Payment Services (Exemption for Specified Period) Regulations 2019

applies for a licence under section 6(1) of the Act to carry on the business of providing the account issuance service; or

being a person who is deemed to have been granted a major payment institution licence or a money‑changing licence under section 122 of the Act, applies to vary its licence under section 7(1)(a) of the Act to be entitled to carry on the business of providing the account issuance service,the person’s exemption under paragraph (1) ceases on the date on which the application is approved or refused by the Authority, or if the application is withdrawn before that date, the date on which the application is withdrawn.

applies for a licence under section 6(1) of the Act to carry on the business of providing the specified payment service; or

being a person who is deemed to have been granted a major payment institution licence or a money‑changing licence under section 122 of the Act, applies to vary its licence under section 7(1)(a) of the Act to be entitled to carry on the business of providing the specified payment service,the person’s exemption under paragraph (1) ceases on the date on which the application is approved or refused by the Authority, or if the application is withdrawn before that date, the date on which the application is withdrawn.

a domestic money transfer service; or

a merchant acquisition service.

the person carries on the business of providing a cross‑border money transfer service only in respect of receiving any money from outside Singapore for, or arranging for the receipt of any money from outside Singapore by, a person in Singapore; and

the person has, within 30 days after 28 January 2020, notified the Authority in the form and manner specified on the Authority’s Internet website, of the date on which the person had commenced the business of providing the cross‑border money transfer service.

applies for a licence under section 6(1) of the Act to carry on the business of providing the cross‑border money transfer service; or

being a person who is deemed to have been granted a money‑changing licence under section 122(2) of the Act or a major payment institution licence under section 122(3) or (6) of the Act, applies to vary its licence under section 7(1)(a) of the Act to be entitled to carry on the business of providing the cross‑border money transfer service,the person’s exemption under paragraph (1) ceases on the date on which the application is approved or refused by the Authority, or if the application is withdrawn before that date, the date on which the application is withdrawn.

the relevant money that is received by the person from, or on account of, all the person’s customers in respect of the person’s business of providing the e‑money issuance service at any time does not exceed $30 million, or its equivalent in a foreign currency; and

the person has, within 30 days after 28 January 2020, notified the Authority in the form and manner specified on the Authority’s Internet website, of the date on which the person had commenced the business of providing the e‑money issuance service.

applies for a licence under section 6(1) of the Act to carry on the business of providing the e‑money issuance service; or

being a person who is deemed to have been granted a major payment institution licence under section 122(1) or (4) of the Act or a money‑changing licence under section 122(2) of the Act, applies to vary its licence under section 7(1)(a) of the Act to be entitled to carry on the business of providing the e‑money issuance service,the person’s exemption under paragraph (1) ceases on the date on which the application is approved or refused by the Authority, or if the application is withdrawn before that date, the date on which the application is withdrawn.

any reference to a major payment institution is read as a reference to the person; and

any reference to section 23(2) or (4) of the Act is omitted.

applies for a licence under section 6(1) of the Act to carry on the business of providing digital payment token service; or

being a person who is deemed to have been granted a major payment institution licence or a money‑changing licence under section 122 of the Act, applies to vary its licence under section 7(1)(a) of the Act to be entitled to carry on the business of providing the digital payment token service,the person’s exemption under paragraph (1) ceases on the date on which the application is approved or refused by the Authority, or if the application is withdrawn before that date, the date on which the application is withdrawn.