Payment services subject to licensing include a cross‑border money transfer service, a merchant acquisition service, and an e-money issuance service. To provide relevant payment services, applicants must have a permanent place of business or a registered office in Singapore. The applicant's board of directors should have either: at least 1 executive director who is a Singapore Citizen or Singapore Permanent Resident, or at least 1 non-executive director who is a Singapore Citizen or Singapore Permanent Resident and at least 1 executive director who is a Singapore Employment Pass Holder. New Regulations that came into force in 2020 provide for a class exemption from licensing requirement for entities providing payment services that carry low regulatory risks, such as transactions that are used as payment for goods or services. On 15 December 2023, the Payment Services Regulations 2019 were amended to implement revisions to limits imposed on personal payment accounts that contain e-money (e-wallets) issued by major payment institutions:  the maximum amount of funds that can be held at any given time (“stock cap”) in each e-wallet, has been raised from SGD 5,000 to SGD 20,000, whereas the maximum total outflow over a rolling 12-month period (“flow cap”) from each e-wallet, from has been raised from SGD 30,000 to SGD 100,000. All currencies continue to count towards the caps. Funds that are transferred from e-wallets into the user’s own overseas bank account continue to be excluded from the caps. See also: MAS Guidelines on Licensing for Payment Service Providers, Published Date: 18 December 2019, https://www.mas.gov.sg/regulation/guidelines/ps-g01-guidelines-on-licensing-for-payment-service-providers ; MAS Consultation Paper on Proposed Payment Services Regulations, Last Revised Date: 05 December 2019, https://www.mas.gov.sg/publications/consultations/2019/consultation-paper-on-proposed-payment-services-regulations ; MAS Consultation Paper on Proposed Amendments to Restrictions on Personal Payment Accounts that Contain E-Money, Published Date: 18 October 2022, https://www.mas.gov.sg/publications/consultations/2022/consultation-on-e-wallet-caps