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Payment Services Act 2019

An Act to provide for the licensing and regulation of payment service providers, the oversight of payment systems, and connected matters and to make consequential and related amendments to certain other Acts.

Act Code
PSA2019
Edition
2020 Rev Ed
Commencement
27 Jan 2020
Version as at
25 Mar 2026
Enacted by
Parliament
Source
SSO ↗

Sections (135)

Marginal notes shown beside each section number. Select a section to read its full text.

Section 1 — Short title and commencement

(1) This Act is the Payment Services Act 2019.(2) Section 113 comes into operation on a date that the Minister appoints by notification in the Gazette. —(1) This Act is the Payment Services Act 2019. (2) Section 113 comes into operation on

Section 2 — Interpretation

(1) In this Act, unless the context otherwise requires —“5% controller”, in relation to a corporation (being a licensee or an operator of a designated payment system), means a person that alone or together with the person’s associates —(a)

Section 3 — Application of Act

(1) Subject to subsection (2), this Act does not apply to any public authority.(2) The Minister may by order declare that a public authority is one to which this Act applies. —(1) Subject to subsection (2), this Act does not apply to any pu

Section 4 — Appointment of assistants

(1) Subject to subsection (2), the Authority may appoint any person to exercise any of its powers or perform any of its functions or duties under this Act, either generally or in any particular case, except —(a) the power of appointment con

Section 5 — Licensing of payment service providers

(1) A person must not carry on a business of providing any type of payment service in Singapore, unless the person —(a) has in force a licence that entitles the person to carry on a business of providing that type of payment service; or (b)

Section 6 — Application for licence

(1) A person that wishes to carry on a business of providing any type of payment service may apply to the Authority, in such form and manner as the Authority may require, for the appropriate licence under this section.(2) The types of licen

Section 7 — Variation or change of licence

(1) A licensee may apply to the Authority, in the form and manner prescribed, for any of the following things:(a) a variation of the licensee’s standard payment institution licence or major payment institution licence by changing the types

Section 8 — Holding out as licensee, etc.

(1) A person —(a) must not hold the person out as carrying on a business of providing any type of payment service, unless the person is a licensee that is entitled to carry on a business of providing that type of payment service, an exempt

Section 9 — Prohibition against solicitation

(1) A person (other than a licensee or an exempt payment service provider), whether in Singapore or elsewhere, must not, whether by that person or through any other person in Singapore or elsewhere, do any of the following things:(a) offer

Section 10 — Annual fees of licensees

(1) A licensee must pay to the Authority a prescribed annual fee in such manner as the Authority may specify by written notice.(2) The Authority may prescribe different annual fees for different classes of licensees, depending on the type a

Section 12 — Appeals to Minister

(1) Any person that is aggrieved —(a) by the refusal of the Authority to grant a licence to the person; or (b) by the revocation or suspension of the person’s licence by the Authority, may, within 30 days after having been informed by the A

Section 13 — Exempt payment service providers

(1) Subject to subsection (8), the following persons are exempt from the requirement to have in force a licence to carry on a business of providing any payment service:(a) a bank licensed under the Banking Act 1970; (b) a merchant bank lice

Section 18 — Prohibition against use of unlicensed agent

(1) A licensee must not provide any type of payment service in Singapore through an agent, unless —(a) the agent has in force a licence that entitles the agent to carry on a business of providing that type of payment service; or (b) the age

Section 22 — Security

(1) Every major payment institution must maintain with the Authority security of a prescribed amount (or its equivalent in a foreign currency), for the due performance of the obligations of the major payment institution to every payment ser

Section 23 — Safeguarding of money received from customer

(1) Subsection (2) applies to —(a) every major payment institution that carries on a business of providing any of the following payment services:(i) a domestic money transfer service; (ii) a cross‑border money transfer service; (iii) a merc

Section 28 — Control of shareholding in licensee

(1) A person must not become a 20% controller of a licensee without first applying for and obtaining the approval of the Authority under subsection (2).(2) The Authority may approve an application made by any person under subsection (1) if

Section 29 — Objection to existing control of licensee

(1) The Authority may serve a written notice of objection on any person that is, or is required to obtain or has obtained the Authority’s approval under section 28(2) to become, a 20% controller of a licensee, if the Authority is satisfied

Section 32 — Offences, penalties and defences

(1) A person that —(a) contravenes section 28(1) or (6) or 29(5) or does any act in contravention of section 30(2); (b) fails to comply with —(i) any written notice issued under section 30(1) or 31(1) or (3); or (ii) any condition imposed u

Section 33 — Appeals to Minister

Any person that is aggrieved by a decision of the Authority under section 28, 29 or 30 may, within 30 days after receiving the decision of the Authority, appeal in writing to the Minister, whose decision is final.

Section 36 — Appeals to Minister

(1) A licensee incorporated or formed in Singapore that is aggrieved by a decision of the Authority under section 34(3)(b) may, within 30 days after receiving the decision of the Authority, appeal in writing to the Minister, whose decision

Section 37 — Auditing

(1) Despite the provisions of the Companies Act 1967, a licensee —(a) must, on an annual basis and at its own expense, appoint an auditor; and (b) if for any reason its auditor ceases to be its auditor, appoint another auditor as soon as pr

Section 38 — Powers of auditor appointed by Authority

(1) An auditor appointed by the Authority under section 37(2) may, for the purpose of carrying out an examination or audit —(a) examine, on oath or affirmation, any officer or employee of the licensee or any other auditor of the licensee; (

Section 41 — Provision of information to Authority

(1) The Authority may, by notice in the form and manner prescribed, require any of the following persons to provide to the Authority, within a reasonable period specified in the notice, such information relating to a payment system as the A

Section 45 — Withdrawal of designation of payment system

(1) The Authority may, by order in the Gazette, withdraw the designation of any designated payment system at any time if the Authority is of the opinion that the applicable consideration in section 42(1)(a)(i), (ii) or (iii), (b) or (c) is

Section 51 — Power of Authority to impose access regime

(1) The Authority may, by order in the Gazette, impose an access regime in respect of a relevant payment system on one or more of the following persons or classes of persons, on such terms and conditions as the Authority may consider approp

Section 52 — Variation of access regime

(1) The Authority may, by order in the Gazette, vary an access regime that has been imposed under section 51 in respect of a relevant payment system, on such terms and conditions as the Authority may consider appropriate.(2) In considering

Section 53 — Cessation and revocation of access regime

(1) An access regime in respect of a relevant payment system ceases to be in force if —(a) the order imposing or varying the access regime under section 51(1) or 52(1) (as the case may be) provides for an expiry date, and that date is reach

Section 55 — Interpretation of this Division

In this Division, unless the context otherwise requires —“business” includes affairs, property, right, obligation and liability; “Court” means the General Division of the High Court; “debenture” has the meaning given by section 4(1) of the

Section 56 — Voluntary transfer of business

(1) A transferor may transfer the whole or any part of its business (including any business that is not the usual business of an operator or a settlement institution of a designated payment system) to a transferee, if —(a) the Authority has

Section 57 — Approval of transfer

(1) A transferor must apply to the Court for its approval of the transfer of the whole or any part of the business of the transferor to the transferee under section 56(1).(2) Before making an application under subsection (1) —(a) the transf

Section 59 — Control of shareholding in operator

(1) A person must not become —(a) a 5% controller; (b) a 12% controller; (c) a 20% controller; or (d) an indirect controller, of an operator without first applying for and obtaining the approval of the Authority under subsection (3). (2) A

Section 60 — Objection to existing control of operator

(1) The Authority may serve a written notice of objection on any person that is a 5% controller, a 12% controller, a 20% controller or an indirect controller of an operator, or is required to obtain or has obtained the Authority’s approval

Section 63 — Offences, penalties and defences

(1) A person that contravenes section 59(1)(a) or (b), (2) or (7)(a) or (c) shall be guilty of an offence and shall be liable on conviction —(a) in the case of an individual, to a fine not exceeding $125,000 and, in the case of a continuing

Section 64 — Appeals to Minister

Any person that is aggrieved by a decision of the Authority under section 59, 60 or 61 may, within 30 days after receiving the decision of the Authority, appeal in writing to the Minister, whose decision is final.

Section 67 — Appeals to Minister

(1) An operator of a designated payment system that is aggrieved by a decision of the Authority under section 65(3)(b) may, within 30 days after receiving the decision of the Authority, appeal in writing to the Minister, whose decision is f

Section 68 — Auditing

(1) Despite the provisions of the Companies Act 1967, an operator or a settlement institution of a designated payment system must —(a) on an annual basis and at its own expense, appoint an auditor; and (b) if for any reason its auditor ceas

Section 69 — Powers of auditor appointed by Authority

(1) An auditor appointed by the Authority under section 68(2) for an operator or a settlement institution of a designated payment system may, for the purpose of carrying out an examination or audit —(a) examine, on oath or affirmation, any

Section 72 — Inspection by Authority

(1) The Authority may from time to time inspect, under conditions of secrecy, the books of any of the following persons:(a) a licensee; (b) an exempt payment service provider; (c) an operator of a designated payment system; (d) a settlement

Section 74 — Confidentiality of inspection reports

(1) Subject to subsection (2), where the Authority has —(a) produced a written report upon an inspection under section 72 of the books of a person (being a licensee, an exempt payment service provider, an operator, a settlement institution

Section 75 — Self‑incrimination

(1) A person is not excused from disclosing information to the Authority pursuant to a requirement made of the person under this Part on the grounds that the disclosure of the information might tend to incriminate the person.(2) Where a per

Section 76 — Saving for advocates and solicitors

(1) Nothing in this Part —(a) compels an advocate and solicitor to disclose or produce any privileged communication, or a document or other material containing any privileged communication, made by or to the advocate and solicitor in that c

Section 76A — Interpretation of this Part

In this Part —“advocate and solicitor” means an advocate and solicitor of the Supreme Court or a foreign lawyer as defined in section 2(1) of the Legal Profession Act 1966; “auditor” means a public accountant who is registered or deemed to

Section 76B — Investigation by Authority

(1) The Authority may conduct such investigation as it considers necessary or expedient for any of the following purposes:(a) to perform any of its functions and duties under this Act; (b) to ensure compliance with this Act or any written d

Section 76C — Confidentiality of investigation reports

(1) Where a written report or any part of a written report (called in this section the report) has been produced by the Authority in respect of any investigation under section 76B and is provided by the Authority to the person under investi

Section 76E — Requirement to appear for examination

(1) For the purpose of an investigation under this Division, the Authority may, in writing, require a person —(a) to give to the Authority all reasonable assistance in connection with the investigation; and (b) to appear before an officer o

Section 76F — Proceedings at examination

The provisions of this Subdivision apply where, pursuant to a requirement made under section 76E for the purposes of an investigation under this Division, a person (called in this Subdivision the examinee) appears before another person (cal

Section 76G — Requirements made of examinee

(1) The investigator may examine the examinee on oath or affirmation, and may, for that purpose, administer an oath or affirmation to the examinee.(2) The oath or affirmation to be taken or made by the examinee for the purposes of the exami

Section 76H — Examination to take place in private

(1) The examination must take place in private and the investigator may give directions as to who may be present during the examination or part thereof.(2) A person must not be present at the examination unless the person is —(a) the invest

Section 76I — Record of examination

(1) The investigator may, and must if the examinee so requests, cause a record to be made of statements made at the examination.(2) If a record made under subsection (1) is in writing or is reduced to writing —(a) the investigator may requi

Section 76J — Giving copies of record to other persons

(1) The Authority may, subject to such conditions or restrictions as it may impose, give a copy of a written record of the examination, or such a copy together with a copy of any related book, to an advocate and solicitor acting on behalf o

Section 76K — Copies given subject to conditions

If a copy of any written record or book is given to a person under section 76I(2) or 76J(1) or (3) subject to conditions or restrictions imposed by the investigator or the Authority (as the case may be), the person, and any other person who

Section 76M — Power to enter premises without warrant

(1) In connection with an investigation under this Division, any officer of the Authority who is authorised by the Authority to do so (called in this section an investigator) and such other officers or persons as the Authority has authorise

Section 76N — Warrant to seize books, etc.

(1) A Magistrate may, on the application of the Authority —(a) issue a warrant, if the Magistrate is satisfied that there are reasonable grounds to suspect that there is, on any particular premises, any book, or a computer in which any data

Section 76O — Powers where books are produced, etc.

(1) This section applies where —(a) any book is produced to the Authority, or access to any book, or any data contained in or available to a computer, is given to the Authority —(i) pursuant to a requirement under section 76L; or (ii) durin

Section 76R — Offences under this Division

(1) An advocate and solicitor or legal counsel who, without reasonable excuse, fails to comply with section 76D(5) shall be guilty of an offence and shall be liable on conviction to a fine not exceeding $50,000.(2) A person who, without rea

Section 76S — Interpretation of this Division

In this Division ––“Commercial Affairs Officer” means a Commercial Affairs Officer appointed under section 64 of the Police Force Act 2004; “police officer” means a member of the Singapore Police Force.[Act 12 of 2024 wef 24/01/2025]

Section 77 — Interpretation of this Part

In this Part, unless the context otherwise requires —“business” includes affairs and property; “emergency” means —(a) any situation that prevents a designated payment system from carrying out its functions; (b) any situation in which, in th

Section 80 — Assumption of control

(1) Upon assuming control of any business of a payment entity under section 78(2)(c), the Authority or statutory manager (as the case may be) must take custody or control of the relevant business of the payment entity.(2) During the period

Section 81 — Other provisions concerning control

(1) The Authority must cease to be in control of the relevant business of a payment entity when the Authority is satisfied that the reasons for the Authority’s assumption of control of the relevant business have ceased to exist.(2) A statut

Section 84 — Interpretation of this Part

In this Part, unless the context otherwise requires —“enforce” means enforce through criminal or administrative proceedings; “enforcement”, in relation to a regulatory authority, means the taking of any action to enforce a law or regulatory

Section 85 — Conditions for provision of assistance

(1) The Authority may provide the assistance mentioned in section 87 to a regulatory authority of a foreign country if the Authority is satisfied that all of the following conditions are fulfilled:(a) the assistance is intended to enable th

Section 87 — Assistance that may be rendered

(1) Despite any provision of or requirement under any prescribed written law, or any rule of law, the Authority or any person authorised by the Authority may, in relation to a request by a regulatory authority of a foreign country for assis

Section 88 — Offences under this Part

(1) A person that —(a) without reasonable excuse, refuses or fails to comply with an order under section 87(1)(b), (c) or (d); (b) in purported compliance with an order made under section 87(1)(b) or (c), provides to the Authority or transm

Section 89 — Immunities

(1) No civil or criminal proceedings, other than proceedings for an offence under section 88, shall lie against any person for —(a) providing to the Authority or transmitting any material or copy of material to the Authority or a regulatory

Section 90 — Offences by corporations

(1) Where, in a proceeding for an offence under this Act, it is necessary to prove the state of mind of a corporation in relation to a particular conduct, evidence that —(a) an officer, employee or agent of the corporation engaged in that c

Section 92 — Offences by officers

(1) An officer of a relevant entity, whose duty is or includes ensuring that the relevant entity complies with a provision of this Act, who fails to take all reasonable steps to secure such compliance, shall be guilty of an offence and shal

Section 93 — Falsification of records by officers, etc.

(1) An officer, auditor, employee or agent of a relevant entity who —(a) wilfully makes, or causes to be made, a false entry in any book, or in any report, slip, document or statement of the business, affairs, transactions, conditions or as

Section 95 — General penalty

A person guilty of an offence under this Act for which no penalty is expressly provided shall be liable on conviction —(a) in the case of an individual, to a fine not exceeding $50,000; or (b) in any other case, to a fine not exceeding $100

Section 96 — Composition of offences

(1) The Authority may compound any offence under this Act that is prescribed as a compoundable offence by collecting from a person reasonably suspected of having committed the offence a sum of money not exceeding half of the amount of the m

Section 97 — Jurisdiction of court

Despite any provision to the contrary in the Criminal Procedure Code 2010, a District Court has jurisdiction to try any offence under this Act and has power to impose the full penalty or punishment in respect of any offence under this Act.

Section 98 — Opportunity to be heard

Where this Act provides for a person to be given an opportunity to be heard by the Authority, the Authority may prescribe the manner in which the person is to be given such opportunity to be heard.

Section 99 — Power of court to make certain orders

(1) Where, on an application of the Authority, it appears to the court that a person —(a) has committed an offence under this Act; or (b) is about to do an act that, if done, would be an offence under this Act, the court may (without prejud

Section 100 — General exemption

(1) The Authority may, by regulations, exempt any of the following from all or any of the provisions of this Act, subject to such conditions as may be prescribed:(a) any person or class of persons; (b) any payment service or class of paymen

Section 101 — Codes, guidelines, etc., by Authority

(1) The Authority may issue, and in its discretion publish by notification in the Gazette or in any other manner the Authority considers appropriate, such codes, guidelines, policy statements, practice notes and no‑action letters as the Aut

Section 102 — Power of Authority to issue written notice

(1) The Authority may, if it thinks it necessary or expedient for the effective administration of this Act, for the protection of consumers or in the interest of the public or a section of the public, for ensuring the integrity and proper m

Section 103 — Power of Authority to make regulations

(1) The Authority may make regulations prescribing matters required or permitted by this Act to be prescribed, or necessary or convenient to be prescribed for carrying out or giving effect to this Act.(2) Without limiting subsection (1), th

Section 104 — Publication of certain information

(1) The Authority may, from time to time, prepare and publish —(a) consolidated statements aggregating any information provided under this Act; or (b) for statistical purposes, statements that relate to or are derived from any information p

Section 105 — Service of documents

(1) A document that is permitted or required by this Act to be served on a person may be served as described in this section.(2) A document permitted or required by this Act to be served on an individual may be served —(a) by giving it to t

Section 106 — Electronic service

(1) The Authority may provide an electronic service for the service of any document that is required or authorised by this Act to be served on any person.(2) For the purposes of the electronic service, the Authority may assign to any person

Section 107 — Amendment of Schedules

(1) The Minister may, by order in the Gazette, amend, add to or vary the First or Second Schedule.(2) The Minister may, in any order made under subsection (1), make such incidental, consequential or supplementary provisions as may be necess

Section 121 — Interpretation of this Part

In this Part, unless the context otherwise requires —“approved bank” and “approved holder” have the meanings given by section 2(1) of the PSOA; “MCRBA” means the Money‑changing and Remittance Businesses Act (Cap. 187, 2008 Revised Edition)

Section 126 — Other saving and transitional provisions

For a period of 2 years after the date of commencement of any provision of this Act, the Minister may, by regulations, prescribe such additional provisions of a saving or transitional nature consequent to the enactment of that provision as

135 sections · 2020 Rev Ed
Data from Singapore Statutes Online (sso.agc.gov.sg). Not affiliated with any government agency.

Cite this Act

Payment Services Act 2019 (2020 Rev Ed) (Singapore Statutes Online). Retrieved via LawPlayer, https://lawplayer.com/sg/act/PSA2019 (accessed 2026-03-25)

Source: Singapore Statutes Online (sso.agc.gov.sg), © Singapore Government

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