Payment Services Act 2019 · 2020 Revised Edition · Part 2 · Licensing of Payment Service Providers
5. Licensing of payment service providers
Feedback & supportA person must not carry on a business of providing any type of payment service in Singapore, unless the person —
business
“business” includes affairs, property, right, obligation and liability;
has in force a licence that entitles the person to carry on a business of providing that type of payment service; or
is an exempt payment service provider in respect of that type of payment service.
For the purposes of subsection (1), where a person provides any type of payment service while the person carries on any business (called in this subsection the primary business) —
payment service
“payment service” means any service that is specified in Part 1 of the First Schedule, but excludes any service that is specified in Part 2 of that Schedule;
the person is presumed to carry on a secondary business of providing that type of payment service, regardless whether the provision of that type of payment service is related or incidental to the primary business; and
the presumption in paragraph (a) is not rebutted by proof that the provision of that type of payment service is related or incidental, or is both related and incidental, to the primary business.
A person that contravenes subsection (1) shall be guilty of an offence and shall be liable on conviction —
in the case of an individual, to a fine not exceeding $125,000 or to imprisonment for a term not exceeding 3 years or to both and, in the case of a continuing offence, to a further fine not exceeding $12,500 for every day or part of a day during which the offence continues after conviction; or
in any other case, to a fine not exceeding $250,000 and, in the case of a continuing offence, to a further fine not exceeding $25,000 for every day or part of a day during which the offence continues after conviction.