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ARTICLE · 10 JUNE 2022

A Quick Guide To Singapore's Payment Services Ecosystem

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In line with her "Smart Nation" initiative and its vision to be the regional ‘FinTech' hub, Singapore has continuously encouraged financial innovation.

SingaporeTechnology
Leong Chuo Ming
Leong Chuo Ming
Yap Ling Man
Yap Ling Man
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In line with her "Smart Nation" initiative and its vision to be the regional 'FinTech' hub, Singapore has continuously encouraged financial innovation. While FinTech carries tremendous potential to revolutionize the financial industry and change lives for the better, if left unchecked, it also poses real risks in the market, and the lack of comprehensive regulation for this evolving market may lead to problems which affect market integrity and consumer protection. As such, in encouraging FinTech revolution, Singapore also places emphasis on mitigating risks brought by FinTech through regulatory reforms and institutional improvements together with industry players.

Further, the rise of FinTech has also resulted in considerable change in the payment services landscape, presenting new risks that arise from activities beyond the scope of the repealed laws(1) governing such services. This led to the enactment of the Payment Services Act 2019 (PSA), which came into

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