meta_id 3372190

The Singapore FinTech Association (SFA) launched its Payments Industry Code of Conduct (the Code), establishing voluntary professional conduct and transparency standards for payment service providers (PSPs) operating in Singapore. The Code applies to holders of major payment institution licences, standard payment institution licences, money-changing licences, and exempt PSPs in relation to their regulated fiat currency payment services under the Payment Services Act 2019. The Code does not extend to digital payment token services. Adherence to the Code is voluntary and based on self-assessment. PSPs may become Code Adherents by assessing their policies, processes and systems against the Code's standards and publicly declaring compliance. Public declarations are valid for one year, after which renewed self-assessment is required. The Code crystallises best practices across multiple areas: pricing and transparency requiring PSPs to show customers the full transaction cost before commitment; prohibition of drip pricing and hidden mark-ups; fair marketing and advertising standards; fraud prevention and consumer protection frameworks; card dispute liability standards aligned with banking sector practices; data privacy and security compliance with the Personal Data Protection Act, including notification of notifiable data breaches within three calendar days; and operational resilience through stress-testing of critical systems including ledgers, wallets, payment gateways and authentication services. The Code is underpinned by core principles of fair treatment across customer segments, proportionality to provider size and risk profile, industry collaboration on systemic challenges, and robust anti-money laundering and counter-terrorism financing (AML/CTF) frameworks aligned with Monetary Authority of Singapore Notices. The SFA and industry players will review and update the Code regularly as Singapore's payments industry evolves. The Code complements, rather than replaces, existing obligations under the Payment Services Act and Monetary Authority of Singapore regulations. REFERENCES: Singapore FinTech Association. "Singapore FinTech Association launches Payments Industry Code of Conduct for Singapore." Accessed via Singapore FinTech Association official announcement.