Singapore Payment Services Act 2019
Singapore's Payment Services Act 2019 as amended by the Payment Services (Amendment) Act 2021 (in force from 4 April 2024): licensing for money-changing, standard and major payment institutions covering account issuance, domestic and cross-border money transfer, merchant acquisition, e-money and digital payment token services; conduct duties, safeguarding of customer money, segregation and custody of DPT customers' assets, controller, officer and audit requirements, and the AML/CFT, technology risk, conduct and disclosure Notices MAS issues under the Act. A MAS consultation on a stablecoin framework (September 2026) is pending.
Singapore Payment Services Act 2019 is a compliance framework from Singapore with 8 domains and 32 controls that map to 10 other frameworks. The largest domains are Part 2 Division 2: Conduct of business (all licensees) – Singapore Payment Services Act 2019 (8 controls), MAS Notices and licensing guidelines – Singapore Payment Services Act 2019 (6 controls), Part 2 Division 1: Licensing of payment service providers – Singapore Payment Services Act 2019 (4 controls). Every control below carries what it requires and what an assessor expects to see.
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Framework Domains (8)
Digital payment token service providers (s 21A) – Singapore Payment Services Act 2019
| Code | Title |
|---|---|
| singapore-payment-services-act-2019::S21A-1 | Segregate and safeguard DPT customers' assets and monitor them |
| singapore-payment-services-act-2019::S21A-2 | Deal with DPT customers, protect their data and disclose how assets and data are safeguarded |
| singapore-payment-services-act-2019::S21A-3 | Observe prescribed DPT limits, exchange and business-use restrictions and public-interest requirements |
Information given to MAS (s 94) – Singapore Payment Services Act 2019
| Code | Title |
|---|---|
| singapore-payment-services-act-2019::S94 | Take reasonable care that information and documents given to MAS are not false or misleading |
MAS Notices and licensing guidelines – Singapore Payment Services Act 2019
| Code | Title |
|---|---|
| singapore-payment-services-act-2019::N-AML | Meet the AML/CFT requirements of Notices PSN01 or PSN02 and related laws |
| singapore-payment-services-act-2019::N-CAP | Maintain the base capital requirement at all times |
| singapore-payment-services-act-2019::N-CONDUCT | Meet the business conduct requirements of Notice PSN07 |
| singapore-payment-services-act-2019::N-DISC | Represent the licence accurately and make the Notice PSN08 disclosures |
| singapore-payment-services-act-2019::N-STR | Report suspicious activities and incidents of fraud under Notice PSN03 |
| singapore-payment-services-act-2019::N-TRM | Meet the cyber hygiene notice and, for DPT providers, the technology risk management notice |
Major payment institutions and safeguarding (ss 22 to 24) – Singapore Payment Services Act 2019
| Code | Title |
|---|---|
| singapore-payment-services-act-2019::S22 | Lodge security with MAS and submit an auditor's closure certificate on exit |
| 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 |
| singapore-payment-services-act-2019::S24 | Keep personal e-money accounts within the stock and annual outflow caps |
Part 2 Division 1: Licensing of payment service providers – Singapore Payment Services Act 2019
| Code | Title |
|---|---|
| singapore-payment-services-act-2019::S10 | Pay the prescribed annual licence fee |
| singapore-payment-services-act-2019::S5 | Hold the right licence, or an exemption, before providing any payment service in Singapore |
| singapore-payment-services-act-2019::S6-5 | Move to a major payment institution licence when volume thresholds are crossed |
| singapore-payment-services-act-2019::S8-9 | Do not hold out as a payment service provider or solicit the Singapore public without a licence |
Part 2 Division 2: Conduct of business (all licensees) – Singapore Payment Services Act 2019
| Code | Title |
|---|---|
| singapore-payment-services-act-2019::S14 | Keep a permanent place of business, staff it for customer queries, keep books there and notify address changes within 7 days |
| singapore-payment-services-act-2019::S14-5 | Obtain MAS approval before money-changing or cross-border remittance at other premises |
| singapore-payment-services-act-2019::S15 | Notify MAS of proceedings, disruptions, insolvency risk, other regulators' action and board changes |
| singapore-payment-services-act-2019::S16 | Provide information MAS requires by notice |
| singapore-payment-services-act-2019::S17 | Submit the periodic reports and returns MAS specifies |
| singapore-payment-services-act-2019::S18 | Use only licensed or exempt agents to provide payment services |
| singapore-payment-services-act-2019::S19 | Do not let Singapore-resident users cash out e-money into Singapore currency |
| singapore-payment-services-act-2019::S20 | No consumer credit; e-money issuers must not lend or use customer money |
Part 2 Division 5: Audit – Singapore Payment Services Act 2019
| Code | Title |
|---|---|
| singapore-payment-services-act-2019::S37 | Appoint an auditor every year and submit the audit reports to MAS |
| singapore-payment-services-act-2019::S37-9 | Auditor: perform extra duties MAS imposes, report serious matters immediately, keep confidentiality |
| singapore-payment-services-act-2019::S38-40 | Cooperate with MAS-appointed auditors and never destroy or remove records to obstruct an audit |
Part 2 Divisions 3 and 4: Controllers and officers – Singapore Payment Services Act 2019
| Code | Title |
|---|---|
| singapore-payment-services-act-2019::S28 | Obtain MAS approval before becoming a 20% controller of a licensee |
| singapore-payment-services-act-2019::S31 | Obtain and provide shareholder information when MAS directs |
| singapore-payment-services-act-2019::S34 | Obtain MAS approval before appointing a CEO, director or partner |
| singapore-payment-services-act-2019::S35 | Remove an officer when MAS directs and notify changes in officers' particulars |
Your Compliance Coverage
If you comply with Singapore Payment Services Act 2019, you already cover:
French Sapin II Law (Law No. 2016-1691)
2%
1 controls mapped
Compare →US Automated Commercial Environment (ACE) - CBP Trade Data Requirements
2%
1 controls mapped
Compare →Uganda Data Protection and Privacy Act (2019)
2%
1 controls mapped
Compare →+ 7 more: UAE Virtual Asset Regulatory Authority (VARA) Regulations (2%), US OFAC Sanctions Compliance Framework (2%)
See all 10 mapped frameworks ↓Maps to 10 other frameworks
Coverage is not the same as your position
This page shows what Singapore Payment Services Act 2019 overlaps with in general. Where your organisation actually stands, against the standard you are going for and the certifications you already hold, is a different question. Same graph and the same recorded refutations, scoped to you rather than to a pair.
The Compliance Position Diagnostic, $5,000 fixed, ten business daysWhat is Singapore Payment Services Act 2019 and who does it apply to?
Singapore Payment Services Act 2019 is a compliance framework from Singapore with 8 domains and 32 controls. Singapore's Payment Services Act 2019 as amended by the Payment Services (Amendment) Act 2021 (in force from 4 April 2024): licensing for money-changing, standard and major payment institutions covering account issuance, domestic and cross-border money transfer, merchant acquisition, e-money and digital payment token services; conduct duties, safeguarding of customer money, segregation and custody of DPT customers' assets, controller, officer and audit requirements, and the AML/CFT, technology risk, conduct and disclosure Notices MAS issues under the Act. A MAS consultation on a stablecoin framework (September 2026) is pending. It is used by organisations to establish and maintain compliance with industry standards and regulatory requirements.
What does Singapore Payment Services Act 2019 actually require?
Singapore Payment Services Act 2019 has 32 controls organised across 8 domains. The largest domains are Part 2 Division 2: Conduct of business (all licensees) – Singapore Payment Services Act 2019 (8 controls), MAS Notices and licensing guidelines – Singapore Payment Services Act 2019 (6 controls), Part 2 Division 1: Licensing of payment service providers – Singapore Payment Services Act 2019 (4 controls). Each control defines specific requirements that organisations must implement to achieve compliance.
If I already comply with another framework, how much of Singapore Payment Services Act 2019 do I already cover?
Singapore Payment Services Act 2019 maps to 10 other compliance frameworks. The top mapping partners are French Sapin II Law (Law No. 2016-1691) (2% coverage), US Automated Commercial Environment (ACE) - CBP Trade Data Requirements (2% coverage), Uganda Data Protection and Privacy Act (2019) (2% coverage). Use our comparison tool to explore control-level mappings between frameworks.
How do I implement Singapore Payment Services Act 2019?
Start your Singapore Payment Services Act 2019 compliance journey by running a self-assessment on our platform to identify your current compliance posture. Our AI advisory can answer specific questions about Singapore Payment Services Act 2019 requirements, and cross-framework mapping helps you leverage existing controls from other frameworks you may already comply with. Create a free account to access all 32 controls and track your progress.
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