Interpretation of this Part
121. 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) as in force immediately before 28 January 2020;
“money‑changer’s licence” has the meaning given by section 2(1) of the MCRBA;
“PSOA” means the Payment Systems (Oversight) Act (Cap. 222A, 2007 Revised Edition) as in force immediately before 28 January 2020;
“remittance licence” has the meaning given by section 2(1) of the MCRBA;
“stored value facility” has the meaning given by section 2(1) of the PSOA.
Saving and transitional provisions for holders of licences under MCRBA and approved holders of stored value facilities under PSOA
122.—(1) Any person that, immediately before 28 January 2020, is a holder of a remittance licence, but is not also a holder of a money‑changer’s licence or an approved holder of a stored value facility —(a)
is deemed to have been granted, on 28 January 2020, a major payment institution licence under section 6(7) that entitles that person to carry on a business of providing a cross‑border money transfer service; and
(b)
is exempt from section 23 for a period of 12 months beginning on 28 January 2020 in respect of any cross‑border money transfer service provided by that person.
(2) Any person that, immediately before 28 January 2020, is a holder of a money‑changer’s licence but is not also a holder of a remittance licence or an approved holder of a stored value facility —(a)
is deemed to have been granted, on 28 January 2020, a money‑changing licence under section 6(7); and
(b)
is exempt from section 23 for a period of 12 months beginning on 28 January 2020 in respect of any money‑changing service provided by that person.
(3) Any person that, immediately before 28 January 2020, is an approved holder of a stored value facility, but is not also a holder of a remittance licence or a money‑changer’s licence, is deemed to have been granted, on 28 January 2020, a major payment institution licence under section 6(7) that entitles that person to carry on a business of providing an e‑money issuance service.
(4) Any person that, immediately before 28 January 2020, is a holder of both a remittance licence and a money‑changer’s licence —(a)
is deemed to have been granted, on 28 January 2020, a major payment institution licence under section 6(7) that entitles that person to carry on a business of providing both of the following services:(i)
a cross‑border money transfer service;
(ii)
a money‑changing service; and
(b)
is exempt from section 23 for a period of 12 months beginning on 28 January 2020 in respect of any cross‑border money transfer service and any money‑changing service provided by that person.
(5) Any person that, immediately before 28 January 2020, is both a holder of a remittance licence and an approved holder of a stored value facility —(a)
is deemed to have been granted, on 28 January 2020, a major payment institution licence under section 6(7) that entitles that person to carry on a business of providing both of the following services:(i)
a cross‑border money transfer service;
(ii)
an e‑money issuance service; and
(b)
is exempt from section 23 for a period of 12 months beginning on 28 January 2020 in respect of any cross‑border money transfer service provided by that person.
(6) Any person that, immediately before 28 January 2020, is both a holder of a money‑changer’s licence and an approved holder of a stored value facility —(a)
is deemed to have been granted, on 28 January 2020, a major payment institution licence under section 6(7) that entitles that person to carry on a business of providing both of the following services:(i)
a money‑changing service;
(ii)
an e‑money issuance service; and
(b)
is exempt from section 23 for a period of 12 months beginning on 28 January 2020 in respect of any money‑changing service provided by that person.
(7) Any person that, immediately before 28 January 2020, is a holder of both a remittance licence and a money‑changer’s licence and an approved holder of a stored value facility —(a)
is deemed to have been granted, on 28 January 2020, a major payment institution licence under section 6(7) that entitles that person to carry on a business of providing all of the following services:(i)
a cross‑border money transfer service;
(ii)
a money‑changing service;
(iii)
an e‑money issuance service; and
(b)
is exempt from section 23 for a period of 12 months beginning on 28 January 2020 in respect of any cross‑border money transfer service and any money‑changing service provided by that person.
(8) Every condition or restriction imposed under the MCRBA or the PSOA to which a person mentioned in subsection (1), (2), (3), (4), (5), (6) or (7) is subject, immediately before 28 January 2020, as a holder of a remittance licence or a money‑changer’s licence or as an approved holder of a stored value facility, is deemed, on 28 January 2020, to be a condition or restriction to which that person is subject as the holder of a licence deemed to have been granted to that person under the applicable subsection.
(9) Any individual who, immediately before 28 January 2020, is a chief executive officer, director or partner of a person mentioned in subsection (1), (2), (3), (4), (5), (6) or (7) is deemed, on 28 January 2020, to have been appointed as chief executive officer, director or partner (as the case may be) of that person with the approval of the Authority under section 34(3)(b).
(10) Any approval granted, and any condition imposed, under section 11(3) of the MCRBA that remains in force immediately before 28 January 2020 is deemed, on 28 January 2020, to be an approval granted, and a condition imposed, under section 14(6).
Saving and transitional provisions for persons granted exemptions under MCRBA or PSOA
123.—(1) Any person that, immediately before 28 January 2020, was exempt under section 31(3) of the MCRBA from the requirement to hold a remittance licence is deemed, on 28 January 2020, to be exempt under section 100(4) from sections 5(1) and 6(4) and (5) in respect of any business of providing any cross‑border money transfer service carried on by that person.
(2) Any person that, immediately before 28 January 2020, was exempt under section 31(3) of the MCRBA from the requirement to hold a money‑changer’s licence is deemed, on 28 January 2020, to be exempt under section 100(4) from sections 5(1) and 6(3), (4) and (5) in respect of any business of providing any money‑changing service carried on by that person.
(3) Any person that, immediately before 28 January 2020, was exempt under section 53(2) of the PSOA from section 33(1) of the PSOA is deemed, on 28 January 2020, to be exempt under section 100(4) from sections 5(1) and 6(4) and (5) in respect of any business of providing any e‑money issuance service carried on by that person.
(4) Any person that, immediately before 28 January 2020, was exempt under section 53(2) of the PSOA from section 31 of the PSOA is deemed, on 28 January 2020, to be exempt under section 100(4) from section 9 in respect of any advertisement, offer or invitation mentioned in section 9 relating to the provision by that person of an e‑money issuance service, an account issuance service, or both of those services.
(5) Every condition or restriction imposed under the MCRBA or the PSOA to which a person mentioned in subsection (1), (2), (3) or (4) is subject, immediately before 28 January 2020 —(a)
as a person exempt under section 31(3) of the MCRBA from the requirement to hold a remittance licence or a money‑changer’s licence; or
(b)
as a person exempt under section 53(2) of the PSOA from section 31 or 33(1) of the PSOA,
is deemed, on 28 January 2020, to be a condition or restriction to which that person is subject as a person exempt under section 100(4).
Pending applications for licences and renewals under MCRBA and pending applications for certain approvals under PSOA
124.—(1) Any application for a renewal of a remittance licence or money‑changer’s licence that is pending, immediately before 28 January 2020, is deemed to have been withdrawn on 28 January 2020, and the Authority must refund any fee paid for that application to the applicant.
(2) Any application for any of the following licences and approvals that is pending, immediately before 28 January 2020, is deemed to have been withdrawn on 28 January 2020, and the Authority must refund any fee paid for that application to the applicant:(a)
a remittance licence or money‑changer’s licence;
(b)
approval as an approved holder of a stored value facility;
(c)
approval as an approved bank in respect of a stored value facility.
Saving and transitional provisions for designated payment systems
125.—(1) Any payment system that, immediately before 28 January 2020, is a designated payment system under section 7(1) of the PSOA is deemed, on 28 January 2020, to be a designated payment system under section 42(1).
(2) Any condition or restriction to which a person is subject, immediately before 28 January 2020, in the person’s capacity as an operator, a settlement institution or a participant of a designated payment system under the PSOA, is deemed, on 28 January 2020, to be a condition or restriction to which that person is subject under this Act, only to the extent that the condition or restriction is consistent with the provisions of this Act.
(3) Any individual who, immediately before 28 January 2020, is a chief executive officer or director of an operator of a designated payment system under the PSOA is deemed, on 28 January 2020, to have been appointed as chief executive officer or director (as the case may be) of that operator with the approval of the Authority under section 65(3)(b) of this Act.
(4) Any approval mentioned in section 23(1) of the PSOA that remains in force immediately before 28 January 2020 is deemed, on 28 January 2020, to be an approval under section 59(3) of an application under section 59(1) to be a 5% controller of an operator of a designated payment system.
(5) Any approval mentioned in section 23(2) of the PSOA (for a person to become a 12% controller of an operator of a designated payment system) that remains in force immediately before 28 January 2020 is deemed, on 28 January 2020, to be an approval under section 59(3) of an application under section 59(1) to be a 12% controller of an operator of a designated payment system.
(6) Any approval mentioned in section 23(2) of the PSOA (for a person to become a 20% controller of an operator of a designated payment system) that remains in force immediately before 28 January 2020 is deemed, on 28 January 2020, to be an approval under section 59(3) of an application under section 59(1) to be a 20% controller of an operator of a designated payment system.
(7) Any condition or restriction imposed under section 24 of the PSOA for an approval mentioned in section 23(1) or (2) of the PSOA is deemed, on 28 January 2020, to be a condition or restriction imposed under section 59(4) for the corresponding approval under section 59(3).
Other saving and transitional provisions
126. 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 the Minister may consider necessary or expedient.
Source: Singapore Statutes Online (Attorney-General's Chambers), © Government of Singapore.
