8
“credit card” or “charge card” has the same meaning as in section 56 of the Banking Act
(Cap. 19);
“deposit” has the same meaning as in section 4B of the Banking Act (Cap. 19);
“deposit-taking business” has the same meaning as in section 4B of the Banking Act
(Cap. 19);
“designated payment system” means a payment system that is designated by the
Authority under section 43 to be a designated payment system for the purposes of this
Act;
“director” has the same meaning as in section 4(1) of the Companies Act;
“e-money” means any electronically stored monetary value that is denominated in any
currency that—
(a)
has been paid in advance for the purpose of making payment transactions
through the use of a payment account;
(b)
is accepted by a person other than the person that issues the e-money; and
(c)
represents a claim on the person that issues the e-money;
but does not include any deposit accepted in Singapore, from any person in Singapore,
by a person in the course of carrying on (whether in Singapore or elsewhere) a deposit-
taking business;
“employee” includes an individual seconded or temporarily transferred from another
employer;
“entity” means any body corporate or unincorporated, whether incorporated, formed or
established in or outside Singapore;
“executive director” means a director who is concurrently an executive officer;
“executive officer”, in relation to a corporation, means any individual, by whatever name
described, who —
(a)
is in the direct employment of, or acting for or by arrangement with, the
corporation; and
(b)
is concerned with or takes part in the management of the corporation on a
day‑to‑day basis;
“exempt person” means a person who is exempt under section 14;
“financing business” has the same meaning as in section 2 of the Finance Companies Act
(Cap. 108);
“Guidelines on Fit and Proper Criteria” means the document by that title issued by the
Authority and published on its website, as revised from time to time;
“Guidelines for Operation of “Merchant” Banks” means the document by that title issued
by the Authority and published on its website, as revised from time to time;
9
“licence” means a licence granted under section 7;
“licensee” means a payment service provider that is for the time being licensed;
“limited liability partnership” has the same meaning as in section 2(1) of the Limited
Liability Partnerships Act (Cap. 163A);
“major payment institution” means a person licenced under as section 7 as a major
payment institution;
“merchant” means a person who, in the course of the person’s business—
(a)
provides goods or services;
(b)
promotes the use or purchase of goods or services; or
(c)
receives or is entitled to receive money or other consideration as a result of
the provision of goods or services,
and includes any employee or agent of the person, but does not include a natural
person who is not registered under section 5 of the Business Names Registration Act
2014 (Act 29 of 2014);
“money” includes currency and e-money but does not include virtual currency;
“operator”, in relation to a payment system, means a person who operates the payment
system;
“participant”, in relation to a payment system, means any person who is recognised in
the rules of the payment system, otherwise recognised as being eligible to settle
payments through the payment system with other participants, or processes payments
through the payment system;
“partner” in relation to a limited liability partnership, has the same meaning as in
section 2(1) of the Limited Liability Partnerships Act (Cap. 163A);
“payee” means a person who is the intended recipient of money which has been the
subject of a payment transaction;
“payer” means a person who holds a payment account and initiates, or consents to the
initiation of, a payment order from that payment account;
“payment account” means—
(a)
any account held in the name of, or any account with a unique identifier of,
one or more payment service users; or
(b)
any personalised device or personalised facility,
which is used by a payment service user for the initiation, execution, or both of
payment transactions and includes a bank account, debit card, credit card and charge
card;
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“payment order” means any instruction by—
(a)
a payer; or
(b)
a payee,
to their respective payment service providers requesting the execution of a payment
transaction;
“payment service” means any service specified in the First Schedule but excludes
services specified in the Second Schedule;
“payment service provider” means any person who provides a payment service;
“payment service user” means any person when making use of a payment service in the
capacity of either payer or payee, or both;
“payment system” means a funds transfer system or other system that facilitates the
circulation of money, and includes any instruments and procedures that relate to the
system;
“payment transaction” means an act, initiated by the payer or payee, of placing,
transferring or withdrawing money, irrespective of any underlying obligations
between the payer or payee and includes—
(a)
the placing, transferring or withdrawing of money for the purposes of making
payment for goods or services; and
(b)
the placing, transferring or withdrawing of money for any other purpose.
“permanent place of business” means each fixed place or fixed location in Singapore
used by a licensee or an operator or settlement institution of a designated payment
system for carrying on business, whether within a single building or at a single
business address;
“personalised device or personalised facility” means any device or facility (whether in
physical or electronic form) with a name or unique identifier;
“place of business” means a permanent place of business, a mobile kiosk or any other
place used by the licensee or an operator or settlement institution of a designated
payment system for the conduct of business;
“public authority” means —
(a)
the Government, including any ministry, department and agency of the
Government, or an organ of State; or
(b)
any statutory body;
“registered office” means an office established by a person under section 142(1) or
370(1) of the Companies Act (Cap. 50);
“standard payment institution” means a person licenced under as section 7 as a standard
payment institution;
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