In brief
The Singapore Fintech Association (SFA) has published a new Payments Industry Code of Conduct ("Code"), setting out voluntary standards of professional conduct and transparency for the payments industry, layered on top of existing obligations under the Payment Services Act 2019 ("Act"). The Code may be viewed here.
The Code applies to holders of a major payment institution licence, standard payment institution licence, money-changing licence, or exempt payment service providers under the Act, as they may relate to any one or more regulated "payment services" that is not a "digital payment token service" (PSPs).
The Code is not intended to overlap with or override any applicable requirements under the Act, and the regulations, notices and guidelines promulgated thereunder ("Applicable Regulations"). PSPs may choose to adhere to the Code by conducting a self-assessment of their internal policies, processes, and systems against the principles and standards set out herein. Thereafter, if the PSP determines that it meets the requirements of the Code ("Code Adherent"), it may make a public statement indicating that the firm adheres to the best practices outlined in the Code. This declaration will have a validity duration of one (1) year, after which the "Code Adherent" status expires unless a renewed self-assessment is completed.
If you have any questions on how this may impact your business or operations, please feel free to reach out to us.
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