3. Application of Act

Terms defined in s 2

• Authority

  Authority

  Defined · s 2

  “Authority” means the Monetary Authority of Singapore established under the Monetary Authority of Singapore Act;

  Open s 2
• operator

  operator

  Defined · s 2

  “operator”, in relation to a payment system, means a person who operates the payment system;

  Open s 2
• participant

  participant

  Defined · s 2

  “participant”, in relation to a payment system, means any person who is recognised in the rules of the payment system or otherwise recognised as being eligible to settle payments through the payment system with other participants;

  Open s 2
• payment system

  payment system

  Defined · s 2

  “payment system” means a funds transfer system or other system that facilitates the circulation of money, and includes any instruments and procedures that relate to the system;

  Open s 2
• settlement institution

  settlement institution

  Defined · s 2

  “settlement institution” means a person who provides facilities for —(a)the participants of a payment system to hold funds; and(b)the settling of transactions between the participants;

  Open s 2
• statutory corporation

  statutory corporation

  Defined · s 2

  “statutory corporation” means any body corporate established by or under written law to perform or discharge any public function;

  Open s 2