Singapore’s Payment Services Act

Singapore’s Payment Services Act
Singapore’s Payment Services Act

The Payments Services Act (PSA) came into effect on 28 January, 2020. Firms were given till the 27 February, 2020 to seek temporary exemption. The exemption period ended on 28 July, 2020 for DPT and will end on 28 January, 2021 for all others. The new framework regulating payment systems and payment service providers (including digital payment tokens) in Singapore is meant to be a forward looking and flexible framework, encouraging innovation and growth. The framework calls for implementation of various systems and controls, including anti-money laundering, enterprise-wide risk assessment, regulatory reporting, conduct and technology risk management.

How can Protiviti help your business become compliant to new Payment Services Act?

Business Plan Creation
  • Prepare a new business case for expansion of license
  • Update existing business plans which stand up to regulatory scrutiny
  • Review customer acquisition strategy inline with new operating model
  • Apply for MAS’s digital acceleration grant
  • Revenue modelling – rightsizing your organisation for growth
  • Organisational structure development
Process Augmentation
  • Review current state and design future state process to meet new regulations
  • Update TOM and solution stack for expanded regulatory supervision & reporting
  • Review business operations
  • Update all relevant AML/KYC/Transaction monitoring/ Fraud policies & procedures and create SOPs
  • Refresh enterprise-wide risk assessment
Infrastructure and People Development
  • Business transformation for the digital future
  • Organisational structure review to deliver change and monitor adoption
  • Implement new technology led systems for compliance, reporting and operations
  • Build internal knowledge base to manage and address new PSA requirements
  • Ongoing L&D
Business Operations Revamp
  • Meet AML/KYC processing, assurance and reporting requirements
  • Review current operational footprint and design future state lean organisational structure to meet new regulatory obligations supported via technology
  • Build/outsource risk & compliance and internal audit functions


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    Find out more about Risk & Compliance

    Risk Management

    • Co-sourced/outsourced
    • Risk function
    • Risk assessments
    • Model validation
    • Vendor selection-Risk

    Compliance Support

    • Preparation of license applications
    • Develop/refresh policy & procedures
    • Outsourced compliance function
    • AML/KYC support – managed service

    Technology Transformation

    • Technology, strategy and IT operations transformation
    • Security & privacy assessments
    • Penetration testing
    • Agile software implementation

    Internal Audit

    • Co-sourced/outsourced internal audit function
    • Digital & IT audits
    • Cybersecurity assessment
    • Technology risk management review

    Digital Enablement

    • Full stack development
    • RPA, AI and ML in risk management
    • Cloud strategy
    • UX/UI
    • Data analytics and visualization
    • AI enabled forensics

    Business Process Improvement

    • Change Management- manual to digital
    • Operating model redesign
    • Training & communication
    • Operations & process enhancement
    • Policies, procedures & SOPs
    • Financial reporting, remediation & compliance
    • Cost & performance management

    Click here Visit Risk & Compliance page

    Ready to work with us?

    Ranadip Dutta
    Ranadip Datta
    Managing Director