Back to Welcome Pack

Compare Welcome Pack versions

Pick two versions to see a section-by-section diff of what changed. Additions appear in green on the right, removals in red on the left.

Version A

v2024.04 · April 2024

Effective 4 Apr 2024

PS Act amendments in force. Adds DPT sub-categories, expanded compliance notices, SFA membership tiers.

Download v2024.04

Version B

v2024.01 · January 2024

Effective 15 Jan 2024

Pre-amendment baseline. Original PS Act scope, FSTI 2.0 grants, prior SFA membership structure.

Download v2024.01
Change summary 18 added 22 removed

Payment Services Act

+5−5
−PS Act amendments in force from 4 April 2024.
−Enhanced user protection provisions for DPT service providers.
−Revised DPT scope: custody, cross-border transfers, brokering added.
−Refined conduct and disclosure requirements for all licensees.
−MCRBA and PS(O)A formally repealed.
+PS Act in force since 28 January 2020.
+Amendments passed by Parliament, pending commencement date.
+Original DPT scope: dealing in and facilitating exchange of DPTs.
+Baseline conduct and disclosure requirements for licensees.
+MCRBA and PS(O)A due to be repealed on commencement.

Columns scroll in sync

Licence framework

+0−1
Three tiers: Money-Changing, Standard Payment Institution, Major Payment Institution.
Seven regulated activities including DPT services.
−New DPT sub-categories: custody, transfer, brokering.
Application fees and capital thresholds published by MAS.
Three tiers: Money-Changing, Standard Payment Institution, Major Payment Institution.
Seven regulated activities including DPT services.
Application fees and capital thresholds published by MAS.

Columns scroll in sync

Compliance obligations

+1−1
AML/CFT programme aligned to MAS Notice PSN01 and PSN02.
Segregation of customer monies with approved safeguarding institutions.
Technology risk management under MAS TRM Guidelines 2021.
−Expanded incident reporting: 1-hour notification for material incidents.
Annual audit and compliance attestation to MAS.
AML/CFT programme aligned to MAS Notice PSN01 and PSN02.
Segregation of customer monies with approved safeguarding institutions.
Technology risk management under MAS TRM Guidelines 2021.
+Standard incident reporting: same-day notification for material incidents.
Annual audit and compliance attestation to MAS.

Columns scroll in sync

Government support

+0−1
EDB: pioneer and development incentives for anchor fintechs.
Enterprise Singapore: market-access and internationalisation grants.
MAS Financial Sector Development Fund co-funding.
−IMDA digital-economy programmes for platform players.
EDB: pioneer and development incentives for anchor fintechs.
Enterprise Singapore: market-access and internationalisation grants.
MAS Financial Sector Development Fund co-funding.

Columns scroll in sync

Grants

+3−4
−Financial Sector Technology and Innovation (FSTI 3.0) scheme active.
−Proof-of-Concept grant up to S$500,000.
−Industry-wide projects up to S$3 million co-funding.
−Talent development grants under FSTI Talent track.
+Financial Sector Technology and Innovation (FSTI 2.0) scheme active.
+Proof-of-Concept grant up to S$400,000.
+Industry-wide projects up to S$1.5 million co-funding.

Columns scroll in sync

MAS FSTI programme

+3−4
−FSTI 3.0 commitment of S$150 million over three years.
−Focus tracks: AI, Regtech, ESG fintech, Web3 infrastructure.
−Enhanced Centre of Excellence support up to S$3 million.
−Innovation Acceleration track for early-stage adoption.
+FSTI 2.0 commitment of S$250 million over three years (2021-2023).
+Focus tracks: AI, Regtech, Cybersecurity.
+Centre of Excellence support up to S$2 million.

Columns scroll in sync

SFA support

+4−4
−500+ member ecosystem across corporates, startups and enablers.
−New membership tiers: General, Corporate, Institutional, FI, Ecosystem Partner.
−Nine service pillars: capital, talent, market access, policy, community, capability, comms, credibility, connectivity.
−13 sub-committees covering payments, digital assets, RegTech, ESG and more.
+900+ member ecosystem across corporates, startups and enablers.
+Membership tiers: General, Corporate, Institutional.
+Service pillars: capital, talent, market access, policy, community, comms, connectivity.
+11 sub-committees covering payments, digital assets, RegTech and more.

Columns scroll in sync

Setup checklist

+2−2
Incorporate a Singapore private limited company via ACRA BizFile+.
−Open a corporate bank account with a domestic or DPT-approved bank.
Appoint at least one resident director and a company secretary.
−Register for CorpPass and MAS MASNET where required.
Prepare and submit the relevant PS Act licence application.
Incorporate a Singapore private limited company via ACRA BizFile+.
+Open a corporate bank account with a domestic bank.
Appoint at least one resident director and a company secretary.
+Register for CorpPass where required.
Prepare and submit the relevant PS Act licence application.

Columns scroll in sync