Adyen has announced that its Singapore entity has received approval from the Monetary Authority of Singapore to carry out merchant acquisition services under the Payment Services Act 2019 (PSA).
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.
The PSA is a streamlined framework for the regulation of payment systems and payment service providers in Singapore. It came into effect 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. According to the press release, Adyen Singapore has put in place safeguarding arrangements for volume to safeguard customer funds under the PSA, following the applicable transition period.