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Singapore: fintech & payments regulation

Regulated

Singapore fintech & payments regulated under Payment Services Act 2019; MAS oversight

Lead regulator:
Monetary Authority of Singapore
Key law:
Payment Services Act 2019
Last updated:
2026-07-12

The Monetary Authority of Singapore (MAS) regulates fintech and payment services under the Payment Services Act 2019 (PSA). This framework consolidates oversight of digital payment tokens, money changing, and cross-border money transfer services into a unified licensing regime.

Entities must obtain a license as a Standard Payment Institution, Major Payment Institution, or Money-changing Licensee, depending on their transaction volumes and service types. The regime mandates strict adherence to anti-money laundering and countering the financing of terrorism (AML/CFT) standards, with specific notices governing conduct and operational requirements.

Recent regulatory direction emphasizes robust consumer protection and fraud prevention, including mandatory anti-scam measures for major e-wallet providers. Additionally, MAS has imposed specific restrictions on cross-border money transfer services to certain jurisdictions, such as the People’s Republic of China.

Who regulates

  • Monetary Authority of Singapore

    Primary supervisor for payment services, capital markets, and financial institutions

    [1][2][3]

Core laws & rules

  • Payment Services Act (2019)

    Establishes the licensing and regulatory framework for payment service providers, including digital payment tokens, account issuance, and money changing services.

    [2][4]

  • Securities and Futures Act (2019)

    Regulates capital markets services, including fund management, dealing in securities, and operation of organized markets.

    [5][6]

Licensing & registration

  • Standard Payment Institution

    For entities with lower transaction volumes, subject to baseline AML/CFT and conduct requirements.

    [2]

  • Major Payment Institution

    For entities with higher transaction volumes, subject to stricter AML/CFT, conduct, and anti-scam measures.

    [2][7]

  • Money-changing Licensee

    For entities providing money-changing services, subject to specific licensing and conduct rules.

    [2]

Restrictions & warnings

  • Major Payment Institutions must implement specific anti-scam measures, including 12-hour cooling-off periods for new device logins, to access higher regulatory caps for personal e-wallets.

    [7]

  • Licensees providing cross-border money transfer services to the People’s Republic of China must suspend the use of non-permitted channels.

    [8]

Direction of travel

  • Regulatory focus remains on strengthening AML/CFT controls, consumer protection, and the integration of digital payment tokens into the broader financial system.

    [1][9]

Sources

  1. PSN09 Notice on Specified Matters and Forms · 2026-03-27
  2. Guidelines on Licensing for Payment Service Providers PS-G01 · 2025-10-08
  3. Guidelines on Licensing and Conduct of Business for Fund Management Companies [SFA 04-G05] · 2025-09-03
  4. Payment Services Regulations 2019 · 2024-04-02
  5. Guidelines on Criteria for the Grant of a Capital Markets Services Licence Other Than for Fund Management and Real Estate Investment Trust Management · 2025-01-21
  6. Guidelines on the Regulation of Markets · 2024-07-17
  7. Circular on Anti-scam Measures by Major Payment Institutions Issuing Personal E-wallets · 2024-10-25
  8. PSN11 Notice on Restrictions in Relation to the Provision of Cross-Border Money Transfer Services to the People’s Republic of China · 2024-09-25
  9. MAS Notice PSN01 Prevention of Money Laundering and Countering the Financing of Terrorism – Specified Payment Services · 2025-06-30

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This guide is compiled automatically from 9 primary-source documents published by Singapore's regulators, reviewed by RegAlert, and refreshed monthly (last updated 2026-07-12). It is not legal advice — always confirm requirements with the regulator or local counsel before acting.