Startups often thrive when there is little or no regulation, and Singapore-based cross-border payments company Nium is no exception. When it launched in 2014, Singapore did not have any regulation for fintech platforms. All Nium had to do was get a remittance licence from the financial regulator, the Monetary Authority of Singapore (MAS). Today, the fintech startup has enabled cross-border payouts to over 55 countries.
That’s all set to change for fintechs that are already operational, like Nium, and any future companies that set up shop in Singapore. On 28 January, the city-state rolled out the E-payments Services Act (PSA).