Stored value facility Regulation in Singapore according to the New Payment Services Act

Abstract

The purpose of this work is to provide an overview of an amended payment regulation in Singapore, coming into effect in 2020 and to analyse the changes and their possible effects. It describes how the former stored value facility became popular owing to its non-licensed institutions with pre-set limits, frequently misused for payment purposes it was not designed for. The new regulation, based on the Payment Services Act, divided licence categories into 7 different types: this work specifies in more detail. Thus, greater transparency is achieved and preventive measures undertaken against any misuse of the existing Singaporean payment regulation.