E-wallets ordered to subscribe to FIDReC under new category

34 e-wallet providers have subscribed.

34 e-wallet providers have subscribed to Financial Industry Disputes Resolution Centre Ltd after the Monetary Authority of Singapore required them along with the implementation of a Shared Responsibility Framework on 16 December 2024.

The e-wallet providers will fall under the “Payment Service Providers” category, a new category of financial institutions (“FIs”) that are required to subscribe to FIDReC, along with banks, finance companies and credit bureaus; life and composite insurers; general and composite insurers; capital markets services licensees; and licenced financial advisors and insurance brokers.

This new rule will allow consumers to seek resolution for complaints at FIDReC if an e-wallet provider fails to satisfactorily resolve the complaint within four weeks. It also encourages e-wallet providers to establish clear protocols for handling internal complaints.

As of 20 January 2025, FIDReC has received 16 claims against e-wallet providers. The claims received include disputes arising from fraud or scams; delays or failure in customer service; and unauthorised transactions following the loss of linked cards. The median claim amount was $1,094, while the average claim amount was $27,602.

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