Payment Services Act in Singapore

The Payment Services (PS) Act came into force in January 2020 as a flexible framework for the regulation of payment systems and payment service providers in Singapore. The Act consolidates existing legislation to form a single framework whereby an activity-based approach to regulation is employed, with additional requirements imposed on 'higher-risk' services.

In this paper by the FinTech FinCrime Exchange (FFE) and RDC, we assess whether the PS Act has achieved a risk-based approach to regulation, allowing for innovation whilst still mitigating risk exposure, or whether there is now yet another set of overly complicated standards to navigate.

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