Singapore. Relevant money, protected.
Major payment institutions are licensed and supervised by the Monetary Authority of Singapore under the Payment Services Act 2019.
- Rules applied
- Relevant money for transfers and acquiring, and the e-money float, PSA s.23.
- Reports prepared
- PSN04 Form 8, safeguarding, monthly. Form 5 for e-money issuers.
- Checked
- Every business day, for each entity, in Singapore dollars.
What MAS expects.
Relevant money protected by an undertaking, a guarantee or a trust account with a safeguarding institution, on the timing each service sets.
Safeguarding of relevant money
Major payment institutions providing money transfer, merchant acquisition or e-money issuance. Supervised by Monetary Authority of Singapore.
s.23(1)-(2)s.23(2)(a)-(b)s.23(3)-(4)s.23(8)How Safeheld applies it. A daily check is applied as Safeheld policy; the Act sets the deadline, not the frequency. An undertaking or guarantee counts once a second person confirms it qualifies.
Returns and reports.
What is filed, when and where, and exactly what Safeheld produces for it.
- How often
- Monthly
- Due
- 30 days after month end
- Filed through
- MASNET
Daily relevant money in SGD for each service group, and how it was safeguarded by method and institution, in the Form 8 layout for keying into MASNET.
- How often
- Monthly
- Due
- 30 days after month end
- Filed through
- MASNET
The average value of e-money issued in the month, from each day's verified liability. For standard payment institutions that issue e-money.
A day that includes another currency is left for your team, because Form 8 converts each transaction at a set order of rates. Every report is reviewed and approved by your team before it is filed.
Every day
What Safeheld runs for Singapore.
Questions.
Is there a grace period for the e-money float?
No. The float must be protected from the time it is received. Money for transfers and acquiring has until the business day after receipt.
Can we combine a trust account with a guarantee?
Only with MAS approval by written notice. Safeheld records the approval with the instrument.
Does Safeheld submit Form 8?
No. It produces the figures in the Form 8 layout for your team to key into MASNET.
Do you cover digital payment token services?
Safeheld's Singapore rule sets cover relevant money and the e-money float under section 23. Customer assets held for digital payment token services sit under separate MAS requirements.