Minimum net-worth requirements require payment service providers to meet phased capital thresholds and prescribed capital composition standards. Minimum net-worth requirements apply in phases to payment service providers. Regular Payment Service Providers must meet prescribed thresholds at ... Summary
Referred In :
International Financial Services Centres Authority (Payment Services) Regulations, 2024
Minimum net-worth requirements require payment service providers to meet phased capital thresholds and prescribed capital composition standards.
Minimum net-worth requirements apply in phases to payment service providers. Regular Payment Service Providers must meet prescribed thresholds at commencement and by the end of the third financial year. Significant Payment Service Providers must meet higher thresholds within ninety days of designation and by the end of the third financial year from designation. Net worth includes specified equity-linked capital and reserves, subject to deductions for losses, intangible assets, and deferred revenue expenditure.
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