Grab, Wise and Liquid Group adopt Singapore’s payments code of conduct

By Divya Shah

Why it Matters: The initiative highlights a growing shift toward industry-led governance in digital payments. By encouraging transparent pricing, stronger fraud controls and operational resilience, the code could help build consumer trust and establish higher standards across Singapore’s payments ecosystem. 

Grab, Wise and Liquid Group have signed Singapore’s new Payments Industry Code of Conduct, a voluntary framework designed to promote greater transparency, consumer protection and operational standards across the payments sector. 

Introduced by the Singapore FinTech Association (SFA) in August 2026, the code establishes a set of industry guidelines for regulated payment service providers operating under Singapore’s Payment Services Act. 

A requirement of the framework is that providers clearly disclose the full cost of a transaction before customers proceed. This includes transaction fees, exchange rates, and any applicable mark-ups, helping consumers better understand the true cost of payment services. 

The code also addresses areas such as fair advertising practices, fraud prevention frameworks, data privacy and security, and the regular stress-testing of critical payment systems. 

Participation is voluntary, with providers required to assess their own policies, processes and systems against the code standards before publicly declaring compliance. These declarations remain valid for one year and must be renewed through a fresh self-assessment process.   

The initiative complements existing regulations issued by the Monetary Authority of Singapore (MAS) rather than replacing them, creating an additional layer of industry-led accountability and best practices. 

Grab, which contributed to the development of the code ahead of its launch, said it is now working alongside Wise and Liquid Group to support implementation and encourage wider industry participation. 

Shrawan (SK) Saraogi, Asia Pacific Head of Banking and Expansion and Singapore CEO at Wise, said, “Because the code is voluntary, its success depends on whether payment service providers choose to adopt it. The code encourages payment service providers to assess themselves against its principles and publicly declare their adherence.” 

He added: “Over time, if more providers do so, consumers can increasingly expect the same standard of pricing transparency across the industry—not just from a handful of companies, but as the norm for payments in Singapore.” 

The launch of the code reflects growing industry efforts to strengthen trust in digital payments as transaction volumes continue to rise and consumers demand greater transparency around fees, pricing and service standards.