Does this help? 
EXPANDING THE REGULATORY SCOPE FOR CREDIT CARD ISSUANCE
16. Under the current regime, only banks and non-bank financial
institutions are subject to MAS' rules on the issuance of credit
cards. New Part VIII extends MAS' regulatory scope to all issuers
targeting the Singapore market and not just banks and financial
institutions. Entities that have not been approved to issue credit
cards in Singapore will be prohibited from soliciting for or
accepting card applications in Singapore, and this applies equally
to third parties acting on their behalf. MAS will be empowered to
inspect the operations of approved card issuers for compliance with
MAS' rules pertaining to credit card operations.
17. The proposed regime also clarifies that single party merchant
credit is exempted from regulation. Such an arrangement, where the
card is used only for transactions with the issuer, is essentially
a deferred payment scheme offered by merchants to their customers.
In addition, a new exemption for cards granting credit in small
amounts not exceeding S$500 will be introduced. This allows
flexibility in payments for small-ticket items without raising
substantial concerns about Singaporeans spending beyond their
means.
From
http://www.mas.gov.sg/masmcm/bin/pt1Second_Reading_Speech_by_Mr_Lim_Hng_Kiang_22jan07.htm
