The Monetary Authority of Singapore proposes making FIDReC subscription compulsory for every Major Payment Institution and Standard Payment Institution licensee. The change would give eligible customers a more consistent external dispute route across payment providers, including future regulated stablecoin issuers once their licensing framework begins.[1]
Consultation P017-2026 opened on 16 October, with responses due at 7pm on 30 November 2026. No commencement date is set. Some e-wallet providers already subscribe; the proposal would expand that existing coverage through the specified licence categories.[1][5]
Providers in the proposed compulsory perimeter
| Provider category | Proposed treatment | Commencement |
|---|---|---|
| Major Payment Institution | All MPI licensees would subscribe to FIDReC. | Subject to the outcome and implementation of the consultation.Source 1 |
| Standard Payment Institution | All SPI licensees would subscribe. | Subject to the same future implementation process.Source 1 |
| MAS-regulated stablecoin issuer | Future licensees would subscribe. | Applies after the stablecoin regulatory framework comes into force.Source 1 |
| Existing e-wallet subscribers | Some providers already sit in a payment-service subscriber category. | Current coverage depends on the provider’s existing subscription.Source 5Source 1 |
From a provider complaint to mediation or adjudication
Typical dispute route
| Stage | What happens | Decision effect |
|---|---|---|
| Complaint to provider | The financial institution must first have an opportunity to resolve the complaint. | The dispute may end without external referral.Source 3 |
| FIDReC filing | Consumer files the complaint and supporting documents without a filing fee. | FIDReC checks subscriber status, claimant type and jurisdiction.Source 4Source 3 |
| Mediation | A neutral mediator facilitates a settlement. | No monetary jurisdiction limit; the mediator does not impose a merits decision.Source 2Source 3 |
| Adjudication | If mediation does not settle the case, the eligible consumer may proceed to an adjudicator. | An accepted award is binding on the financial institution; the consumer chooses whether to accept it.Source 6 |
FIDReC filing is free for consumers. Mediation has no monetary claim limit because it seeks a voluntary settlement. Adjudication is generally capped at S$150,000 per claim for claims filed from 1 July 2024, and an award accepted by the consumer binds the financial institution. The amount awarded depends on the evidence and remedy in the individual dispute.[3][4][6]
Claimant and subject-matter eligibility still determine which cases FIDReC can hear. Individuals, sole proprietors, small businesses, charities and specified related persons can qualify under its terms; certain commercial decisions, pricing and policy complaints fall outside its jurisdiction. The institution responsible for the disputed service also needs to be the relevant subscriber.[3]
The practical route for an existing customer starts with identifying the contracting provider, checking its present FIDReC subscription and giving it an opportunity to resolve the complaint. For providers in the proposed new perimeter, implementation will require their internal complaints process to connect with the external mediation and adjudication route.[1][2][3]
Sources & further reading
- Consultation on expanding FIDReC membership to payment service providers Monetary Authority of Singapore · 16 Oct 2026 · Accessed 16 Oct 2026
- FIDReC role, process and jurisdiction overview Financial Industry Disputes Resolution Centre · Accessed 16 Oct 2026
- FIDReC jurisdiction and claim limits Financial Industry Disputes Resolution Centre · Accessed 16 Oct 2026
- FIDReC consumer complaint and adjudication FAQs Financial Industry Disputes Resolution Centre · Accessed 16 Oct 2026
- E-wallet providers as a FIDReC subscriber category Financial Industry Disputes Resolution Centre · 21 Jan 2025 · Accessed 16 Oct 2026
- Elective subscription and dispute process FAQ Financial Industry Disputes Resolution Centre · Accessed 16 Oct 2026