What does the Payment Services Act mean for me?

Region: Europe
Jan 29, 2020, 11:37:35 AM Published By Wirex Team

We have some important news to share with Wirexers in Singapore. Unfortunately, it’s not the most glamorous topic but bear with us – we want to make sure you understand exactly what’s going on.  

As some of you might already know, the Parliament of Singapore recently passed the Payment Service Act (PSA). The act, as defined by the Monetary Authority of Singapore (MAS), is, “A forward looking and flexible framework for the regulation of payment systems and payment service providers in Singapore. It provides for regulatory certainty and consumer safeguards, while encouraging innovation and growth of payment services and FinTech.”

We welcome any measures that protect consumers and encourage innovation in the payments industry. As a global company, local regulations like the PSA are a priority for Wirex.

So what does this mean for me?

Essentially, the act imposes new limits on your Wirex account. We’ve outlined these changes below: 

  • Total transactions are now limited to $30,000SGD per year
  • Maximum account balance is reduced to $5,000SGD 

The PSA is designed to keep your money as safe as possible. Despite this, we’re sorry for any inconvenience caused by these small changes. Don’t worry though – your favourite Wirex features are still available to help you take back control of your money.
That means:

  • Up to 1.5% back in BTC when you spend in-store with your Wirex card
  • Fee-free currency exchange at the interbank and OTC rate
  • Control of your traditional and cryptocurrency wherever, whenever

If you have any questions, don’t hesitate to log a ticket with our dedicated Support Team.