Payment services

The payments sector in the Asia-Pacific region continues to experience high levels of growth and investment, driven by technological advancements and consumer demand. The pace of innovation and growth makes it an exciting world to work in, but the complexity of the regulatory framework can present challenges to both new and established payment service providers.


In Singapore, a range of payment service providers fall within scope of the regulatory perimeter, such as money remitters, e-wallet providers, merchant acquirers, payment processors, payment facilitators, money changers, and providers of digital payment tokens (also known as cryptocurrencies). These firms are licenced and regulated under the Payment Services Act (PS Act) administered by the Monetary Authority of Singapore (MAS).

With a modular and risk-based regulatory approach, the PS Act is a flexible regulatory framework that reduces the impact of failure of a payment service provider while promoting a progressive payments sector in Singapore.

Since the inception of the PS Act in 2020, we have seen rapid growth in the number of payment service providers being licenced by the MAS, and many opportunities remain in the market with Singapore’s Digital Payments sector looking set to continue on its positive trajectory.

Hong Kong

In Hong Kong, different types of payment service providers such as, electronic money services, stored value facilities, etc. are licensed and regulated under different supervisory authorities.

Hong Kong businesses providing money changing or cross-border money remittance services need to be licensed as Money Service Operators (MSOs) with the Customs and Excise Department (C&ED) under the Anti-Money Laundering and Counter-Terrorist Financing Ordinance (AMLO).

The Hong Kong Monetary Authority (HKMA) is responsible for the licensing and supervision of businesses providing Stored Value Facilities (SVFs) such as e-wallets and prepaid cards, and for the designation and oversight of Retail Payment Systems (RPSs) in Hong Kong. The Payment Systems and Stored Value Facilities Ordinance (PSSVFO) provides the legal basis for the powers of the HKMA in relation to the regulation of SVFs and RPSs.

We help payments businesses of all shapes and sizes

We can support payment service providers through all stages of development. Whether helping clients develop a thorough understanding of the regulatory regime and supervisory framework, supporting regulatory applications, drafting tailored policies and procedures, or providing ad-hoc support, we are ready to help.

Targeted support for early-stage organisations

We can help you understand your regulatory obligations and obtain the relevant licence. Whether you’re a newly licenced firm or an established licensee, we will advise on efficient ways to remain compliant.

Singapore - MAS licencing
Hong Kong – MSO/SVF licencing

Ongoing advice and in-depth reviews for mature businesses

We work with some of the longest-established names in the industry, providing in-depth reviews of compliance arrangements in the form of health checks, assurance reviews and regulatory due diligence. We aim to form long-term partnerships:  with repeat assignments for many of our clients.

Help with all your regulatory compliance needs

Bovill Newgate has an unrivalled breadth and depth of expertise across all aspects of today’s regulatory regime. Our team includes dedicated specialists for licensing, safeguarding of client moneys, financial crime (AML/CFT), and provision of internal audit.