There are seven payment service activities under the Act as described below:

• Account Issuance – issuing or operating a payment account (for example, an eWallet) in Singapore;
• Domestic Money Transfers – providing local funds transfer services, including payment gateway services and payment kiosk services;
• Cross-border Money Transfers – providing remittance services in Singapore;
• Merchant Acquisition – providing services where the service provider contracts with a merchant to accept and process payment transactions resulting in a transfer of money to the merchant;
• E-Money Issuance – issuing e-money in Singapore to allow the users to make payments or transfers of eMoney;
• Digital Payment Tokens Dealing or Exchange – including the buying and selling of virtual currency or providing a platform allowing persons to exchange virtual currency in Singapore;
• Money Changing – buying and selling of foreign currency notes.

It provides for regulatory certainty and consumer safeguards, while encouraging the growth of payment services and FinTech. Amendments relating to anti-money laundering (AML) and countering terrorist financing(CTF), cross-border money transfer services and digital payment token (DPT) services were introduced in a revised bill, which was passed in January 2021.

Under the revised act, among other changes, the definition of cross-border money transfer services has been expanded to include providers in Singapore of cross-border money transfers between entities in different countries where the moneys are not necessarily accepted or received in Singapore.