Customers of Singapore’s licensed payment firms would gain wider access to independent mediation and adjudication under a proposal to bring the sector into the Financial Industry Disputes Resolution Centre.
The Monetary Authority of Singapore opened the consultation on October 16. It proposes requiring major and standard payment institutions to subscribe to FIDReC, rather than leaving many unresolved complaints to supervisory follow-up.
Customers would still need to raise a dispute with their provider first. Access to FIDReC would cover eligible complaints and complainants, not every commercial disagreement or investment loss.
MAS says payment firms handle money and digital tokens in circumstances where service failures, misrepresentations, misconduct or disputes over responsibility for scam losses can cause financial harm.
Some e-wallet providers already participate through Singapore’s shared-responsibility framework for phishing scams. The proposal would extend membership across the wider licensed payment sector.
Money-changing licensees would remain outside the requirement. MAS considers their business models and the amounts held sufficiently limited that compulsory membership would impose a disproportionate burden.
The regulator also proposes membership for MAS-regulated stablecoin issuers after the stablecoin framework takes effect, allowing eligible holders to pursue disputes against issuers. That part requires a later regulatory amendment.
Fees and timing are not settled. New subscribers would face an onboarding charge as well as case fees and an annual levy. MAS and FIDReC plan industry engagement on the funding arrangements and implementation during 2027.
Responses are due by November 30. For now, this is a proposed expansion of an existing dispute-resolution system, not an immediately operative right against every payment provider.
