Soon after the Monetary Authority of Singapore (MAS) announced that the Payment Services Act 2019 (PS Act) will commence on 28 January 2020 (Commencement Date), MAS has now published the Guidelines on Licensing for Payment Service Providers (Guidelines), as well as certain specimen notification and application forms. The Guidelines set out the eligibility criteria and application procedures for payment service providers under the PS Act and will take effect on the Commencement Date.

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