SINGAPORE, May 4, 2021 / PRNewswire / – Adyen, the global payments platform of choice for many of the world’s largest companies, today announced that its Singapore the entity, Adyen Singapore Pte Ltd, has received the approval of the Monetary Authority of Singapore (MAS) to wear outside merchant acquisition services within the framework of Payment Services Act 2019 (PSA).
From May 1, 2021, Adyen Singapore’s license as a major payments institution under the PSA has been extended to include merchant acquisition and domestic money transfer services, in addition to the previously licensed business of serving cross-border money transfer. Adyen Singapore is the first global payments provider to license the newly regulated PSA merchant acquisition service business.
The PSA is a streamlined framework for the regulation of payment systems and payment service providers Singapore. It entered into force on January 28, 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 sector was regulated by the Payment Systems (Supervision) Act – or PS (O) A – and the Foreign Exchange and Money Transfer Companies Act – or MCRBA. With the enactment of the PSA, both PS (O) A and MCRBA were repealed.
Adyen Singapore has implemented volume safeguards to protect customer funds under the PSA after the applicable transition period.
Warren hayashi, President, Asia Pacific, Adyen comments:
“We see the new regulations put in place by the MAS as a positive measure to improve the integrity and security standards of the payments ecosystem by Singapore. As we continue to develop Adyen’s business by Singapore, it is important that our operations remain in compliance with regulations, which is essential to build trust in the payments industry and protect the interests of consumers. ”
Mariette Swart, Chief Legal & Compliance Officer, Adyen comments:
“We are committed to ensuring that our operations remain compliant with evolving regulatory frameworks Singapore and in the markets in which we operate. It is our top priority to optimize our risk control efforts by constantly evaluating our policies and procedures against the regulatory frameworks of the markets in which we operate. Adyen offers the highest level of assurance to our clients so that they can focus on their core business with confidence. ”
Adyen (AMS: ADYEN) is the payment platform of choice for many of the world’s leading businesses, providing a modern end-to-end infrastructure connecting directly to Visa, Mastercard, and consumers’ preferred payment methods in the world. whole world. Adyen offers frictionless payments across online, mobile and in-store channels. With offices around the world, Adyen serves clients such as Facebook, Uber, Spotify, L’Oreal, Cathay Pacific, Grab, Klook and Singapore Airlines.