Singapore legislation

Section 25

of Payment Services Act 2019

Section 25

Powers of Authority to ensure interoperability between payment accounts and payment system

(1)

The Authority may, by written notice, direct a payment service provider (being a major payment institution, an exempt payment service provider or a person exempt under section 100) to do either or both of the following in order to ensure interoperability between any payment account or class of payment accounts issued by the payment service provider and a payment system:

(a)

to be a participant of the payment system, on such terms and conditions as the Authority may consider appropriate;

(b)

to enter into an arrangement with the operator of the payment system.

(2)

In considering whether to issue a written notice under subsection (1), the Authority must have regard to the following matters:

(a)

whether ensuring interoperability between those payment accounts and that payment system would be in the interests of the public;

(b)

the interests of the current participants and operator of that payment system;

(c)

the interests of persons who, in the future, may be required, or may desire, to be participants of the payment system;

(d)

such other matters as the Authority may consider to be relevant.

Read in full context — Payment Services Act 2019 →