Legal Update: Commencement of Payment Services Act

Legal Update: Commencement of Payment Services Act
30 Jan 2020

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:


For further information please contact:

Claudia Teo
Partner & Head, Corporate and Financial Services
[email protected]
+65 6361 9845

Derick Ting
[email protected]
+65 6361 9363

Tan Tien Wei
Senior Associate
[email protected]
+65 6361 9863

Valerie Boh
Senior Associate
[email protected]  
+65 6361 9324 

For more information, please contact our Business Development Manager, Ricky Soetikno at [email protected]


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