Brief
On July 26, 2024, the Monetary Authority of Singapore (MAS) updated the Licensing Guidelines for Payment Service Providers (PS-G01) (“Guidelines“), which came into force on August 26, 2024. These changes are applicable to current and future Standard Payment Institutions (SPIs) and Large Payment Institutions (MPIs) under the Payment Services Act (PSA) .
The updates can be divided into those relating to: (i) the process of applying for a new MPI or SPI license, or an amendment to an existing license, under the PSA; and (ii) those relating to ongoing business conduct.
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