The following entities have been granted an exemption from holding a licence under the Payment Services Act 2019 ("PS Act") for the payment services caught under the expanded scope of regulated activities for a specified period. Please note that these entities are not licensed under the PS Act to provide the payment services caught under the expanded scope of regulated activities, but are allowed to continue to provide these payment services.
 
The exemption will cease after the specified period or, if the entity submits a licence application under the PS Act and an external auditor attestation as required under the Transitional Regulations 2024, on the date that the application is approved or rejected by MAS, or withdrawn by the applicant.

Entities that have been providing the payment services caught under the expanded scope of regulated activities before the commencement of the Payment Services (Amendment) Act 2021 but have failed to notify MAS pursuant to the Transitional Regulations 2024 will be in breach of the notification requirements under the Transitional Regulations 2024. These entities are not licensed or exempt from holding a licence to provide the payment services caught under the expanded scope of regulated activities. Such entities should cease any regulated activities accordingly and contact MAS immediately. 

The list of entities that were previously exempted under the Transitional Regulations 2024 but are no longer exempt from holding a licence under the PS Act can be found here. Please refer to the Financial Institutions Directory for the full list of entities that are licensed by MAS, or approach the entity for more information on their exemption status.