Grab, Wise, and Liquid Group Commit to Singapore's Payment Standards
Grab, Wise, and Liquid Group have become the first companies to commit to Singapore’s new payment code, enhancing consumer protection and transparency.
The landscape of payment services in Singapore is evolving, thanks to a new voluntary code of conduct introduced by the Singapore Fintech Association (SFA) in August 2026. Grab, Wise, and Liquid Group have taken the lead by being the first to endorse this code, designed to enhance transparency and consumer protection within the payments sector.
Enhancing Transparency
The key goal of the new code is to set clear standards for payment service providers. It mandates that these providers disclose the entire cost of transactions upfront, ensuring customers are fully informed before proceeding. This includes revealing transaction fees, exchange rates, and any additional mark-ups that may apply.
Moreover, the code addresses critical issues such as fair advertising, robust fraud prevention measures, data privacy, and the security of transactions. It calls for regular stress tests of essential payment systems to ensure their resilience and reliability.
Self-Assessment and Compliance
Applicable under Singapore’s Payment Services Act 2019, this code targets regulated fiat payment services provided by both licensed and exempt payment operators. However, it does not extend to digital payment token services.
Participation in the code is entirely voluntary. Providers must assess their own systems, processes, and policies against the outlined standards before publicly declaring their commitment to compliance. These declarations are valid for one year, after which providers must undergo another self-assessment to maintain their commitment and demonstrate adherence to the code.
Support from Industry Leaders
Grab, a pivotal figure in the development of this code, is now collaborating with Wise and Liquid Group to implement these standards effectively. The aim is to encourage more payment service providers to join this initiative.
Shrawan (SK) Saraogi, the Asia Pacific Head of Banking and Expansion and Singapore CEO at Wise, emphasized the importance of voluntary participation. He stated, “The success of this code relies on the willingness of payment service providers to adopt it. By encouraging providers to evaluate themselves against these principles and publicly affirm their adherence, we hope to establish a uniform standard of pricing transparency across the industry.”
With time, the broader adoption of this code could lead to a culture where equal pricing transparency is expected not just from a few companies, but as a standard practice across Singapore's payment services.
“If more providers embrace the code, consumers can increasingly anticipate the same level of transparency across the board,” Saraogi added.