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

For further information please contact:

Claudia Teo
Partner & Head, Corporate and Financial Services
claudiateo@eversheds-harryelias.com
+65 6361 9845

Derick Ting
Partner
derickting@eversheds-harryelias.com
+65 6361 9363

Tan Tien Wei
Senior Associate
tienweitan@eversheds-harryelias.com
+65 6361 9863

Valerie Boh
Senior Associate
valerieboh@eversheds-harryelias.com  
+65 6361 9324