Adyen, the global payments platform of choice for many of the world’s leading companies, today 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 May 1 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 (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 With the enactment of the PSA, the PS(O)A and MCRBA have both been repealed.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.
“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", said Warren Hayashi, President of Asia-Pacific of Adyen. "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.”
“We are committed to ensuring that our operations remain compliant with evolving regulatory frameworks in Singapore and in the markets we operate in", said Mariëtte Swart, Chief Legal & Compliance Officer of Adyen. "It is our foremost priority to optimize 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.”
Adyen (AMS: ADYEN) is the payments platform of choice for many of the world’s leading companies, providing a modern end-to-end infrastructure connecting directly to Visa, Mastercard, and consumers’ globally preferred payment methods. Adyen delivers frictionless payments across online, mobile, and in-store channels. With offices across the world, Adyen serves customers including Facebook, Uber, Spotify, L’Oréal, Cathay Pacific, Grab, Klook and Singapore Airlines. The obtainment of this license under the Payments Services Act underlines Adyen's continuous focus on policies and regulatory frameworks in the markets Adyen operates in.