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Determination of equivalent in foreign currency of Singapore dollar amount

Payment Services Regulations 2019

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—(1) For the purpose of determining whether the average, over a calendar year, of the total value of all payment transactions that are accepted, processed or executed by a licensee in one month and is in a foreign currency, exceeds the amount mentioned in section 6(5)(a)(ii)(A) or (B) of the Act or regulation 13(a), the licensee must apply —(a)the exchange rate offered by the licensee to the customer for each payment transaction;(b)where an exchange rate has not been offered by the licensee to the customer and the licensee is a major payment institution — the applicable exchange rate that is published by a safeguarding institution which safeguards, under section 23(2) or (4) of the Act, the relevant money received by the major payment institution, on the date on which the payment transaction is executed; or(c)where an exchange rate has not been offered by the licensee to the customer and the exchange rate mentioned in sub‑paragraph (b) is not available — the applicable exchange rate that is published by any bank in Singapore on the date on which the payment transaction is executed.(2) A licensee or major payment institution (as the case may be) must apply the exchange rate mentioned in paragraph (3) for the purposes of determining the following:(a)whether the sum of the value of e‑money mentioned in section 6(5)(b)(ii)(A) and (B) of the Act that is in foreign currency exceeds $5 million;(b)for the purposes of section 24(1)(a) of the Act, whether the currency equivalent of the e‑money contained in a personal payment account issued by the major payment institution to a payment service user that is in a foreign currency, exceeds the prescribed amount mentioned in regulation 18(1);(c)for the purposes of section 24(1)(c)(i) of the Act, whether the total currency equivalent of the e‑money contained in all personal payment accounts issued by the major payment institution to a payment service user that is in a foreign currency, exceeds the prescribed amount mentioned in regulation 18(1);(d)for the purposes of the definition of “small personal payment account” in section 24(5) of the Act, whether the currency equivalent of the e‑money stored in a personal payment account that is in a foreign currency exceeds $1,000.(3) For the purposes of paragraph (2), the exchange rate is —(a)where the issuer of the e‑money mentioned in paragraph (2)(a), (b), (c) or (d) is a major payment institution or exempt payment service provider — the applicable daily exchange rate that is published by a safeguarding institution which safeguards, under section 23(2) or (4) of the Act, the relevant money received by the issuer; or(b)where the exchange rate mentioned in sub‑paragraph (a) is not available — the applicable daily exchange rate that is published by any bank in Singapore.(4) For the purposes of determining whether the average, over a calendar year, of the total value in one day of all specified e‑money that is issued by a licensee that is in a foreign currency exceeds the amount mentioned in section 6(5)(c)(ii) of the Act, the licensee must apply the applicable daily exchange rate that is published by any bank in Singapore.(5) For the purposes of section 22(1) of the Act and for determining whether a major payment institution maintains with the Authority security the currency equivalent of which is in a foreign currency, is not less than the prescribed amount mentioned in regulation 13, the major payment institution must apply —(a)the applicable daily exchange rate that is published by a safeguarding institution which safeguards, under section 23(2) or (4) of the Act, the relevant money received by the major payment institution; or(b)where an exchange rate mentioned in sub‑paragraph (a) is not available — the applicable daily exchange rate that is published by any bank in Singapore.(6) A major payment institution must apply the exchange rate mentioned in paragraph (7) for the purposes of determining the following:(a)for the purposes of section 24(1)(b) of the Act, whether the total currency equivalent of the e‑money transferred in any period of one year, from a personal payment account issued by the major payment institution to a payment service user, other than to any personal deposit account that is either in the name of or designated by that payment service user, that is in a foreign currency exceeds the prescribed amount mentioned in regulation 18(2);(b)for the purposes of section 24(1)(c)(ii) of the Act, whether the total currency equivalent of the e‑money transferred in any period of one year, from all personal payment accounts issued by the major payment institution to a payment service user, other than to any personal deposit account that is either in the name of or designated by that payment service user, that is in a foreign currency exceeds the prescribed amount mentioned in regulation 18(2).(7) For the purposes of paragraph (6), the exchange rate is —(a)the exchange rate offered by the issuer of the e‑money mentioned in paragraph (6)(a) or (b) (as the case may be) to the payment service user for each transfer;(b)where an exchange rate has not been offered by the issuer of the e‑money and the issuer of the e‑money is a major payment institution or an exempt payment service provider — the applicable exchange rate that is published by a safeguarding institution which safeguards, under section 23(2) or (4) of the Act, the relevant money received by the issuer of the e‑money, on the date on which the transfer is executed; or(c)where an exchange rate has not been offered by the issuer of the e‑money and the exchange rate mentioned in sub‑paragraph (b) is not available — the applicable exchange rate that is published by any bank in Singapore on the date the transfer is executed.(8) A licensee or major payment institution mentioned in paragraph (1), (2), (4), (5) or (6) must keep a record in the English language of all the exchange rates relied on by the licensee or major payment institution for the purposes of those paragraphs for a period of at least 5 years.

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