Singapore legislation

Regulation 29

of Payment Services Regulations 2019

Regulation 29

Exemption for certain domestic money transfer providers

Subregulation 1

Subject to paragraph (2), a person (A) who carries on a business of providing a cross‑border money transfer service by accepting money in Singapore from another person (B) for the purpose of arranging for the transmission of the money to any person outside Singapore (C) through another person (D), is exempt from sections 5(1), 6(4) and (5) and 9(1) of the Act in respect of its business of providing the cross‑border money transfer service.

Subregulation 2

The exemption under paragraph (1) is subject to all the following conditions:

(a)

A is —

(i)

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

(ii)

not exempt under section 123(1) of the Act, regulation 28(1) of these Regulations or regulation 5 of the Payment Services (Exemption for Specified Period) Regulations 2019, in respect of the cross‑border money transfer service;

(b)

A has in force a licence that entitles A to carry on a business of providing a domestic money transfer service;

(c)

A transmits the money to D for the purpose of enabling D to transmit the money to C under an agreement between B and D;

(d)

D is —

(i)

licensed to carry on a business of providing cross‑border money transfer service;

(ii)

exempt from holding a licence to carry on a business of providing cross‑border money transfer service under regulation 28(1); or

(iii)

an exempt payment service provider;

(e)

D transmits the money to C pursuant to the agreement mentioned in sub‑paragraph (c).

Read in full context — Payment Services Regulations 2019 →