In short: The Monetary Authority of Singapore proposes that every major and standard payment institution would have to join FIDReC, the independent body that resolves customer disputes with financial firms. MAS-regulated stablecoin issuers would follow after their framework starts; money-changers would not. Comments close at 7:00 pm on 30 November 2026.
What would change for a customer?
Take a small business that sends a payment abroad through a licensed payment firm. The money does not arrive, and the firm rejects the business’s claim for the loss.
Payment firms other than e-wallet providers are not FIDReC members. Since the Act began in 2020, MAS has “fielded such disputes and followed up with the PSPs [payment service providers] on a supervisory basis”.
The business could take an eligible dispute to FIDReC for mediation (helping both sides agree a settlement) and, if that fails, adjudication (an independent decision).
FIDReC, the Financial Industry Disputes Resolution Centre, is described by MAS as “an independent and impartial dispute resolution body for consumer disputes” involving financial institutions. Only certain customers can use it: individuals, sole proprietors, charities and small businesses, as its Terms of Reference define them.
Who has to belong to FIDReC today?
The rule sits in the Financial Services and Markets (Dispute Resolution Schemes) Regulations 2023, made by MAS and in force since 28 April 2023. Every financial institution listed in Part 1 of their Second Schedule “must be a member” of an approved scheme, and FIDReC runs the only approved scheme.
Payment firms are licensed under a separate law, the Payment Services Act 2019. It created three licences: money-changing, standard payment institution and major payment institution. Standard and major payment institutions may offer any of the Act’s seven payment services, from e-money issuance to cross-border transfers. Only major institutions may go above set thresholds for monthly transaction volumes and for daily e-money float (the customer money held as e-money balances).
Must join today
- Banks and finance companies
- Credit and charge card licensees
- Direct insurers (some excepted) and direct insurance brokers
- Capital markets services and financial adviser licensees (some excepted)
- Exchanges open to retail investors directly
- Consumer credit bureaus
Would be added
- Major payment institutions
- Standard payment institutions
- MAS-regulated stablecoin issuers, after the stablecoin framework starts
Would stay out
- Money-changing licensees
Firms are already expected to handle complaints themselves first, under the Guidelines on Fair Dealing and the E-Payments User Protection Guidelines. FIDReC is the step after that, for a customer still unhappy with the firm’s answer.
Why is MAS proposing this now?
When the Act started in 2020, MAS chose not to require payment firms to join FIDReC, to ease their move into the new licensing regime. The paper says the change would “complement the suite of user protection measures” MAS has introduced for their customers.
The paper points to the kinds of disputes these firms can face: service lapses, misrepresentation, misconduct and who bears a loss, including scam losses. One group already has the experience. Under the 2024 Shared Responsibility Framework for phishing scams, set by MAS and the Infocomm Media Development Authority, e-wallet providers had to join FIDReC. From the framework’s start to 30 June 2026:
Our reading: that record suggests most payment disputes would end in mediation rather than a formal ruling.
Why are stablecoin issuers in and money-changers out?
MAS’s earlier consultation P015-2026 of 1 September 2026 proposed a fourth licence for MAS-regulated stablecoin issuers (stablecoins are digital tokens designed to hold a stable value). Because holders are expected to be able to redeem directly from the issuer, MAS wants them to have the FIDReC option too. Issuers would join “within an appropriate timeframe” after that framework comes into force. A major or standard institution already in FIDReC that later swaps to a stablecoin licence would not need to reapply.
Money-changers would stay out. MAS notes they work from physical premises and handle much smaller sums, and their complaints are mostly about service and exchange rates, not financial loss. Given their “small risk surface”, the paper says the requirement “would be overly burdensome”.
What would membership cost?
The paper sets out three charges; the details are to be worked out with the industry.
- Onboarding fee
- An initial fee so FIDReC is resourced for the new caseload. One option is a fixed sum shared equally by joining firms, leaving out e-wallet providers already members.
- Case fees
- Charged for each eligible dispute FIDReC handles.
- Annual general levy
- Covers FIDReC’s fixed costs. Each category of members, such as banks or insurers, pays in line with the resources its disputes take. Firms in a category split that share under a framework they agree, which may use equal division, market share and/or share of disputes. The new arrangement would replace the e-wallet providers’ current one.
- MAS principles
- Fair between firms; enough certainty and flexibility for budgeting; an incentive to settle complaints early without deterring firms from using FIDReC.
When would it start, and what does MAS ask?
No start date has been set. MAS and FIDReC will discuss the fee details and implementation timelines with the industry “over the course of 2027”.
- Should all major and standard payment institutions, and stablecoin issuers later, have to join FIDReC?
- Should money-changers be excluded?
- Is the draft amendment to the Regulations right?
Responses are published with the respondent’s name unless confidentiality is expressly requested.
Key facts
| Authority | Monetary Authority of Singapore (MAS) |
|---|---|
| Instrument | Consultation Paper P017-2026, Expanding FIDReC Membership to Payment Service Providers |
| Issue date | 16 October 2026 |
| Effective date | Not yet set; timelines to be discussed with industry over 2027 |
| Applies to | Major and standard payment institutions; later, MAS-regulated stablecoin issuers. Not money-changers |
| Status | Consultation Open until 7:00 pm, 30 November 2026 |
| Official source | MAS consultation page |
| Last verified | 20 October 2026, against the MAS page, the paper and Singapore Statutes Online |
What can a payment firm do now?
These are our suggestions, not requirements of the paper.
- Count last year’s complaints from individuals, sole proprietors, charities and small businesses that claimed a money loss, scams included. That is a first estimate of future FIDReC cases and case fees.
- Work out which levy basis suits you before you respond. Equal division, market share and share of disputes each suit a different mix of firm size and complaint record.
- Send comments by 7:00 pm on 30 November 2026, marking any part you want kept confidential.
Frequently asked questions
We are an e-wallet provider and already belong to FIDReC. What changes for us?
The paper treats you as already subscribed. In its example, a shared onboarding fee would leave out e-wallet providers already in FIDReC, and a new levy arrangement for payment firms would replace the one now in place for e-wallet providers.
Could any customer take a payment firm to FIDReC?
No. Only eligible complainants can: individuals, sole proprietors, charities and small businesses as FIDReC’s Terms of Reference define them. The dispute must also meet FIDReC’s eligibility conditions, and customers are expected to go to the firm first.
Why would money-changers be left out?
MAS says they may only change money, which they do with customers at their premises, handle much smaller sums, and their complaints are mostly about service and exchange rates. Given their small risk surface, it judges the requirement would be overly burdensome.
When would payment institutions have to join?
No date is set. The paper proposes amending the Dispute Resolution Schemes Regulations; MAS and FIDReC will discuss fees and implementation timelines with the industry over the course of 2027.
Legal basis
Membership duty: Financial Services and Markets (Dispute Resolution Schemes) Regulations 2023 (S 232/2023), regulation 4(2); FIDReC listed in the First Schedule; member institutions in Part 1 of the Second Schedule. Made under sections 38 and 192 of the Financial Services and Markets Act 2022.
Proposed change: a new item 10 in Part 1: “A major payment institution or standard payment institution [… or MAS-regulated stablecoin issuer] licensed under the Payment Services Act 2019” (Annex A, draft).
Licence types: Payment Services Act 2019, section 6(2).
Sources (official, verified 20 October 2026)
- MAS, Consultation on Expanding FIDReC Membership to Payment Service Providers (P017-2026) https://www.mas.gov.sg/publications/consultations/2026/consultation-on-expanding-fidrec-membership-to-psps
- MAS, Consultation Paper P017-2026 (PDF) https://www.mas.gov.sg/-/media/mas-media-library/publications/consultations/pd/2026/oct2026_consultation-paper-on-expanding-fidrec-membership-to-psps/16oct2026_consultation-paper-on-expanding-fidrec-membership-to-psps.pdf
- Singapore Statutes Online, Financial Services and Markets (Dispute Resolution Schemes) Regulations 2023 https://sso.agc.gov.sg/SL/FSMA2022-S232-2023
- Singapore Statutes Online, Payment Services Act 2019 https://sso.agc.gov.sg/Act/PSA2019
- MAS, Consultation on Proposed Amendments to the Payment Services Act 2019 for Stablecoins Regulation (P015-2026) https://www.mas.gov.sg/publications/consultations/2026/consultation-on-proposed-amendments-to-the-payment-services-act-for-stablecoin-regulation
- MAS, E-Payments User Protection Guidelines https://www.mas.gov.sg/regulation/guidelines/e-payments-user-protection-guidelines
- MAS, Guidelines on Shared Responsibility Framework https://www.mas.gov.sg/regulation/guidelines/guidelines-on-shared-responsibility-framework
- FIDReC, Terms of Reference https://www.fidrec.com.sg/knowledgebase/article/KA-01002
- Singapore
- MAS
- FIDReC
- Payment Services Act 2019
- Dispute resolution
- Banking Regulations
Book a demo to see how each regulatory change becomes an executable action list, with immediate, safer compliance as well.
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In short: The Monetary Authority of Singapore proposes that every major and standard payment institution would have to join FIDReC, the independent body that resolves customer disputes with financial firms. MAS-regulated stablecoin issuers would follow after their framework starts; money-changers would not. Comments close at 7:00 pm on 30 November 2026.
What would change for a customer?
Take a small business that sends a payment abroad through a licensed payment firm. The money does not arrive, and the firm rejects the business’s claim for the loss.
Payment firms other than e-wallet providers are not FIDReC members. Since the Act began in 2020, MAS has “fielded such disputes and followed up with the PSPs [payment service providers] on a supervisory basis”.
The business could take an eligible dispute to FIDReC for mediation (helping both sides agree a settlement) and, if that fails, adjudication (an independent decision).
FIDReC, the Financial Industry Disputes Resolution Centre, is described by MAS as “an independent and impartial dispute resolution body for consumer disputes” involving financial institutions. Only certain customers can use it: individuals, sole proprietors, charities and small businesses, as its Terms of Reference define them.
Who has to belong to FIDReC today?
The rule sits in the Financial Services and Markets (Dispute Resolution Schemes) Regulations 2023, made by MAS and in force since 28 April 2023. Every financial institution listed in Part 1 of their Second Schedule “must be a member” of an approved scheme, and FIDReC runs the only approved scheme.
Payment firms are licensed under a separate law, the Payment Services Act 2019. It created three licences: money-changing, standard payment institution and major payment institution. Standard and major payment institutions may offer any of the Act’s seven payment services, from e-money issuance to cross-border transfers. Only major institutions may go above set thresholds for monthly transaction volumes and for daily e-money float (the customer money held as e-money balances).
Must join today
- Banks and finance companies
- Credit and charge card licensees
- Direct insurers (some excepted) and direct insurance brokers
- Capital markets services and financial adviser licensees (some excepted)
- Exchanges open to retail investors directly
- Consumer credit bureaus
Would be added
- Major payment institutions
- Standard payment institutions
- MAS-regulated stablecoin issuers, after the stablecoin framework starts
Would stay out
- Money-changing licensees
Firms are already expected to handle complaints themselves first, under the Guidelines on Fair Dealing and the E-Payments User Protection Guidelines. FIDReC is the step after that, for a customer still unhappy with the firm’s answer.
Why is MAS proposing this now?
When the Act started in 2020, MAS chose not to require payment firms to join FIDReC, to ease their move into the new licensing regime. The paper says the change would “complement the suite of user protection measures” MAS has introduced for their customers.
The paper points to the kinds of disputes these firms can face: service lapses, misrepresentation, misconduct and who bears a loss, including scam losses. One group already has the experience. Under the 2024 Shared Responsibility Framework for phishing scams, set by MAS and the Infocomm Media Development Authority, e-wallet providers had to join FIDReC. From the framework’s start to 30 June 2026:
Our reading: that record suggests most payment disputes would end in mediation rather than a formal ruling.
Why are stablecoin issuers in and money-changers out?
MAS’s earlier consultation P015-2026 of 1 September 2026 proposed a fourth licence for MAS-regulated stablecoin issuers (stablecoins are digital tokens designed to hold a stable value). Because holders are expected to be able to redeem directly from the issuer, MAS wants them to have the FIDReC option too. Issuers would join “within an appropriate timeframe” after that framework comes into force. A major or standard institution already in FIDReC that later swaps to a stablecoin licence would not need to reapply.
Money-changers would stay out. MAS notes they work from physical premises and handle much smaller sums, and their complaints are mostly about service and exchange rates, not financial loss. Given their “small risk surface”, the paper says the requirement “would be overly burdensome”.
What would membership cost?
The paper sets out three charges; the details are to be worked out with the industry.
- Onboarding fee
- An initial fee so FIDReC is resourced for the new caseload. One option is a fixed sum shared equally by joining firms, leaving out e-wallet providers already members.
- Case fees
- Charged for each eligible dispute FIDReC handles.
- Annual general levy
- Covers FIDReC’s fixed costs. Each category of members, such as banks or insurers, pays in line with the resources its disputes take. Firms in a category split that share under a framework they agree, which may use equal division, market share and/or share of disputes. The new arrangement would replace the e-wallet providers’ current one.
- MAS principles
- Fair between firms; enough certainty and flexibility for budgeting; an incentive to settle complaints early without deterring firms from using FIDReC.
When would it start, and what does MAS ask?
No start date has been set. MAS and FIDReC will discuss the fee details and implementation timelines with the industry “over the course of 2027”.
- Should all major and standard payment institutions, and stablecoin issuers later, have to join FIDReC?
- Should money-changers be excluded?
- Is the draft amendment to the Regulations right?
Responses are published with the respondent’s name unless confidentiality is expressly requested.
Key facts
| Authority | Monetary Authority of Singapore (MAS) |
|---|---|
| Instrument | Consultation Paper P017-2026, Expanding FIDReC Membership to Payment Service Providers |
| Issue date | 16 October 2026 |
| Effective date | Not yet set; timelines to be discussed with industry over 2027 |
| Applies to | Major and standard payment institutions; later, MAS-regulated stablecoin issuers. Not money-changers |
| Status | Consultation Open until 7:00 pm, 30 November 2026 |
| Official source | MAS consultation page |
| Last verified | 20 October 2026, against the MAS page, the paper and Singapore Statutes Online |
What can a payment firm do now?
These are our suggestions, not requirements of the paper.
- Count last year’s complaints from individuals, sole proprietors, charities and small businesses that claimed a money loss, scams included. That is a first estimate of future FIDReC cases and case fees.
- Work out which levy basis suits you before you respond. Equal division, market share and share of disputes each suit a different mix of firm size and complaint record.
- Send comments by 7:00 pm on 30 November 2026, marking any part you want kept confidential.
Frequently asked questions
We are an e-wallet provider and already belong to FIDReC. What changes for us?
The paper treats you as already subscribed. In its example, a shared onboarding fee would leave out e-wallet providers already in FIDReC, and a new levy arrangement for payment firms would replace the one now in place for e-wallet providers.
Could any customer take a payment firm to FIDReC?
No. Only eligible complainants can: individuals, sole proprietors, charities and small businesses as FIDReC’s Terms of Reference define them. The dispute must also meet FIDReC’s eligibility conditions, and customers are expected to go to the firm first.
Why would money-changers be left out?
MAS says they may only change money, which they do with customers at their premises, handle much smaller sums, and their complaints are mostly about service and exchange rates. Given their small risk surface, it judges the requirement would be overly burdensome.
When would payment institutions have to join?
No date is set. The paper proposes amending the Dispute Resolution Schemes Regulations; MAS and FIDReC will discuss fees and implementation timelines with the industry over the course of 2027.
Legal basis
Membership duty: Financial Services and Markets (Dispute Resolution Schemes) Regulations 2023 (S 232/2023), regulation 4(2); FIDReC listed in the First Schedule; member institutions in Part 1 of the Second Schedule. Made under sections 38 and 192 of the Financial Services and Markets Act 2022.
Proposed change: a new item 10 in Part 1: “A major payment institution or standard payment institution [… or MAS-regulated stablecoin issuer] licensed under the Payment Services Act 2019” (Annex A, draft).
Licence types: Payment Services Act 2019, section 6(2).
Sources (official, verified 20 October 2026)
- MAS, Consultation on Expanding FIDReC Membership to Payment Service Providers (P017-2026) https://www.mas.gov.sg/publications/consultations/2026/consultation-on-expanding-fidrec-membership-to-psps
- MAS, Consultation Paper P017-2026 (PDF) https://www.mas.gov.sg/-/media/mas-media-library/publications/consultations/pd/2026/oct2026_consultation-paper-on-expanding-fidrec-membership-to-psps/16oct2026_consultation-paper-on-expanding-fidrec-membership-to-psps.pdf
- Singapore Statutes Online, Financial Services and Markets (Dispute Resolution Schemes) Regulations 2023 https://sso.agc.gov.sg/SL/FSMA2022-S232-2023
- Singapore Statutes Online, Payment Services Act 2019 https://sso.agc.gov.sg/Act/PSA2019
- MAS, Consultation on Proposed Amendments to the Payment Services Act 2019 for Stablecoins Regulation (P015-2026) https://www.mas.gov.sg/publications/consultations/2026/consultation-on-proposed-amendments-to-the-payment-services-act-for-stablecoin-regulation
- MAS, E-Payments User Protection Guidelines https://www.mas.gov.sg/regulation/guidelines/e-payments-user-protection-guidelines
- MAS, Guidelines on Shared Responsibility Framework https://www.mas.gov.sg/regulation/guidelines/guidelines-on-shared-responsibility-framework
- FIDReC, Terms of Reference https://www.fidrec.com.sg/knowledgebase/article/KA-01002
- Singapore
- MAS
- FIDReC
- Payment Services Act 2019
- Dispute resolution
- Banking Regulations
Book a demo to see how each regulatory change becomes an executable action list, with immediate, safer compliance as well.
Agentic AI Built Exclusively for BFSI
Neurasix delivers rule-aligned agentic workflows – from regulatory intelligence to audit-ready outputs