Payment Services Regulations 2019
Table of Contents
Enacting Formula
1 Citation and commencement
Part 1 PRELIMINARY
2 Definitions
3 Forms
4 Time for documents to be lodged
5 Fees
Part 2 LICENSING OF PAYMENT SERVICE PROVIDERS
Division 1 — Licensing of payment service providers
6 Application for licence
7 Prescribed class of persons under section 6(9)(c)(ii) of Act
8 Prescribed financial requirements under section 6(9)(d) of Act
9 Variation or change of licence
10 Lapsing of licence
11 Prohibition against solicitations
Division 2 — Conduct of business
12 Financial requirements while licence is in force
13 Security
14 Safeguarding of money received from customer
15 Safeguarding of relevant moneys by guarantee
16 Safeguarding of relevant moneys by segregation of funds
17 Application of regulations 14, 15 and 16 to exempt payment service providers
18 Restrictions on personal payment accounts that contain e‑money
Division 3 — Control of officers of licensees
19 Approval of chief executive officer, director or partner of licensee
Division 4 — Audit
20 Auditing requirements for licensees
Part 3 PAYMENT SYSTEMS
21 Provision of information to Authority
22 Obligation of operator to submit periodic reports
23 Control of shareholding in operators of designated payment systems
24 Approval of chief executive officer or director of operator
25 Business continuity management of operators of designated payment systems
26 Determination of equivalent in foreign currency of Singapore dollar amount
Part 4 EXEMPTIONS
27 Exemption in respect of providing money‑changing services that is incidental to hotel business
28 Exemption from requirement to hold standard payment institution licence
29 Exemption for certain domestic money transfer providers
30 Exemption from section 9 of Act
31 Exemption from section 20(1) of Act
32 Exemption from section 23 of Act
33 Exemption from requirements in section 24 of Act
Part 5 MISCELLANEOUS
34 Opportunity to be heard
35 Offences