Core summary： With the acceleration of the wave of Chinese companies going global,，The cross-border payment ecosystem is fully covering the Southeast Asian market。2026beginning of the year，Zhongtong Digital and CoGoLinks cooperated with each other and obtained the Hong Kong MSO license and the Singapore MPI license respectively.。This article will give you an in-depth analysis，Why use Hong Kong and Singapore as fulcrums to apply for overseas cross-border payment licenses，It has become the “best choice” for domestic payment giants to expand their business territory.。
For expanding the internationalization of the RMB and companies going overseas,，In addition to policy promotion，It is also crucial for domestic payment giants to obtain overseas cross-border payment licenses。Entering 2026，This trend is becoming more and more obvious。
Recently，The cross-border payment market once again welcomes big news：Two domestic payment institutions have obtained cross-border payment licenses from Hong Kong and Singapore respectively.，Lay a solid foundation for further layout of payment and settlement business in the Southeast Asian market。
- Zhongtong Digital (Hong Kong)：Officially issued by Hong Kong CustomsMSO Money Service Operator License（Money Service Operator Licence，abbreviation MSO license）。
- CoGoLinks international travel：Its main company in Singapore has obtained the Major Payment Institution license (Major Payment Institution) issued by the Monetary Authority of Singapore.，abbreviation MPI license）。
current，Using Hong Kong and Singapore as the "bridgehead" for RMB cross-border settlement，And use this to radiate the ASEAN or Southeast Asian markets，It has become the strategic consensus of payment giants to deploy globally.。
The ASEAN conspiracy behind Hong Kong’s MSO license
ZTO Digital (Hong Kong) is backed by ZTO Express Group。Obtained Hong Kong MSO license this time，Marking a key step in its compliance layout in the field of cross-border payments，Officially possesses cross-border fund settlement qualifications covering the entire link。
The relevant person in charge of Zhongtong Digital said，The ASEAN market is the core of its cross-border business。Relying on the MSO license, the **"compliance passport"** for Hong Kong's cross-border financial business，ZTO Payment has obtained the legal right to carry out global fund settlement、Qualifications for multi-currency exchange and other services。This move not only builds a compliance bridge to serve global overseas companies，It can also be linked to the international logistics network，Effectively solve the settlement pain points in cross-border trade。
2026Beginning of the year，ZTO Digital has signed a strategic cooperation agreement with Shanghai Pudong Development Bank Hong Kong Branch，Both parties will focus on China-ASEAN cross-border e-commerce、AI、Capital flow needs of logistics and other industries，Build efficiency together、Low-cost cross-border payment system。
Hong Kong MSO License (Money Service Operator) Application Requirements：
Mainly targeted at remittance and currency exchange businesses，subject to Hong Kong Customs (C&ED) supervision。
- Application subject：Must be a company registered in Hong Kong or a non-Hong Kong company registered in Hong Kong。
- Determination of fit and proper person：all shareholders、Directors and ultimate beneficiaries must pass the “fit and proper” review by the Customs，Make sure there is no criminal record or bad integrity record。
- Compliance Officer (CO) with the Money Laundering Reporting Officer (MLRO)：A dedicated person must be appointed to be responsible for anti-money laundering (AML) monitor，And the person usually needs to have relevant professional background and be resident in Hong Kong。
- fixed place of business：Must have an actual office address in Hong Kong (for record storage and customs inspections)，If it is a commercial and residential address, written consent from the resident must be obtained。
- Interview session：The person in charge needs to go to the customs for an interview，Demonstrate understanding of Hong Kong’s Anti-Money Laundering Ordinance and business operating procedures。
Singapore MPI license：The "golden pass" to enter Southeast Asia
As the "Twin Stars" connecting Southeast Asia's cross-border payment market，Singapore and Hong Kong are both among the world’s top international financial centers.。If some institutions choose Hong Kong as their base point，Others see Singapore as their first stop。
CoGoLinks won by international Singapore MPI license，Authorized to carry out account issuance locally、Domestic remittance、Cross-border remittance、Merchant Acquirer、Five core services including electronic currency issuance。
In the context of deepening the implementation of the RCEP agreement，The increasingly close business ties between Southeast Asia and China have created huge demand for cross-border payments.。Industry veterans pointed out，Under the framework of Singapore’s Payment Services Act，MPI license reasonCovering a wide range of business、Process large transaction sizes、High compliance standards，Considered the “golden pass” to enter the cross-border payment market in Southeast Asia。
After getting the MPI license，Businesses can：
- Optimize two-way payment channels，Provide local account opening、Multi-currency payment service。
- Replicate the domestic mature "harvest"、With、exchange、"Guan" one-stop product system。
- Realize cross-border payment interoperability between Southeast Asia and the world，Empowering digital upgrade of international trade。
Singapore MPI licenseApplication core requirements：
- financial threshold：The paid-in capital is at least 25 10,000 Singapore Dollars，Additional payment is required to be made to MAS 10-20 Security deposit of S$10,000。
- local entity：Must be a Singapore company，and at least one executive director is a Singapore citizen or permanent resident (PR)。
- Fund isolation：Mandatory requirements such as bank custody or guarantee，on client funds 100% Isolation guarantee。
- Compliance：A strict AML/CFT (anti-money laundering) system must be established，And equipped with a professional compliance team and external audit。
Hong Kong MSO license andSingapore MPI license，Brief comparison：
| Financial license name | Hong Kong MSO | Singapore MPI |
| main regulatory authority | Hong Kong Customs and Excise Department (C&ED) | Monetary Authority of Singapore (BUT) |
| Business core | exchange currency、money transfer |
pay、electronic money、DPT
|
| threshold bias | Focus on personnel integrity and anti-money laundering procedures |
Focus on capital strength、Risk control and local substantive operations
|
Improve the "License Matrix"，Build core competitiveness
For cross-border payment business，Hong Kong MSO license is often the “first pass” to go overseas，And Singapore MPI、US MSB and other regional licenses，It is a strategic supplement made by giants based on actual business expansion needs.。
Institutions with more overseas business licenses，The stronger the compliance of its cross-border payment and settlement，The scale is also larger。Take CoGoLinks as an example，It obtained the Hong Kong MSO license in 2019，Subsequently, it successively obtained payment licenses from MSB in the United States and DIFC in the United Arab Emirates.，Its overall transaction size in 2025 will surge by more than 170% year-on-year，Enjoy the huge dividends brought by compliant overseas operations。
[Interpretation and services from Hong Kong ICT experts]
It can be seen from the strategic layout of payment giants，abroadFinancial license is the key for enterprises to comply with overseas regulations、The cornerstone of cross-border capital business。Whether it is a Hong Kong MSO license or a Singapore MPI license，Its application threshold and compliance requirements are increasing year by year.。
GXT-HKDeeply engaged in overseas financial license services for many years，Rich Hong Kong MSO、Singapore MPI/SPI、Canadian MSBApplication and compliance guidance experience for core cross-border payment licenses。If your organization is also interested in expanding overseas payment markets、Establish a cross-border fund settlement system，Feel free to contact Hong Kong Xintong’s professional consulting team at any time。
Reference sources：
Hong Kong Customs and Excise Department：Money Service Operator Licensing System
