Singapore FinTech Association Unveils Payments Code
The Singapore FinTech Association (SFA) has launched a voluntary code of conduct for payment service providers (PSPs), setting industry standards aimed at strengthening transparency, consumer protection and trust in the city-state's payments sector.
The Payments Industry Code of Conduct is open to holders of major and standard payment institution licences, money-changing licensees and exempt payment service providers offering regulated fiat currency payment services under Singapore's Payment Services Act.
Focus on Transparency and Consumer Protection
The code establishes best-practice standards across key areas including pricing transparency, fair advertising, fraud prevention, card dispute liability, data protection and operational resilience.
Participating firms commit to disclosing the full cost of transactions upfront, including fees, exchange rates and mark-ups. The code also discourages hidden charges and misleading «zero-fee» marketing claims while encouraging robust fraud prevention frameworks and stronger customer safeguards.
Adherence is voluntary and based on self-assessment. Firms choosing to adopt the code may publicly declare their compliance for one year before undergoing a renewed assessment.
Strengthening Trust in Digital Payments
The SFA said the code is designed to complement existing regulatory requirements under the Payment Services Act and the Monetary Authority of Singapore's rules rather than replace them. It will be reviewed regularly as the payments industry evolves.
«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,» said Holly Fang, president of the Singapore FinTech Association. «For the industry, it raises the baseline of trust that good businesses are built on.»
SK Saraogi, chief executive of Wise Asia Pacific and outgoing co-chair of the SFA Payments Subcommittee, said greater pricing transparency would allow consumers to make more informed decisions and promote fair competition among payment providers.
Jeremy Tan, chief executive of Liquid Group and co-chair of the SFA Payments Subcommittee, said the initiative would help strengthen confidence in digital and cross-border payments while reinforcing Singapore's position as a global payments and fintech hub.
