Payment Services Act 2019(No. 2 of 2019)
Table of Contents
Long Title
Enacting Formula
Part 1 PRELIMINARY
1 Short title and commencement
2 Interpretation
3 Application of Act
4 Appointment of assistants
Part 2 LICENSING OF PAYMENT SERVICE PROVIDERS
Division 1 — Licensing of payment service providers
5 Licensing of payment service providers
6 Application for licence
7 Variation or change of licence
8 Holding out as licensee, etc.
9 Prohibition against solicitation
10 Annual fees of licensees
11 Lapsing, surrender, revocation or suspension of licence
12 Appeals to Minister
13 Exempt payment service providers
Division 2 — Conduct of business
Subdivision 1 General
14 Place of business or registered office of licensee
15 Obligation of licensee to notify Authority of certain events
16 Obligation of licensee to provide information to Authority
17 Obligation of licensee to submit periodic reports
18 Prohibition against use of unlicensed agent
19 Prohibition against exchanging e‑money withdrawn from payment account for Singapore currency
20 Prohibition from carrying on certain businesses
21 Application of section 14 of Currency Act
Subdivision 2 Major payment institutions
22 Security
23 Safeguarding of money received from customer
24 Restrictions on personal payment account that contains e‑money
25 Powers of Authority to ensure interoperability between payment accounts and payment system
26 Powers of Authority to ensure interoperability between payment systems
Division 3 — Control of controllers of licensees
27 Application and interpretation of this Division
28 Control of shareholding in licensee
29 Objection to existing control of licensee
30 Power of Authority to issue directions for this Division
31 Power of Authority to obtain information relating to this Division
32 Offences, penalties and defences
33 Appeals to Minister
Division 4 — Control of officers of licensees
34 Approval of chief executive officer, director or partner of licensee
35 Removal of chief executive officer, director or partner of licensee
36 Appeals to Minister
Division 5 — Audit of licensees
37 Auditing
38 Powers of auditor appointed by Authority
39 Restriction on auditor’s and employee’s right to communicate certain matters
40 Offence to destroy, conceal, alter, etc., records
Part 3 PAYMENT SYSTEMS
Division 1 — Information gathering powers over payment systems
41 Provision of information to Authority
Division 2 — Designation of payment systems
42 Power of Authority to designate payment systems
43 Prohibition against holding out as designated payment system
44 Power of Authority to impose conditions or restrictions
45 Withdrawal of designation of payment system
46 Exemptions applicable to operator, settlement institution or participant of payment system designated to ensure efficiency or competitiveness
Division 3 — Obligations of operators and settlement institutions of designated payment systems
47 Obligation of operator or settlement institution to have place of business or registered office
48 Obligation of operator or settlement institution to notify Authority of certain events
49 Obligation of operator to submit periodic reports
50 Obligation of operator to notify Authority of businesses and acquisition of corporations
Division 4 — Access regime
51 Power of Authority to impose access regime
52 Variation of access regime
53 Cessation and revocation of access regime
54 Right to apply to High Court in respect of access regime
Division 5 — Voluntary transfer of business
55 Interpretation of this Division
56 Voluntary transfer of business
57 Approval of transfer
Division 6 — Control of controllers of operators of designated payment systems
58 Application and interpretation of this Division
59 Control of shareholding in operator
60 Objection to existing control of operator
61 Power of Authority to issue directions for this Division
62 Power of Authority to obtain information relating to this Division
63 Offences, penalties and defences
64 Appeals to Minister
Division 7 — Control of officers of operators and settlement institutions of designated payment systems
65 Approval of chief executive officer or director of operator
66 Removal of executive officer or director of operator or settlement institution
67 Appeals to Minister
Division 8 — Audit of operators and settlement institutions of designated payment systems
68 Auditing
69 Powers of auditor appointed by Authority
70 Restriction on auditor’s and employee’s right to communicate certain matters
71 Offence to destroy, conceal, alter, etc., records
Part 4 INSPECTION AND INVESTIGATIONS
72 Inspection by Authority
73 Investigation by Authority
74 Confidentiality of inspection and investigation reports
75 Self‑incrimination
76 Savings for advocates and solicitors
Part 5 EMERGENCY POWERS
77 Interpretation of this Part
78 Action by Authority if payment entity unable to meet obligations, etc.
79 Emergency powers of Authority applicable to designated payment systems
80 Assumption of control
81 Other provisions concerning control
82 Responsibilities of directors, officers, etc., of payment entity
83 Remuneration and expenses of Authority and others in certain cases
Part 6 ASSISTANCE TO FOREIGN REGULATORY AUTHORITIES
84 Interpretation of this Part
85 Conditions for provision of assistance
86 Other factors to consider for provision of assistance
87 Assistance that may be rendered
88 Offences under this Part
89 Immunities
Part 7 OFFENCES
90 Offences by corporations
91 Offences by unincorporated associations or partnerships
92 Offences by officers
93 Falsification of records by officers, etc.
94 General duty to use reasonable care not to provide false information to Authority
95 General penalty
96 Composition of offences
Part 8 MISCELLANEOUS
97 Jurisdiction of court
98 Opportunity to be heard
99 Power of court to make certain orders
100 General exemption
101 Codes, guidelines, etc., by Authority
102 Power of Authority to issue notice in writing
103 Power of Authority to make regulations
104 Publication of certain information
105 Service of documents
106 Electronic service
107 Amendment of Schedules
108 Repeal
Part 9 CONSEQUENTIAL AND RELATED AMENDMENTS TO OTHER ACTS
109 Amendment of Central Provident Fund Act
110 Amendment of Companies Act
111 Amendment of Credit Bureau Act 2016
112 Amendment of Financial Advisers Act
113 Amendment of Financial Holding Companies Act 2013
114 Amendment of Insolvency, Restructuring and Dissolution Act 2018
115 Amendment of Insurance Act
116 Amendment of Limited Liability Partnerships Act
117 Amendment of Monetary Authority of Singapore Act
118 Amendment of Remote Gambling Act 2014
119 Amendment of Securities and Futures Act
120 Amendment of Small Claims Tribunals Act
Part 10 SAVING AND TRANSITIONAL PROVISIONS
121 Interpretation of this Part
122 Saving and transitional provisions for holders of licences under MCRBA and approved holders of stored value facilities under PSOA
123 Saving and transitional provisions for persons granted exemptions under MCRBA or PSOA
124 Pending applications for licences and renewals under MCRBA and pending applications for certain approvals under PSOA
125 Saving and transitional provisions for designated payment systems
126 Other saving and transitional provisions