The Singapore FinTech Association, an industry body for fintech companies in Singapore, launched a Payments Industry Code of Conduct on August 3 with industry players.

The voluntary code sets standards for payment service providers on pricing, marketing, fraud prevention, data privacy and security, and operational resilience.

Under the framework, payment service providers may declare adherence publicly after a self-assessment.

These declarations must state the year of the assessment and remain valid for one year.

The code says adherents should disclose full transaction costs upfront, avoid hidden exchange-rate mark-ups, and follow card dispute liability standards that apply to banks under the Association of Banks in Singapore Code of Practice.

It also says adherents should notify affected users and the Personal Data Protection Commission of notifiable data breaches as soon as practicable and within three calendar days of assessing the breach.

🔗 Source: Singapore FinTech Association (SFA)

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