Singapore: The Monetary Authority of Singapore has revised

brief

On 26 July 2024, the Monetary Authority of Singapore (MAS) updated the Payment Service Provider Licensing Guidelines (PS-G01) (“guide”), which comes into force on 26 August 2024. The changes apply to existing and future standard payment institutions (SPIs) and major payment institutions (MPIs) under the Payment Services Act (PSA).

These updates can be divided into updates related to: (i) the process for applying for a new MPI or SPI license or changes to an existing license under the PSA; and (ii) updates related to ongoing business operations.

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