The Payment Services (PS) Act is a forward-looking and flexible framework for the regulation of payment systems and payment service providers in Singapore. It provides for regulatory certainty and consumer safeguards while encouraging innovation and growth of payment services and FinTech.
Passed by the Singapore Parliament on 14 January 2019, it enables the Monetary Authority of Singapore (MAS) to regulate systemically important payment systems for financial stability as well as efficiency reasons and introduces a licensing regime that focuses on retail payment services provided to customers and merchants.
You can read more about it here.