Pillar 01
Regulatory clarity
Understand the Payment Services Act and the MAS notices and guidelines you'll be measured against.
What this pillar covers
Everything you need to know about the Payment Services Act — its history, when a licence is required, the seven regulated services, and the MAS Notices, Guidelines and resources that will shape how you operate. Sourced from the SFA Front Door Welcome Pack. Expand any section below or jump in from the list above.
Pillar 01 · 7 sections
Before 28 January 2020
Licensing sat under two separate laws — the Money-changing and Remittance Businesses Act (MCRBA) for money-changers and outbound remittance providers, and the Payment Systems (Oversight) Act (PS(O)A) for certain stored value facilities. PS(O)A also contained a designation regime for systemically important "payment systems".
MAS consultation, November 2017
MAS proposed a Payment Services Bill to (1) streamline all regulated "payment services" under a single Act, (2) expand the scope of regulated payment services, and (3) calibrate regulation to the risks of each service. Consultation closed on 19 November 2018 with MAS's response to feedback.
The regime today
The Payment Services Act came into force on 28 January 2020 and MCRBA and PS(O)A were repealed. Further amendments to the PS Act came into effect on 4 April 2024.