Qoo10

What is Payment Services Act (PSA)?

The Payment Services (PS) Act is a forward-looking and flexible framework for the regulation of payment systems and payment service providers in Singapore. It provides for regulatory certainty and consumer safeguards while encouraging innovation and growth of payment services and FinTech. Singapore Parliament passed the Payment Service Act on 14 January 2019, to promote broader adoption of e-payments, regulates payment services and mitigates key risks.

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What is Payment Services Act (PSA)?

The Payment Services (PS) Act is a forward-looking and flexible framework for the regulation of payment systems and payment service providers in Singapore. It provides for regulatory certainty and consumer safeguards while encouraging innovation and growth of payment services and FinTech. Singapore Parliament passed the Payment Service Act on 14 January 2019, to promote broader adoption of e-payments, regulates payment services and mitigates key risks.

How does the PSA affect on Qoo10 and its operations?

With regards to the Payment Services Act, Companies that carry on a business of providing an account issuance service must ensure that the currency equivalent of the e‑money contained and/or transferred in any period of one year in a personal payment account does not exceed the prescribed amount of S$5,000.00 at the end of the day and S$30,000.00 annually. This cap refers to the combination of Qmoney and Q*coins for buyers with Singapore accounts only. For Sellers Settlement Account that is meant for conducting sales of goods and services in the platform, there is no limit to how much you can hold in your Settlement Account.

Is there a way to be exempted my account from the personal payment account flow limit?

Unfortunately, no user (both existing & new) is exempted in the newly-imposed personal payment account flow limit.

Why am I required to be Verified?

Qoo10 is rooted in a robust corporate governance structure allowing our business to balance commercial objectives with regulations, laws and policies. In addition that, Qoo10 to comply with AML/CFT (Anti-Money Laundering/Combating the Financing of Terrorism) policies in Singapore, as such Customer Due Diligence has to be conducted.

This process of identity verification is also known as KYC (“Know Your Customer”) process. By identifying the user and the persons connected to it and then verifying the information collected by obtaining supporting documents, it helps us to create a secure and safe platform by mitigating the risks of financial crimes. Be rest assured that your personal data will be handled and kept securely accordingly to Qoo10's Privacy Policy.


Whenever there is a change of regulation landscape, we may request additional documents when it is needed by the regulation.

You can verify yourself by the following methods:

1. MyInfo (Recommended if you have a SingPass)

2. Submission of your Identity document

MyInfo with SingPass (Recommended):

You can help us by retrieving your information fast and secure, instantly via your MyInfo via SingPass in just 3 simple steps:

1. Log in to your SingPass account
2. Provide consent on the personal information to be shared as required by the regulations
3. Review and approve the information retrieved

How do i upgrade my account to a Premium account to enjoy higher limits?

All user's Buyer Account will start with a Basic Account with the following limits. Buyers can choose to upgrade their account to a Premium Account to enjoy higher transaction and balance limits:





After verification, both the transaction limits and the balance limits will be raised. Upgrading is free!

Please follow the below steps to upgrade your account in a secure, fast and easy way:


Via Qoo10 App

Step 1: After log-in, tap on the box on the top right-hand corner



Step 2: Tap on your name




Step 3: Tap on Upgrade



After tapping on upgrade, please follow the steps to complete the upgrade by either verifying through MyInfo with Singpass (Recommended for a faster and easier process) or by uploading your ID card:






Via Qoo10 Website

Log in to your account and access the upgrade page via this URL. Scroll down to locate the following, and proceed with the upgrade process.