Legal Update: Commencement of Payment Services Act

The Payment Services Act (“PS Act”) and its subsidiary regulations commenced on 28 January 2020. The PS Act aims to regulate all payment services and payment service providers in Singapore. In this client update, we set out the key actions and dates relevant to the PS Act licence application (“Application”) for your business or potential business.

Here, we set out:

1. The actions required and key dates relevant to the Application;
2. Some key eligibility criteria to obtain a licence; 
3. The relevant forms for the Application; and
4. Some potential developments on the scope of regulated digital payment token services under the PS Act.

Access the Legal Update:
20200130_ps_act_updates_v1o_3.pdf