New Singapore payments code takes aim at hidden mark-ups and misleading “zero fee” claims
Singapore’s payments industry is getting a new conduct playbook at a time when digital wallets, cross-border transfers and instant payments have become part of daily life for consumers and businesses. The Singapore FinTech Association (SFA), together with industry players, today launched the Payments Industry Code of Conduct, a voluntary framework that sets out common standards […] The post New…
The Singapore FinTech Association (SFA) has launched the Payments Industry Code of Conduct, a voluntary framework aimed at improving transparency and trust in the country's payments industry. The Code covers pricing transparency, advertising, fraud prevention, card dispute liability, data protection, operational resilience, and anti-money laundering and countering the financing of terrorism controls.
Unlike a regulation, the Code is not mandatory, but payment service providers can assess their policies, systems, and processes against the standards and declare themselves as "Code Adherents" for a one-year period. The primary goal of the Code is to make payment costs easier to understand for consumers, especially in cross-border transactions, by requiring providers to display the full cost upfront, including fees, exchange rates, and any mark-ups.
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