In order to comply with Singapore’s Payment Services Act 2019, additional onboarding requirements have been implemented for SG-based accounts. These requirements are described in more detail here.

If your platform is using a connect account with platform-owned verification without leveraging Stripe’s Stripe hosted Onboarding or Embedded Onboarding solutions, you will not be able to collect essential information, such as the enhanced identity verification requirement which asks connected account holders to link their account with a digital identity provider.

As a Connect platform that owns a connected account(s) verification, there are two remediation types you can pursue:

Hybrid solution

The hybrid solution allows your platform to continue using the Connect API and your own onboarding forms. You will have to update your forms to collect the new required verification information from your users, and redirect them to Stripe hosted Onboarding or an embedded onboarding component at the final stage to complete the enhanced identity verification.

Move to Connect Onboarding

Alternatively, you can migrate your onboarding integration to Stripe hosted Onboarding or Embedded Onboarding. This will ensure you remain up to date with additional onboarding requirements as they are introduced in new regulation, without any additional engineering toil on your end.