Singapore legislation

Clause 124

Pending applications for licences and renewals under MCRBA and pending applications for certain approvals under PSOA

(1)

Any application for a renewal of a remittance licence or money‑changer’s licence that is pending, immediately before the appointed day, is deemed to have been withdrawn on the appointed day, and the Authority must refund any fee paid for that application to the applicant.

(2)

Any application for any of the following licences and approvals that is pending, immediately before the appointed day, is deemed to have been withdrawn on the appointed day, and the Authority must refund any fee paid for that application to the applicant:

(a)

a remittance licence or money‑changer’s licence;

(b)

approval as an approved holder of a stored value facility;

(c)

approval as an approved bank in respect of a stored value facility.

Read in full context — Payment Services Bill →