Payment services act came into force on 28 January 2020
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The Payment Services Act (PS Act) came into force on 28 January 2020. Persons carrying on any one or more of the activities specified in the PS Act will require a licence under the PS Act unless there is an applicable exemption. Similar to the regulatory framework that the MAS utilises in the capital markets and financial advisory space, the PS Act creates a modular licensing framework for seven payment activities across three overarching licence categories.
An overview of the modular licensing framework, in particular the types of payment service activities that require licensing and the licensing requirements are discussed in this update available here.