Primary text ↗Verified
Dates
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In force from
Key provisions
5 in the graphThe article’s own text, quoted verbatim from the primary source below — a citable fact, not a summary. No plain-English explanation is shown: writing one would be legal analysis nobody sourced (docs/RULES.md R1). That register is reserved should sourced explanations be added later, and will never share this card’s styling.
Section 5(1) (Licensing of payment service providers)
prov:sg-psa-s5
ARTICLE TEXT — VERBATIM, TIER B
A person must not carry on a business of providing any type of payment service in Singapore, unless the person — source
PLAIN-ENGLISH EXPLANATION
Not built — see docs/RULES.md R1. This register is reserved for a future, separately sourced and cited explanation; it will never be filled with unsourced prose.
Section 6(9) and (12) (Conditions for the grant of a standard or major payment institution licence)
prov:sg-psa-s6
ARTICLE TEXT — VERBATIM, TIER B
the applicant satisfies such financial requirements as may be prescribed; source
PLAIN-ENGLISH EXPLANATION
Not built — see docs/RULES.md R1. This register is reserved for a future, separately sourced and cited explanation; it will never be filled with unsourced prose.
Section 18(1) (Prohibition against use of unlicensed agent)
prov:sg-psa-s18
ARTICLE TEXT — VERBATIM, TIER B
A licensee must not provide any type of payment service in Singapore through an agent, unless — source
PLAIN-ENGLISH EXPLANATION
Not built — see docs/RULES.md R1. This register is reserved for a future, separately sourced and cited explanation; it will never be filled with unsourced prose.
Section 23(2) (Safeguarding of money received from customer)
prov:sg-psa-s23
ARTICLE TEXT — VERBATIM, TIER B
must ensure that no later than the next business day after any relevant money is received from, or on account of, a customer, the whole or such part, as may be prescribed, of the relevant money, is safeguarded in one of the following manners: source
PLAIN-ENGLISH EXPLANATION
Not built — see docs/RULES.md R1. This register is reserved for a future, separately sourced and cited explanation; it will never be filled with unsourced prose.
Backs requirement safeguardingRequired
First Schedule, Part 1, paragraph 1 (Services that are payment services)
prov:sg-psa-sch1-pt1
ARTICLE TEXT — VERBATIM, TIER B
Except where Part 2 of this Schedule provides otherwise, each of the following services is a payment service for the purposes of this Act: source
PLAIN-ENGLISH EXPLANATION
Not built — see docs/RULES.md R1. This register is reserved for a future, separately sourced and cited explanation; it will never be filled with unsourced prose.
National regimes implementing it
3 regimesOne statute, implemented differently by each regime below — the same directive granting different activities, client types and capital figures market by market.
WhereAuthorityRegimeCapital · transitionFirms
SGMonetary Authority of SingaporeMoney-Changing Licence / Singapore / PS ActCurrency conversion (FX) as a serviceno datano data0
SGMonetary Authority of SingaporeStandard Payment Institution Licence / Singapore / PS ActIssue electronic money, Execute payment transactions (direct debits, card payments, credit transfers) +1SGD 100,000 source6–15 months source0
SGMonetary Authority of SingaporeMajor Payment Institution Licence / Singapore / PS ActIssue electronic money, Execute payment transactions (direct debits, card payments, credit transfers) +4SGD 250,000 sourceno data3
Sources
Section 5(1) (Licensing of payment service providers)Payment Services Act 2019https://sso.agc.gov.sg/Act/PSA2019?ProvIds=pr5-
Section 6(9) and (12) (Conditions for the grant of a standard or major payment institution licence)Payment Services Act 2019https://sso.agc.gov.sg/Act/PSA2019?ProvIds=pr6-
Section 18(1) (Prohibition against use of unlicensed agent)Payment Services Act 2019https://sso.agc.gov.sg/Act/PSA2019?ProvIds=pr18-
Section 23(2) (Safeguarding of money received from customer)Payment Services Act 2019https://sso.agc.gov.sg/Act/PSA2019?ProvIds=pr23-
First Schedule, Part 1, paragraph 1 (Services that are payment services)Payment Services Act 2019https://sso.agc.gov.sg/Act/PSA2019?ProvIds=Sc1-
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