3. Meanings of “financial institution” and “financial transaction provider”, etc.

Amended

Last amended by an amending law of 2020. 2 amendments in all.

(1)

In this Act, unless the context otherwise requires —

“card issuer” means any person carrying on a business of issuing credit cards or charge cards in Singapore, and includes any agent of that person;

“credit card” or “charge card” means any article, whether in physical or electronic form, of a kind commonly known as a credit card or charge card, or any similar article intended for use in purchasing goods or services on credit, whether or not the card or article is valid for immediate use;

“financial institution” means —

(a)

any bank licensed under the Banking Act 1970;

(aa)

any merchant bank licensed under the Banking Act 1970;

(b)

any card issuer licensed under the Banking Act 1970;

(c)

any operator of a designated payment system under the Payment Services Act 2019; or

(d)

any other person licensed, approved, registered or regulated by the MAS under any written law,but does not include such person or class of persons as the Minister, after consulting the MAS, may prescribe by order in the Gazette;

“financial transaction provider” means —

(a)

any creditor;

(b)

any card issuer;

(c)

any operator of a terminal at which an electronic fund transfer may be initiated;

(d)

any operator of a money transmitting business;

(e)

any operator or any participant in a payment system or network used to effect a credit transaction, an electronic fund transfer, a stored value product transaction or a money transmitting service; or

(f)

any participant in a prescribed payment system, being a payment system that is used or may be used in connection with or to facilitate payment to a remote gambling service,but does not include a financial institution.

(2)

A reference to a person being licensed, approved, registered or regulated under any written law referred to in subsection (1) includes a person who is exempted under that written law from being so licensed, approved, registered or regulated.