Author: Peiying Chua Heikes

Singapore Broadens Payment Services Act

The licensing perimeter in the Payment Services Act 2019 has expanded on 4 April 2024. Newly regulated activities include, broadly, custody of digital payment token (“DPT”) services, facilitating the transfer of DPT, brokerage of DPT, cross border money brokerage services and domestic money transfer services where either the payer or payee is a financial institution. Transitional arrangements apply.