Compliance learning

Payment Services Act Course

Accredited by the Institute of Banking & Finance Singapore (IBF)

Enhanced Funding Support for Financial Institutions

*Under the Financial Training Scheme, the Monetary Authority of Singapore will enhance course fee subsidies for locals attending accredited or recognised courses up to 90%. The IBF is the national accreditation and certification agency for financial industry competency in Singapore.

Overview of the Payment Services Act in Singapore

In 2019, Singapore passed the Payment Services Act (PSA) or ‘the Act’, which became effective January 28, 2020 and replaced and expanded upon the MCRBA and Payment Systems (Oversight) Act. The PSA is a risk-based regime that imposes actual and potential obligations on a wide variety of payment service providers (PSPs) based on the particular payment services activities they perform. The Act’s objectives are to foster the growth and increase the efficiency of payment service tools and to protect consumers and merchants utilising payment services from certain risks.

Suitability

Courses are suitable for all employees.           

Learning objectives

  • Describe the growth of the payment services industry
  • Explain the objectives of the Payment Services Act
  • Identify the types of payment services subject to the Payment Services Act
  • Identify the powers of the Monetary Authority of Singapore to regulate payment service providers, and more

Topics Include

  • Licensing Regime
  • Scope of the Payment Services Act Singapore
  • Risk Mitigation, and more

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