Grab, Wise and Liquid Group are the first to sign up to Singapore’s new payments industry code of conduct.
The Singapore Fintech Association (SFA) introduced the voluntary code in August 2026 to improve transparency and consumer protection across the payments sector.
It sets standards for payment service providers, including disclosing the full cost of transactions before customers proceed.
This covers transaction fees, exchange rates and any mark-ups.
The code also addresses fair advertising, documented fraud-prevention frameworks, data privacy and security, and regular stress-testing of critical payment systems.
Providers Must Assess Their Own Compliance
The code applies to regulated fiat payment services under Singapore’s Payment Services Act 2019, including services offered by licensed and exempt payment providers. Digital payment token services are excluded.
Participation is voluntary, with providers required to assess their own policies, processes and systems against the code’s standards before publicly declaring their adherence.
These declarations remain valid for one year, after which providers must complete another self-assessment to maintain their status.
The code complements existing Monetary Authority of Singapore (MAS) regulations rather than replacing them.
Grab, which helped develop the code ahead of its August launch, said it is now working alongside Wise and Liquid Group to put the standards into practice.
The company hopes more payment service providers will follow suit.
Featured image: Edited by Fintech News Singapore, based on image by chormail via Magnific
