Grab, Wise and Liquid Group First to Back Singapore Payments Code

The Singapore Fintech Association (SFA) has introduced a voluntary payments industry code of conduct, with Grab, Wise, and Liquid Group as its inaugural participants. Launched in August 2026, this code is designed to improve transparency and consumer protection within the payment sector. It establishes specific standards for payment service providers, notably requiring them to disclose the full cost of transactions, including fees, exchange rates, and any mark-ups, before customers complete their payments.

Beyond financial transparency, the code addresses practices such as fair advertising, mandates the establishment of documented fraud-prevention frameworks, and sets guidelines for data privacy, security, and the regular stress-testing of critical payment systems. The code applies to regulated fiat payment services under Singapore’s Payment Services Act 2019, encompassing both licensed and exempt payment providers, but explicitly excludes digital payment token services.

Participation in this code is voluntary, with providers required to conduct self-assessments of their policies, processes, and systems against its standards before publicly declaring their adherence. These declarations are valid for one year, necessitating a fresh self-assessment to maintain status. The code functions as a complement to existing Monetary Authority of Singapore (MAS) regulations, rather than a replacement, with Grab, an early developer of the code, expressing a hope for broader industry adoption.