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Clifford Chance

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Payment Services Bill Extends Licensing Net to Incidental Remittances

12 February 2019

The Money‑changing and Remittance Businesses Act (MCRBA) regulates the business of accepting money for transmission to persons outside Singapore and the High Court in Chinpo Shipping Co (Pte) Ltd v Public Prosecutor [2017] SGHC 108 (Chinpo) held that remittance activities that are carried on as incidental to their core business would not be caught by the licensing requirement under the MCRBA. The legislative position will change under the Payment Services Bill (PSB), which was passed by Parliament on 14 January 2019.

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Payment Services Bill Extends Licensing Net to Incidental Remittances

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