Singapore Payment Services Act 2019
Part 2 Division 1: Licensing of payment service providers – Singapore Payment Services Act 2019

Singapore Payment Services Act 2019 S5: Hold the right licence, or an exemption, before providing any payment service in Singapore

A person carrying on a business of providing any type of payment service in Singapore must hold a licence entitling it to provide that service or be an exempt provider for it; any person providing a payment service in the course of another business is presumed to run a payment services business. Money-changing alone needs a money-changing licence; any other single service, or two or more services, needs a standard or major payment institution licence. Breach carries fines up to $250,000 for entities.

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