The Singapore FinTech Association (SFA) on Monday launched a voluntary industry code of conduct for payment service providers, introducing common standards on pricing transparency, consumer protection and operational resilience as the city-state’s digital payments sector continues to expand.
The Payments Industry Code of Conduct, developed together with industry participants, is open to holders of major payment institution, standard payment institution, and money-changing licences, as well as exempt payment service providers offering regulated fiat currency payment services under Singapore’s Payment Services Act 2019. The code does not cover digital payment token services.
Adoption of the code is voluntary. Payment service providers can become “Code Adherents” by conducting a self-assessment of their policies, processes and systems against the standards before publicly declaring compliance. The declaration remains valid for one year and requires annual renewal.
The code establishes best practices across several areas, including upfront disclosure of transaction costs, prohibition of hidden charges and exchange-rate markups, fair advertising, fraud prevention, data privacy, card dispute liability and operational resilience. It also calls for participation in industry-wide fraud prevention initiatives and adherence to anti-money laundering and counter-terrorism financing frameworks.
“Payments touch almost every part of daily life in Singapore, and people deserve to know exactly what they are paying and what protection they have,” SFA President Holly Fang said. She said the framework is designed to strengthen trust while evolving alongside the payments industry.
SK Saraogi, chief executive of Wise Asia Pacific and outgoing co-chair of the SFA Payments Subcommittee, said the code would help ensure customers understand the full cost of a payment, including exchange-rate markups, allowing consumers to compare providers on a consistent basis.
Jeremy Tan, chief executive of Liquid Group and co-chair of the SFA Payments Subcommittee, said the initiative would help reinforce Singapore’s position as a trusted global payments and fintech hub by promoting clear information, strong consumer safeguards and resilient payment services.
Business News Asia
