The Payment Services Act is now in force in Singapore, imposing a kind of activity-based licensing on firms in recognition of the different kinds of activity they perform and of new developments in the payments sector. It also expands the ambit of the Monetary Authority of Singapore to include new types of payment service such as digital payment token services.

To support the transition of payment service firms to the new Act, the MAS has embarked on a "payments regulatory evaluation programme" to help them connect with providers of legal services. The regulator believes that the activity-based and risk-focused regulatory structure allows it to enforce its rules proportionately and to 'be robust' in the face of changing business models. Growth and innovation are its aims.

The old Money-changing and Remittance Businesses Act and the Payment Systems (Oversight) Act will be repealed, but have not been so far.