Regulation 28

an account issuance service;

a domestic money transfer service;

a cross‑border money transfer service;

a merchant acquisition service;

an e‑money issuance service.

where the person carries on a business of providing an account issuance service, all the following conditions:

the person is not exempt under regulation 3 of the Payment Services (Exemption for Specified Period) Regulations 2019;

the person does not allow the withdrawal of any currency from any payment account it issues;

the person only allows a refund of money that is more than $100 in currency (or its equivalent in a foreign currency) to any person from any payment account it issues, if —

an identification document of the holder of the payment account that bears a photograph of the holder and is in force is produced to the person; and

the person has in place a policy to keep a record of any refund and the relevant identification document mentioned in sub‑paragraph (A) for at least 5 years after the date on which the refund is made;

the person does not allow the currency equivalent of e‑money or the amount of money contained in any payment account it issues to exceed $1,000 (or its equivalent in a foreign currency);

the person complies with sections 19 and 20(1) of the Act as if the person were a licensee mentioned in those provisions;

but for paragraph (1), the person would be required to hold a standard payment institution licence under section 6(4) of the Act, but not a major payment institution licence under section 6(5) of the Act;

where the person carries on a business of providing a domestic money transfer service, all the following conditions:

the person is not exempt under regulation 4 of the Payment Services (Exemption for Specified Period) Regulations 2019;

the business only involves one or more of the following types of transactions:

payment for goods or services where the payment is funded from an identifiable source;

payment for goods or services where the transaction value does not exceed $20,000 (or its equivalent in a foreign currency); (C)payment for any transaction (other than for goods or services) where the payment is funded from an identifiable source and the transaction value does not exceed $20,000 (or its equivalent in a foreign currency);

the person complies with section 20(1) of the Act as if the person were a licensee mentioned in that provision;

but for paragraph (1), the person would be required to hold a standard payment institution licence under section 6(4) of the Act, but not a major payment institution licence under section 6(5) of the Act;

where the person carries on a business of providing a cross‑border money transfer service, all the following conditions:

the person is —

not deemed to have been granted a licence under section 122(1), (4), (5) or (7) of the Act, or if the person was so deemed to have been granted a licence, the person has since ceased to hold the licence; and

not exempt under section 123(1) of the Act or regulation 29 of these Regulations or regulation 5 of the Payment Services (Exemption for Specified Period) Regulations 2019;

the business only involves transactions that are used as payment for goods or services and are funded from identifiable sources;

the person complies with section 20(1) of the Act as if the person were a licensee mentioned in that provision;

but for paragraph (1), the person would be required to hold a standard payment institution licence under section 6(4) of the Act, but not a major payment institution licence under section 6(5) of the Act;

where the person carries on a business of providing a merchant acquisition service, all the following conditions:

the person is not exempt under regulation 4 of the Payment Services (Exemption for Specified Period) Regulations 2019;

the person complies with section 20(1) of the Act as if the person were a licensee mentioned in that provision;

but for paragraph (1), the person would be required to hold a standard payment institution licence under section 6(4) of the Act, but not a major payment institution licence under section 6(5) of the Act; or

where the person carries on a business of providing e‑money issuance service, all the following conditions:

the person is —

not deemed to have been granted a licence under section 122(3), (5), (6) or (7) of the Act, or if the person was so deemed to have been granted a licence, the person has since ceased to hold the licence; and

not exempt under section 123(3) of the Act or regulation 6 of the Payment Services (Exemption for Specified Period) Regulations 2019;

the person complies with section 20(1) and (2) of the Act as if the person were a licensee mentioned in those provisions;

but for paragraph (1), the person would be required to hold a standard payment institution licence under section 6(4) of the Act, but not a major payment institution licence under section 6(5) of the Act.

for the purposes of paragraph (2)(a)(iii), whether an amount of money that is in foreign currency which is refunded by a person that issues a payment account from the payment account to the holder of the payment account exceeds $100;

for the purposes of paragraph (2)(b)(ii)(B), whether the value of a payment for goods or services executed by a person for a customer that is in foreign currency exceeds $20,000;

for the purposes of paragraph (2)(b)(ii)(C), whether the value of a payment which is executed by a person for a customer that is in foreign currency exceeds $20,000.

the exchange rate offered by the person to the customer for each refund or payment, as the case may be; or

where an exchange rate is not offered by the person to the customer — the applicable exchange rate that is published by any bank in Singapore on the date the refund is made, or the payment is executed.