3. In this Schedule, unless the context otherwise requires —“account issuance service” means any of the following services:| (a) | the service of issuing a payment account to any person in Singapore; | | (b) | any service relating to any operation required for operating a payment account, including —| (i) | any service (other than a domestic money transfer service or a cross‑border money transfer service) that enables money to be placed in a payment account; or | | (ii) | any service (other than a domestic money transfer service or a cross‑border money transfer service) that enables money to be withdrawn from a payment account; |
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| “associated company”, in relation to an issuer of electronically stored monetary value, means a company at least 20%, but not more than 50%, of the shares of which are held by the issuer, or by the issuer and its subsidiaries (if any); |
| “central bank digital payment token” means any digital payment token that is issued by a central bank, or by any entity authorised by a central bank to issue a digital payment token on behalf of the central bank; |
| “commercial agent” means any person that carries on a business of acting as an authorised agent for another person, for the purposes of negotiating or concluding the sale or purchase of goods or services on behalf of that other person; |
“cross‑border money transfer service” means either of the following services:| (a) | any service of accepting money in Singapore, whether as principal or agent, for the purpose of transmitting, or arranging for the transmission of, the money to any person outside Singapore (other than any such service that the Authority may prescribe); | | (b) | any service of receiving any money from outside Singapore for, or arranging for the receipt of any money from outside Singapore by, any person in Singapore (other than any such service that the Authority may prescribe), whether as principal or as agent; |
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| “direct debit” means the act of debiting a payer’s payment account pursuant to a payment transaction initiated by a payee with the consent of the payer, regardless whether the payment order is given by the payee to the payee’s payment service provider or to the payer’s payment service provider; |
“dealing in”, in relation to any digital payment token, means the buying or selling of that digital payment token in exchange for any money or any other digital payment token (whether of the same or a different type), but does not include any of the following:| (a) | facilitating the exchange of digital payment tokens; | | (b) | accepting any digital payment token as a means of payment for the provision of goods or services; | | (c) | using any digital payment token as a means of payment for the provision of goods or services; |
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“digital payment token exchange” —| (a) | means a place, or a facility (whether electronic or otherwise), where —| (i) | offers or invitations to buy or sell any digital payment token in exchange for any money or any other digital payment token (whether of the same or a different type), are regularly made on a centralised basis; | | (ii) | those offers or invitations are intended, or may reasonably be expected, to result (whether directly or indirectly) in the acceptance of those offers or in the making of offers to buy or sell digital payment tokens in exchange for money or other digital payment tokens (whether of the same or a different type), as the case may be; and | | (iii) | the person making any such offer or invitation, and the person accepting that offer or making an offer in response to that invitation, are different persons; but |
| | (b) | does not include a place or facility (whether electronic or otherwise) that is used exclusively by one person to do only either or both of the following things:| (i) | to make offers or invitations to buy or sell any digital payment token in exchange for any money, or any digital payment token (whether of the same or a different type); | | (ii) | to accept any offer to buy or sell any digital payment token in exchange for any money, or any digital payment token (whether of the same or a different type); |
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“digital payment token service” means any of the following services:| (a) | any service of dealing in digital payment tokens (other than any such service that the Authority may prescribe); | | (b) | any service of facilitating the exchange of digital payment tokens (other than any such service that the Authority may prescribe); |
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“domestic money transfer service” means the service of accepting money for the purpose of executing, or arranging for the execution of, any of the following payment transactions, each of which is between a payer in Singapore and a payee in Singapore, in any case where neither the payer nor the payee is a financial institution:| (a) | a payment transaction executed from, by way of or through a payment account; | | (b) | a direct debit (including a one‑off direct debit) through a payment account; | | (c) | a credit transfer (including a standing order) through a payment account; | | (d) | accepting any money from any person for transfer to the payment account of a different person; |
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| “e‑money issuance service” means the service of issuing e‑money to any person for the purpose of allowing a person to make payment transactions; |
| “facilitating the exchange of”, in relation to any type of digital payment token, means establishing or operating a digital payment token exchange for that type of digital payment token, in a case where the person that establishes or operates that digital payment token exchange, for the purposes of an offer or invitation (made or to be made on that digital payment token exchange) to buy or sell that type of digital payment token in exchange for any money or any digital payment token (whether of that type or a different type), comes into possession of any money or any digital payment token, whether at the time that offer or invitation is made or otherwise; |
| “facilitating the exchange of digital payment tokens” means establishing or operating a digital payment token exchange, in a case where the person that establishes or operates that digital payment token exchange, for the purposes of an offer or invitation (made or to be made on that digital payment token exchange) to buy or sell any digital payment token in exchange for any money or any digital payment token (whether of the same or a different type), comes into possession of any money or any digital payment token, whether at the time that offer or invitation is made or otherwise; |
“financial institution” means any person that —| (a) | is licensed, approved, registered or regulated, or is exempt from being licensed, approved, registered or regulated, by the Authority under any written law; or | | (b) | is licensed, approved, registered or regulated, or is exempt from being licensed, approved, registered or regulated, under any law administered by an authority in a foreign country (the functions of which correspond to the functions of the Authority in Singapore) to carry on any financial activity in that country; |
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| “financial product” means any product or service that is provided by a financial institution; |
“franchise” means a written agreement or arrangement between 2 or more persons by which —| (a) | a party (called in this definition the franchisor) to the agreement or arrangement authorises or permits another party (called in this definition the franchisee) to the agreement or arrangement, or a person associated with the franchisee, to engage in the business of offering, selling or distributing goods or services in Singapore under a plan or system controlled by the franchisor or a person associated with the franchisor; | | (b) | the business carried on by the franchisee or person associated with the franchisee (as the case may be) is capable of being identified by the public as associated with a trade mark or service mark, logo, symbol or name identifying, commonly connected with or controlled by the franchisor or person associated with the franchisor, as the case may be; | | (c) | the franchisor or person associated with the franchisor (as the case may be) exerts, or has authority to exert, a significant degree of control over the method or manner of operation of the business of the franchisee or person associated with the franchisee, as the case may be; | | (d) | the franchisee or person associated with the franchisee (as the case may be) is required under the agreement or arrangement to make payment, or give some other form of consideration, to the franchisor or person associated with the franchisor, as the case may be; and | | (e) | the franchisor or person associated with the franchisor (as the case may be) agrees to communicate to the franchisee or person associated with the franchisee (as the case may be) knowledge, experience, expertise, know‑how, trade secrets or other information, whether or not the knowledge, experience, expertise, know‑how or information is proprietary or confidential; |
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“in‑game asset” means any digital representation of value that —| (a) | is purchased or otherwise acquired by a person (called in this definition the game player); | | (b) | is not denominated in any currency; | | (c) | is issued as part of an online game; and | | (d) | is used by the game player to pay or in exchange for virtual objects or services in the online game; |
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“limited network of providers of goods or services”, in relation to any electronically stored monetary value that is accepted by a member of the network as payment or part payment for goods or services, means any of the following groups of entities:| (a) | a group of entities consisting only of all parties to a franchise, of which the issuer of the electronically stored monetary value is a party; | | (b) | a group of entities consisting only of the issuer of the electronically stored monetary value and all of its related corporations; | | (c) | where any securities or securities-based derivatives contracts of the issuer of the electronically stored monetary value are listed on the Mainboard of Singapore Exchange Limited, a group of entities consisting only of that issuer and all of its associated companies; |
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“limited purpose digital payment token” means any non‑monetary customer loyalty or reward point, any in‑game asset, or any similar digital representation of value that —| (a) | cannot be returned to its issuer, transferred or sold in exchange for money; and | | (b) | may only be used —| (i) | in the case of a non‑monetary customer loyalty or reward point — for the payment or part payment of, or in exchange for, goods or services, or both, provided by its issuer or any merchant specified by its issuer; or | | (ii) | in the case of an in‑game asset — for the payment of, or in exchange for, virtual objects or virtual services within an online game, or any similar thing within, that is part of, or in relation to, an online game; |
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“limited purpose e‑money” means any of the following types of electronically stored monetary value:| (a) | any electronically stored monetary value that is, or is intended to be, used only in Singapore for any of the following purposes:| (i) | the payment or part payment of goods or services (or both) provided by the issuer of the electronically stored monetary value; | | (ii) | the payment or part payment of goods or services (or both) provided by any member of a limited network of providers of goods or services, being a network that has a commercial arrangement with the issuer of the electronically stored monetary value for every member of the network to accept the electronically stored monetary value as payment or part payment for goods or services (or both) provided by the member; | | (iii) | the payment or part payment of goods or services (or both) provided by any person within any one or more physical premises owned, operated or managed by the issuer of the electronically stored monetary value, or any related corporation or associated company of that issuer, in a case where all of the following conditions are satisfied:| (A) | the user of the electronically stored monetary value is not contractually entitled to receive any refund of any unused portion of the electronically stored monetary value in any currency; | | (B) | if the electronically stored monetary value exceeds $100 (or its equivalent in a foreign currency), any unused portion of the electronically stored monetary value cannot be refunded to the user of the electronically stored monetary value in any currency, unless the issuer identifies and verifies the identity of that user; | | (C) | the electronically stored monetary value cannot be withdrawn by the user of the electronically stored monetary value, from any payment account maintained for that user, in exchange for any currency; | | (D) | the amount of electronically stored monetary value contained in any payment account maintained for the electronically stored monetary value cannot exceed $1,000 (or its equivalent in a foreign currency); |
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| | (b) | any electronically stored monetary value that is, or is intended to be, used only in Singapore in a case where —| (i) | all of the electronically stored monetary value is issued by a public authority; or | | (ii) | a public authority has undertaken to be fully liable for the value of all of the electronically stored monetary value issued by the issuer of the electronically stored monetary value, in the event of any default by the issuer in honouring a valid payment made using the electronically stored monetary value; |
| | (c) | any electronically stored monetary value, that —| (i) | is denominated in any currency; | | (ii) | is issued as part of a scheme, the dominant purpose of which is to promote the purchase of goods, or the use of services, provided by the issuer of the electronically stored monetary value or any merchant specified by that issuer; | | (iii) | is issued to a user of the electronically stored monetary value upon the purchase of goods, or the use of services, provided by the issuer of the electronically stored monetary value or any merchant specified by that issuer; | | (iv) | is used for the payment or part payment of goods or services (or both) provided by the issuer of the electronically stored monetary value or any merchant specified by that issuer; | | (v) | is not part of a financial product; | | (vi) | cannot be withdrawn by the user of the electronically stored monetary value, from any payment account maintained for that user, in exchange for currency; and | | (vii) | if the electronically stored monetary value exceeds $100 (or its equivalent in a foreign currency), cannot be refunded to the user of the electronically stored monetary value in any currency, unless the issuer of the electronically stored monetary value identifies and verifies the identity of that user; |
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“merchant acquisition service” means any service of accepting and processing a payment transaction for a merchant under a contract between the provider of the service and the merchant, which results in a transfer of money to the merchant pursuant to the payment transaction, regardless whether the provider of the service comes into possession of any money in respect of the payment transaction, in a case where —| (a) | the merchant carries on business in Singapore, or is incorporated, formed or registered in Singapore; or | | (b) | the contract between the provider of the service and the merchant is entered into in Singapore; |
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| “money-changing service” means the service of buying or selling foreign currency notes; |
“non-monetary customer loyalty or reward point” means any digital representation of value, by whatever name called, that satisfies all of the following conditions:| (a) | it is not denominated in any currency; | | (b) | it is issued as part of a scheme, the dominant purpose of which is to promote the purchase of goods, or the use of services, provided by its issuer or any merchant specified by its issuer; | | (c) | it is issued to a person upon the purchase of goods, or the use of services, provided by its issuer or any merchant specified by its issuer; | | (d) | it is used for the payment or part payment of, or in exchange for, goods or services (or both) provided by its issuer or any merchant specified by its issuer; | | (e) | it is not part of a financial product; |
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| “related corporation” has the meaning given by section 4(1) of the Companies Act (Cap. 50). |
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4. For the purposes of this Schedule —| (a) | a person is deemed to provide a cross‑border money transfer service if that person offers —| (i) | to transmit money in Singapore on behalf of a person in Singapore to a person outside Singapore; | | (ii) | to arrange in Singapore for money in Singapore to be transmitted from a person in Singapore to a person outside Singapore; | | (iii) | to receive money in Singapore on behalf of a person in Singapore from a person outside Singapore; or | | (iv) | to arrange in Singapore for money to be received in Singapore by a person in Singapore from a person outside Singapore; and |
| | (b) | a person is deemed to provide a money‑changing service if the person offers to buy or sell foreign currency notes. |
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