Singapore’s Monetary Authority proposes to require all Major Payment Institutions and Standard Payment Institutions to subscribe to the Financial Industry Disputes Resolution Centre. The 16 October 2026 consultation would extend independent dispute resolution beyond the e-wallet providers already brought into the scheme through the Shared Responsibility Framework.[1][3]
The proposed membership perimeter
| Population | Proposed treatment |
|---|---|
| Major Payment Institutions | Mandatory subscription to FIDReC |
| Standard Payment Institutions | Mandatory subscription to FIDReC |
| MAS-regulated stablecoin issuers | Subscription after the stablecoin regulatory framework takes effect |
| Money-changing-only licensees | Excluded from this proposed extension |
| Existing e-wallet subscribers | Already within the scheme; no repeat initial onboarding fee envisaged |
MAS links the proposal to disputes over stored customer balances, payment execution, digital payment tokens, misrepresentation and allocation of scam losses. It says money-changing-only firms present a narrower risk profile, with complaints more often concerning service and exchange rates than claims for financial redress.[3]
Existing FIDReC limits are separate from the proposal
| Route or condition | Current published scope |
|---|---|
| Mediation | No general monetary cap, subject to an eligible dispute |
| Adjudication | Up to S$150,000 for claims filed from 1 July 2024 |
| Eligible complainants | Includes individuals, sole proprietors, charities and qualifying small businesses |
| Institution and complaint | Must fall within FIDReC’s subscriber and dispute eligibility rules |
Costs and implementation remain to be settled
The paper proposes an initial onboarding fee for new subscribers, followed by case fees and an annual general levy. MAS and FIDReC plan to discuss the allocation framework and implementation timetable with industry during 2027. The consultation closes on 30 November 2026 at 19:00 Singapore time; that deadline is not the date the proposed membership obligation becomes law.[1][3]
As context, MAS reports 416 claims received against e-wallet providers under the existing framework through 30 June 2026, of which 141 were handled. Of completed claims, 99% concluded through mediation and 1% through adjudication. Those percentages refer to completed cases, not all 416 submissions.[3]
Sources & further reading
- Consultation on Expanding FIDReC Membership to Payment Service Providers, P017-2026 Monetary Authority of Singapore · 16 Oct 2026 · Accessed 26 Oct 2026
- FIDReC jurisdiction and its mediation and adjudication thresholds Financial Industry Disputes Resolution Centre · Accessed 26 Oct 2026
- Consultation paperP017-2026: Expanding FIDReC membership to payment service providers Monetary Authority of Singapore · 16 Oct 2026 · Accessed 26 Oct 2026