Grab, Wise and Liquid Group sign up to Singapore payments code
The Singapore Fintech Association introduced the voluntary standards in August 2026 to improve transparency and consumer protection.
Grab, Wise and Liquid Group have become the first providers to join a voluntary code for Singapore’s payments industry. The Singapore Fintech Association (SFA) launched the initiative in August 2026, aiming to strengthen consumer protection and transparency.
For participating providers, the standards include showing customers all transaction costs before they go ahead with a payment. Fees, exchange rates and mark-ups must be disclosed. Other provisions cover fair advertising, documented frameworks to prevent fraud, privacy and data security, and routine stress tests for critical payment systems.
Providers choosing to participate must check their policies, systems and processes against the standards before making a public declaration of adherence. That declaration is valid for one year; retaining the status requires a further self-assessment.
The framework covers regulated fiat payment services under Singapore’s Payment Services Act 2019, whether offered by licensed or exempt providers. It excludes digital payment token services and operates alongside existing Monetary Authority of Singapore regulations, without replacing them.
Grab said it had contributed to developing the code before the launch and was collaborating with Wise and Liquid Group on implementation. It also expressed hope that other payment providers would join.
