Abstract:
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.