The Singapore FinTech Association has launched a voluntary Payments Industry Code of Conduct setting common standards for pricing transparency, fraud prevention and consumer protection among payment service providers. The code took effect August 3, 2026, and asks participating firms to disclose full transaction costs upfront and drop misleading zero-fee marketing, though adherence is based on self-assessment rather than independent verification.
Key Facts At A Glance
- Launched by the Singapore FinTech Association (SFA) on August 3, 2026
- Open to major and standard payment institution licence holders, money-changing licensees, and exempt payment service providers under the Payment Services Act 2019
- Digital payment token and crypto-related services are excluded from scope
- Requires upfront disclosure of transaction fees, exchange rates, mark-ups and final amounts before a transaction is confirmed
- Bans “drip pricing” and prohibits describing a service as “free” or “zero fee” when a real cost is embedded in the exchange rate spread
- Bans mid-transaction addition of mandatory charges
- Requires a documented fraud prevention framework and a defined card dispute liability process
- Adherence is voluntary, self-assessed, valid for one year, and must be renewed annually as “Code Adherent” status
Setting A Baseline Above Statutory Minimums
Singapore’s payments sector has introduced a self-regulatory standard that goes beyond what current law requires. The code positions itself as a complement to, not a replacement for, the Monetary Authority of Singapore’s statutory framework: where MAS requirements are prescriptive, payment service providers must comply with those rules regardless of whether they hold Code Adherent status.
The code’s core value lies in the areas where it exceeds existing statutory minimums. It requires granular upfront disclosure of foreign exchange mark-ups, bans “zero-fee” marketing when spreads constitute a real cost to the customer, and sets an explicit card liability framework for non-bank payment service providers, a group that had less clarity under existing rules.
Targeting Drip Pricing And Hidden Costs
The code defines drip pricing as advertising a lower price than the actual final cost, a practice Singapore’s Ministry of Trade and Industry had already flagged as a documented problem in both online and physical retail as far back as 2022. Under the new standard, code adherents must show customers the full cost of a transaction, including the principal amount, transaction fees, applicable exchange rate, any mark-up, and the final amount, before the customer commits to the transaction.
Providers also commit to not adding mandatory charges partway through a transaction and to ensuring advertisements do not give a false or misleading impression of service cost. An estimated 98 percent of Singaporean adults hold bank accounts as of 2026, giving the code’s consumer protection provisions broad potential reach across the resident population.
Fraud Prevention And Governance Structure
Beyond pricing, the code sets standards for fraud prevention and consumer protection, card dispute liability, data privacy and security, and operational resilience for critical systems. Code adherents commit to maintaining a documented fraud prevention framework and clearer channels for consumer recourse when disputes arise.
Declarations of Code Adherent status are valid for one year and must be renewed through another self-assessment, with no independent verification or regulatory approval attached to the designation. The SFA and industry participants have said they plan to review and update the code as Singapore’s payments sector develops.