Summary
The Singapore FinTech Association has launched a voluntary industry code of conduct for payment service providers, introducing common standards on pricing transparency, consumer protection, and operational resilience. The Payments Industry Code of Conduct is open to holders of major payment institution, standard payment institution, and money-changing licenses under Singapore's Payment Services Act 2019, as well as exempt payment service providers. The code does not cover digital payment token services. Adoption is voluntary — providers can become "Code Adherents" by conducting a self-assessment and publicly declaring compliance, valid for one year with annual renewal.
Key Facts
- SFA launched voluntary Payments Industry Code of Conduct on August 3, 2026
- Covers: upfront disclosure of transaction costs, prohibition of hidden charges and FX markups
- Also covers: fair advertising, fraud prevention, data privacy, card dispute liability, operational resilience
- Open to MPI, SPI, and money-changing license holders under Payment Services Act 2019
- Does not cover digital payment token services
- Adoption is voluntary — self-assessment + public declaration, valid 1 year, annual renewal
- Calls for participation in industry-wide fraud prevention initiatives
- SFA President Holly Fang: "People deserve to know exactly what they are paying"
- Wise APAC CEO SK Saraogi: code helps consumers compare providers on consistent basis
- Liquid Group CEO Jeremy Tan: reinforces Singapore's position as trusted payments hub
Why It Matters
The SFA's voluntary code of conduct is a significant step toward industry self-regulation in Singapore's payments sector, which has grown rapidly with the proliferation of digital payment providers, cross-border remittance platforms, and e-wallets. While voluntary, the code creates a benchmark that consumers and merchants can use to differentiate providers — and creates reputational pressure for non-adherents to comply. The focus on pricing transparency (upfront disclosure of transaction costs, prohibition of hidden FX markups) addresses a long-standing consumer pain point in cross-border payments and remittances. The exclusion of digital payment token services reflects the regulatory distinction between fiat payment services and crypto services in Singapore's framework. The code's structure — self-assessment with annual renewal — mirrors the "comply or explain" approach used in other financial industry codes.