Adyen Singapore now licensed under Payment Services Act
Adyen, a global payments platform, has announced that its Singapore entity, Adyen Singapore Pte Ltd, has received approval from the Monetary Authority of Singapore (MAS) to carry out merchant acquisition services under the Payment Services Act 2019 (PSA).
Effective from 1 May 2021, Adyen Singapore's license as a Major Payment Institution under the PSA has been expanded to include merchant acquisition and domestic money transfer services, on top of the previously licensed activity of cross-border money transfer service. Adyen Singapore is the first global payments provider to be licensed for the newly regulated activity of merchant acquisition service under the PSA.
The PSA is a streamlined framework for the regulation of payment systems and payment service providers in Singapore. It came into force on 28 January 2020 and Adyen Singapore received its license as a Major Payment Institution under the PSA for cross-border money transfer services on the same day. Previously, the industry was regulated by the Payment Systems (Oversight) Act - or PS(O)A - and the Money-Changing and Remittance Businesses Act - or MCRBA. With the enactment of the PSA, the PS(O)A and MCRBA have both been repealed.
Adyen Singapore has put in place safeguarding arrangements for volume to safeguard customer funds under the PSA, following the applicable transition period, the firm said in a press release.
Warren Hayashi, President, Asia-Pacific, Adyen, said: “We see the new regulations put in place by the MAS as a positive move to uplift the integrity and security standards of the payments ecosystem in Singapore. As we continue to grow Adyen's business in Singapore, it is important our operations remain compliant with regulations, which is essential to building trust in the payments industry and safeguarding consumer interests.”
Mariette Swart, Chief Legal & Compliance Officer, Adyen, said: “We are committed to ensuring that our operations remain compliant with evolving regulatory frameworks in Singapore and in the markets we operate in. It is our foremost priority to optimise our risk control efforts by constantly assessing our policies and procedures against the regulatory frameworks of the markets we operate in. Adyen delivers the highest level of assurance to our customers so that they can focus on their core business with peace of mind.”