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Three Licence Classes PAYMENT SERVICES ACT 2019 A GUIDE TO THE NEW Major Payment Institution • > S$3m monthly transactions for any activity type

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Omnibus framework that covers both new

and traditional payment activities, and fosters synergies between activity types

Modular approach enables calibration of

regulations to account for the specific risks and context of each activity type

Account

Issuance

A

Domestic

Money

Transfers

B

Cross-border

Money

Transfers

C

Merchant

Acquisition

D

E-Money

Issuance

EDigital

Payment

Token

Dealing or

Exchange

F Money

Changing

G

Activity

Based, Risk

Focused

Regulation

One Licensing Framework,

Seven

Payment

A ctivities

ThreeLicence Classes

PAYMENT SERVICES ACT

2019

A GUIDE TO THE NEW

Major Payment Institution

>S$3m monthly transactions for any activity type > S$6m monthly transactionsfor two or more activity types > S$5m of daily outstanding e-money

Standard Payment Institution

чS$3m monthly transactions for any

activity type

чS$6m monthly transactions for two or

more activity types

чS$5m of daily outstanding e-money

Money-Changing Licensee

Conductsmoney-changingserviceonly

FourKey Risks

MONEY

LAUNDERING

& TERRORISM

FINANCING

INTER-

OPERABILITY

Access Regime

Common Platform

Common Standards

USER

PROTECTION

Safeguarding of

funds in transit and e-money float

TECHNOLOGY

RISKS

Governance

Authentication

Cyber Hygiene

Encryption

Anti-Fraud

1

Caps on Personal

Payment Accounts

Stock cap of S$5,000

Annual flow cap of

S$30,000

Right sizing

Activities

No Consumer

Lending or

Activity Similar to

Deposit Taking

Banking or moneylenders

licence required for these regulated activities

No Cash

Withdrawals

PS Act facilitates e-

payments, not cash services which are already well provided for

Account Issuance

A

Domestic

Transfers

B

Cross-border

Transfers

C

Merchant

Acquisition

D

E-Money

Issuance

E

DPT Dealing

or Exchange F Money

Changing

G

Protection of

access to funds

Safeguard funds

in transit

Safeguard funds

in transit

Safeguard funds

in transit

Safeguard float

Interoperability

powers

Interoperability

powers CDD CDD CDD CDD CDD

Guidelines on

Tech Risk

Management

Notice on

Cyber Hygiene

Practices

Risk focused

Licensing Regime

Lower-level requirements for lower risk activities More comprehensive regulation of higher risk activities ML/TF RisksTechnology RisksUser ProtectionInteroperability 2

Designation

Regime

Closer supervision for critical payment systems.

ensurestability,faircompetitionandmarket efficiencyinSingapore'sfinancialsystem

Examples of Designated

Payment Systems

9

Mandate acceptance

of a

Common Standard

9

Require payment service

providers to join a

Common Platform

9

Impose an

Access

Regime

in relation to selected payment systems

Fragmented LandscapeEnhanced Interoperability

Interoperability

Powers

KEY MEASURESPART I

User Protection

Measures

Major Payment

Institutions

Must safeguard

customer money using oneof the following means

Undertaking

by a bank or prescribed financial institution to be fully liable to the customer

Guarantee

by a bank or prescribed financial institution

Segregation

in a trust account maintained by a bank or prescribed financial institution

Standard Payment Institutions

oAre notsubjected to these safeguarding measures, and oMust alertcustomers so they can make informed decisions 3

Are imposed

on these

SM\PHQP VHUYLŃHV"

AML/CFT Measures

" %XP ŃMQ NH lifted for these Low Risk services

Accounts issued:

Have a wallet capacity below

S$1,000

Does not allow cash withdrawals

Requires identification for cash

refunds above S$100

Users are allowed to only perform

transactions that meet twoof the following criteria:

Only for payment of goods or services

Only permit transactions

Funded from an identifiable source

E-WalletsDomestic Transfers

Users are allowed to only perform

transactions that meet boththe following criteria:

Only for payment of goods or services

Funded from an identifiable source

Cross-Border Transfers

Digital

Payment

Token Dealing

or Exchange F Money

Changing

G

Account

Issuance

A

Domestic

Money

Transfers

BCross-

border Money

Transfers

C

KEY MEASURESPART II

Applicable to all licensees

Technology Risk Management

Security Patches

Security Standards

Secure Administrative Accounts

Multi-Factor Authentication

Malware Protection

Network Perimeter Defence

Technology Risk

Management

Guidelines

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