the provisions of the PS Act. These entities are not licensed or exempt from holding a licence to provide the specific payment services. Should you require further guidance on the applicable licensing requirements for your business model, you may seek legal advice. Such entities should contact MAS immediately. (§ 5(1).) The Payment Services Act 2019 ("PS Act"), which was passed by Parliament in January 2019 and will come into force on 28 January 2020, regulates payment systems and payment service providers in Singapore.In our CNPupdate article of 10 April 2019, we discussed the Payment Services Bill ("the Bill") including the proposed scope of regulations under the Bill and the designation and … The Act regulates seven types of payment services, including the “digital payment token service.” (Act First Sched., Pt. Guidelines on Licensing for Payment Service Providers under the Payment Services Act. The consultation covers areas such as licensing structure and fees, licensing requirements, proposed exemptions from the regulations, and transitional arrangements. Significance: new Payment Services Act ("PSA") by the Monetary Authority of Singapore ("MAS") was passed by Parliament on 14 January 2019. The Guidelines are intended to provide guidance on the licensing criteria and ongoing requirements for payment service providers under the PS Act and A consultation paper on new Notices to payment services providers on the prevention of money laundering and countering the financing of terrorism, which applies to 3 classes of licensees – Money-Changing licence, Standard Payment Institution licence, and Major Payment Institution licence. As of February 2019, The Payment Services Act 2019 (PS Act) was gazetted by … For a major payment institution, S$1,500 or the sum of the amounts below for the payment services applied for, whichever is higher. All applicants are required to pay a non-refundable application fee. This consultation sets out MAS’ proposed notices and guidelines applicable to entities regulated under the Payment Services Act 2019, to effect the objectives of the Act. The Monetary Authority of Singapore (MAS) has carried out a consultation into proposed payment services regulations that will enable it to carry out its functions under the new Payment Services Act. Requirements for digital payment token service providers on anti--money laundering (AML) and countering the financing of terrorism (CFT), Requirements for payment service providers (other than a digital payment token service provider) on anti-money laundering (AML) and countering the financing of terrorism (CFT). A consultation paper on proposed amendments to the Payment Services Act 2019 in relation to AML/CFT, and other amendments in respect of digital payment token service and certain technical amendments. 1.) Get notified whenever news and updates are posted on this website. Payment service providers are licensed to provide specified payment services under the PS Act. MAS issues licensing guidelines and specimen forms in relation to Payment Services Act 22 January 2020 The Monetary Authority of Singapore (“ MAS ”) has issued the Guidelines on Licensing for Payment Service Providers (“ Guidelines ”) and specimen forms in relation to the Payment Services Act 2019 (“ PS Act ”). You may find further information on the PS Act below: Provides clarifications to some frequently asked questions on the Payment Services Act. To apply for a licence, complete and submit Form 1 here. Applies to: Standard Payment Institution , Major Payment Institution , Money-changing Licensee. The Payment Services Act 2019 (PS Act) is a statute of the Parliament of Singapore that provides a framework for the regulation of payment systems and payment service providers in Singapore. Payment Services Act. Notice issued under the Payment Services Act 2019 on regulated entities’ obligation to report suspicious activities and incidents of fraud. Find out about the types of payment services and licences here. The Monetary Authority of Singapore (" MAS ") is the regulatory body overseeing and enforcing the PSA. For a standard payment institution, S$1,000 or the sum of the amounts below for the payment services applied for, whichever is higher. If you wish to provide payment services under the, Guidelines on Licensing for Payment Services Providers, Supervisory Approach and Regulatory Instruments, Lists of Designated Individuals and Entities, Grants for Smaller Financial Institutions, Recent Economic Developments in Singapore, Singapore Overnight Rate Average (SORA) Interest Rate Benchmark, Singapore Government Securities (SGS) Bonds, Investing in Singapore Government Securities (SGS) Bonds, Investing in Singapore Savings Bonds (SSB), Brunei-Singapore Currency Interchangeability Agreement, Reproduction of Singapore Currency Images, Money and Banking Monthly Statistical Bulletin, Financial Sector Development Fund Annual Report, Interest Rates of Banks and Finance Companies, Monetary Authority: Assets and Liabilities, International Reserves/Foreign Currency Liquidity, View a list of Application Programming Interfaces (APIs), Opportunities for Mid-Career Professionals, Application for a Payment Service Provider Licence. The key provisions of the Payment Services Act 2019 (“PS Act”), which provides a new framework for the regulation of payment systems and payment service providers in Singapore, will come into force on 28 January 2020.With this, the regulation of payment services, currently provided under the Payment Systems (Oversight) Act (“PS(O)A”) and the Money-changing … 187) (“MCRBA”). Payment Services Act (“PSA”) came into effect in Singapore on 28 January 2020 and it streamlines payment services regulatory framework under a single piece of legislation. Singapore’s new payment services framework, the Payment Services Act (PS Act), effective from 28 January 2020, is an activities-based… New Regulatory Framework to Enhance Payment Services in Singapore, Explanatory Brief on the Payment Services Bill, Second Reading Speech by Min Ong Ye Kung For the Payment Services Act, Consultation on Proposed Payment Services Bill MAS P0212017, Response to Feedback Received on Proposed Payment Services Bill MAS P0212017, Licensing, Authorisation and Registration, PSN01AA Prevention of Money Laundering and Countering the Financing of Terrorism - Persons Providing Account Issuances Services who are Exempted under the Payment Services (Exemption for Specified Period) Regulations 2019, Consultation on the Payment Services Act 2019: Proposed Amendments to the Act, PSN10 Prevention of Money Laundering and Countering the Financing of Terrorism - Exempt Payment Service Providers, PSN01A Prevention of Money Laundering and Countering the Financing of Terrorism - Persons Providing Account Issuances Services who are Exempted under the Payment Services (Exemption for Specified Period) Regulations 2019, PSN03 Notice on reporting of suspicious activities and incidents of fraud, Notice PSN02 Prevention of Money Laundering and Countering the Financing of Terrorism – Digital Payment Token Service, Notice PSN01 Prevention of Money Laundering and Countering the Financing of Terrorism – Specified Payment Services, Consultation Paper on Proposed Payment Services Regulations, Consultation Paper on Proposed Payment Services Notices and Guidelines, Consultation Paper on the Proposed Payment Services Notices on Prevention of Money Laundering and Countering the Financing of Terrorism, Consultation Paper on Proposed Payment Services Bill, Proposed Activity-based Payments Framework and Establishment of a National Payments Council - First Consultation, Supervisory Approach and Regulatory Instruments, Lists of Designated Individuals and Entities, Grants for Smaller Financial Institutions, Recent Economic Developments in Singapore, Singapore Overnight Rate Average (SORA) Interest Rate Benchmark, Singapore Government Securities (SGS) Bonds, Investing in Singapore Government Securities (SGS) Bonds, Investing in Singapore Savings Bonds (SSB), Brunei-Singapore Currency Interchangeability Agreement, Reproduction of Singapore Currency Images, Money and Banking Monthly Statistical Bulletin, Financial Sector Development Fund Annual Report, Interest Rates of Banks and Finance Companies, Monetary Authority: Assets and Liabilities, International Reserves/Foreign Currency Liquidity, View a list of Application Programming Interfaces (APIs), Opportunities for Mid-Career Professionals, Designated Payment System Settlement Institution. Licensing, Authorisation and Registration. More information on PREP is available on the Singapore Academy of Law’s website . It provides for regulatory certainty and consumer safeguards, while encouraging innovation and growth of payment services and FinTech. The Payment Services Act (“PSA”) provides a forward-looking and flexible framework for the regulation of payment systems and payment service providers in Singapore. MAS is consulting on related regulations and guidelines.) The PSA does not apply to public authorities. Notice to exempt payment service providers on the application of anti-money laundering (AML) and countering the financing of terrorism (CFT) requirements to the provision of payment services for specified products. Understand the various initiatives for technology solutions and projects in Green Finance. A payment services provider will hold only one licence under the The Payment Services are regulated by the MAS under the Payment Systems (Oversight) Act (PSOA) and the Money changing and Remittance Businesses Act (MCRBA). The Payment Services Bill (PSB) is an Act to provide for the licensing and regulation of payment service providers, the oversight of payment systems, and connected matters. If you wish to provide payment services under the Payment Services Act ("PS Act"), you must hold a payment service provider licence. The PSA establishes two sets of frameworks – one for licensing payment services, and another for designating payment services that are deemed to be significant. Payment systems facilitate the transfer of funds between or among participants and may be designated under the PS Act for closer supervision. As a homegrown company in Singapore, Coinhako will be working to comply with the Payment Services Act, issued by the Monetary Authority of Singapore (MAS), to acquire the necessary licenses and maintain our stronghold as a key cryptocurrency service provider for the local market. 2019 Payments Services Act Electronic funds transfer service enables real The Payment Services (PS) Act is a forward looking and flexible framework for the regulation of payment systems and payment service providers in Singapore. The applicable fees depend on the licence type and payment services applied for and are prescribed in the Schedule to the PSR. This is not mandatory and MAS does not endorse any of the service providers under PREP. Under the PSA, providers of cryptocurrencies and cryptocurrency exchange services must, like other service providers, obtain a license from MAS to operate and comply with a range of AML/CFT requirements. it applies to: (1) A person that wishes to carry on a business of providing any type of payment service may apply to the Authority, in such form and manner as the Authority may require, for the appropriate licence under this section. This consultation sets out MAS’ proposed regulations and order applicable to entities regulated under the Payment Services Act 2019, to effect the objectives of the Act. Such entities may apply to Singapore’s central bank and financial regulator, the Monetary Authority of Singapore (MAS), for the appropriate license. * Entities that provide a combination of payment services which includes digital payment token services should submit one application for all their payment services by 28 July 2020. For a standard payment institution, S$1,000 or the sum of the amounts below for the payment services applied for, whichever is higher. You should also read the Guidelines on Licensing for Payment Services Providers carefully and refer to the PS Act, Payment Services Regulations, and the relevant Notices and Guidelines. For a major payment institution, S$1,500 or the sum of the amounts below for the payment services applied for, whichever is higher. The licence An Act to provide for the licensing and regulation of payment service providers, the oversight of payment systems, and connected matters, to repeal the Money‑changing and Remittance Businesses Act (Chapter 187 of the 2008 Revised Edition) and the Payment Systems (Oversight) Act (Chapter 222A of the 2007 Revised Edition), and to make consequential and related amendments to certain other Acts. As 2019 draws to a close, the Monetary Authority of Singapore (MAS) has been busy putting the finishing touches on its new regulatory framework for payment services. All payment service providers who have been conducting payment services prior to commencement of the Act must submit the Notification of Provision of Payment Services for the purposes of Exemption from Holding a Licence under the Payment Services Act 2019 for the Specified Period form. Access regulations, updates and licensing information, Regulations, guidance and licensing for deposit-taking institutions, Regulations, guidance and licensing for capital market entities, Regulations, guidance and licensing for insurers, Regulations, guidance and licensing for payment service providers and systems, Information on MAS’ approach, strategies and efforts in these key areas, MAS’ approach to supervision and the instruments under the Acts it administers, Find out about MAS’ strategies to develop and support the financial sector, Discover what makes Singapore a leading global financial centre, Find out how MAS is co-creating a Smart Financial Centre, Latest information on MAS’ FinTech strategy, initiatives and funding schemes, Get funding on proof-of-concepts, hiring, business development and more, Sandbox relaxes regulatory requirements to enable live experiments of innovation, Various payment initiatives including SGQR, FAST and PayNow, World’s first open architecture platform for FIs to discover FinTechs and deploy solutions. Strengthening Singapore’s payment services through regulation MAS’ proposed Payment Services Bill This paper highlights key elements of the proposed Bill and our views on what these mean for industry participants. MAS has introduced 2 parallel regulatory frameworks. Payment Service Providers (“Guidelines”) to supplement the provisions of the PS Act. Access regulations, updates and licensing information, Regulations, guidance and licensing for deposit-taking institutions, Regulations, guidance and licensing for capital market entities, Regulations, guidance and licensing for insurers, Regulations, guidance and licensing for payment service providers and systems, Information on MAS’ approach, strategies and efforts in these key areas, MAS’ approach to supervision and the instruments under the Acts it administers, Find out about MAS’ strategies to develop and support the financial sector, Discover what makes Singapore a leading global financial centre, Find out how MAS is co-creating a Smart Financial Centre, Latest information on MAS’ FinTech strategy, initiatives and funding schemes, Get funding on proof-of-concepts, hiring, business development and more, Sandbox relaxes regulatory requirements to enable live experiments of innovation, Various payment initiatives including SGQR, FAST and PayNow, World’s first open architecture platform for FIs to discover FinTechs and deploy solutions. Companies providing digital payment token services are exempt from needing a license to operate for six months from the commencement of the Act, a period which ends on July 28, the MAS … If you are unsure of who to approach, you may consider participating in the Payments Regulatory Evaluation Programme (“PREP”). Get notified whenever news and updates are posted on this website.
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