Singapore Payment Services Act 2019
Major payment institutions and safeguarding (ss 22 to 24) – Singapore Payment Services Act 2019

Singapore Payment Services Act 2019 S23: Safeguard relevant customer money by the next business day (or on receipt for e-money) and notify the method

A major payment institution providing domestic or cross-border money transfer or merchant acquisition, and any prescribed licensee for a prescribed service, must safeguard relevant money it still holds at the end of a business day by the next business day; one issuing e-money (or prescribed) must safeguard it from receipt. Safeguarding is by a full-liability undertaking or guarantee from a bank in Singapore or prescribed institution, a trust account with a qualifying institution, or another prescribed way; it must notify MAS of the method, safeguarding institution and any change, and a bank or finance company may not safeguard its own customers' money. Money so held is outside its creditors' reach.

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