Singapore Payment Services Act 2019
Part 2 Division 2: Conduct of business (all licensees) – Singapore Payment Services Act 2019

Singapore Payment Services Act 2019 S20: No consumer credit; e-money issuers must not lend or use customer money

A licensee must not carry on a business of granting credit facilities to individuals in Singapore; a licensee issuing e-money must not lend customer money, nor use customer money or interest on it to finance its business to any material extent.

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