Singapore Fintech Association Launches Payments Code of Conduct

Among the requirements: Code Adherents must show customers the full cost of a transaction before they commit, including the principal amount, transaction fees, exchange rate, any mark-up, and the final amount. They cannot add mandatory charges mid-transaction or describe a service as “free” if the total cost includes a mark-up or spread on the exchange rate without clear disclosure.

“One of the clearest messages from this Code is that customers deserve greater transparency and confidence when they make a payment,” said SK Saraogi, CEO of Wise Asia Pacific and outgoing Co-Chair of the SFA Payments Subcommittee. “A mark-up hidden in the exchange rate is still a cost to the customer and should be displayed transparently.”

The code also calls for documented fraud prevention frameworks, including regular risk assessments, transaction monitoring, escalation procedures, and user education. Code Adherents must identify and stress-test critical systems such as ledger and wallet systems, payment gateways, customer-facing APIs, and authentication services.

“As payments become more digital, instant and cross-border, maintaining trust across every transaction is essential,” said Jeremy Tan, CEO of Liquid Group and Co-Chair of the SFA Payments Subcommittee. “By setting a consistent baseline while giving providers room to innovate, it will help businesses put these principles into practice and give customers greater confidence in the services they use.”

The SFA said it and industry players will regularly review and update the code as Singapore’s payments industry evolves.