The Singapore FinTech Association (SFA) has launched a new Payments Industry Code of Conduct to establish clear standards for payment service providers in their interactions with clients and peers. Applicable to entities offering regulated fiat-currency services under the Payment Services Act 2019, the voluntary code excludes digital payment token services and relies on a self-assessment framework for providers seeking “Code Adherent” status.
Under the new guidelines, adherent providers must ensure full pricing transparency by disclosing all transaction costs—including baseline amounts, fees, exchange rates, and spreads—upfront. The code strictly prohibits misleading practices, such as introducing hidden charges mid-transaction, advertising services as “free” when exchange-rate markups apply, or cherry-picking competitor fees to exaggerate cost savings.
Beyond fee transparency, the framework outlines operational expectations around cybersecurity, fraud mitigation, and data privacy. For card-based transactions, providers are encouraged to mirror the Association of Banks in Singapore’s liability protections to safeguard consumers against unauthorized charges. Additionally, adherents are required to report data breaches to both impacted users and the Personal Data Protection Commission within three calendar days of assessment. Designed to complement existing regulations from the Monetary Authority of Singapore, the code will be updated periodically to adapt to evolving industry standards.
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