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A Guide to the Payment Services Act for e-Wallets and Digital Payment Businesses - Part 1: General Restrictions and Anti-Money Laundering

Samson Leo

[2022] SAL Prac 25

With the commencement of the Payment Services Act 2019 (2020 Rev Ed), payment service providers are now regulated under this overarching framework which encompasses the issuance of payment accounts and e-money, money transfers (both domestic and cross-border), merchant acquisition and cryptocurrencies. This two-part guide examines the key regulatory obligations in running a e-wallet and digital payment business in Singapore and offers some pointers on complying with these requirements.