Singapore legislation
Regulation 5
of Payment Services (Exemption for Specified Period) Regulations 2019
Regulation 5
Exemption for persons providing cross‑border money transfer services
Subregulation 1
A person (other than a person mentioned in section 122(1), (4), (5) and (7) or 123(1) of the Act) who, immediately before 28 January 2020, carries on a business of providing a cross‑border money transfer service is exempt from sections 5(1) and 6(4) and (5) of the Act in respect of that business until the expiry of the 12‑month period immediately after that date, if —
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.
Subregulation 2
If, within the 12‑month period immediately after 28 January 2020, a person mentioned in paragraph (1) —
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(1) ceases on the date on which the application is approved or refused by the Authority, or if the application is withdrawn before that date, the date on which the application is withdrawn.