What is the Singapore MAS Payment License?
regulatory scope：MAS regulates designated payment services in accordance with the Payment Services Act 2019。SPI is available to businesses that do not exceed legal transaction volume or e-money balance thresholds；Institutions exceeding the relevant thresholds should usually apply for MPI；Only providing currency exchange services，Applicable currency exchange license。
- Account issuance：Open or operate a payment account。
- Domestic and cross-border transfers：Determine regulated activities based on capital flows and service arrangements。
- Merchant Acquirer：Accept and process payment transactions for merchants。
- Electronic currency issuance：Issue electronic money for payments。
- digital payment token：Only DPT services as defined in the Payment Services Act are covered，Does not mean automatically allowed to trade in all crypto assets、Security token or custody business。
MAS explains that the expanded scope of the Payment Services Act has taken effect on April 4, 2024；Applicants should useMAS How to Applyand current guidance judgments。
Applicants can define the scope of the license based on specific service combinations，avoid paying、DPT、Securities and other crypto asset activities lumped together。
SPI applies to businesses within the legal threshold；MPI is not subject to these thresholds，But assume higher capital、Safeguards and ongoing regulatory requirements。
MAS requires business plan、legal advice、AML/CFT、risk assessment、Technical testing and personnel arrangements are consistent with real business。
bank、Clearing institutions and commercial partners will still conduct independent due diligence and risk approval，License does not guarantee account opening、channel or customer acceptance。
Comparison table of core differences between Singapore SPI and MPI：
| Dimensions | Standard Payments Institution (SPI) | Major Payment Institution (MPI) |
|---|---|---|
| scale threshold | The monthly transaction volume of a single relevant payment service shall not exceed S$3 million.；The total of two or more items does not exceed S$6 million；The daily outstanding electronic currency shall not exceed S$5 million。 | Not subject to the above SPI scale threshold restrictions，but still subject to approved services、Customer asset protection and ongoing regulatory requirements。 |
| Minimum basic capital | S$100,000，and must maintain additional buffers based on business size and potential gains and losses.。 | S$250,000，and must maintain additional buffers based on business size and potential gains and losses.。 |
| margin | SPI’s general starting deposit is not listed on the MAS license eligibility page。 | A deposit of S$100,000 or S$200,000 is usually required before starting business.，Depends on transaction size；In the form of cash deposit or bank guarantee to MAS。 |
| subjects and persons | Singapore registered company or Singapore branch of foreign company；Must have a permanent place of business or a registered office where books and records can be kept securely，and be allocated according to the executive director’s residence portfolio listed in MAS。 | |
official basis：MAS SPI and MPI threshold、capital、Director and bond requirements。
Application conditions and materials list
Sort out the capital flow、information flow、contract flow，Identify regulated activities。
Complete Singapore entity、Compliance allocation of directors and key positions。
Submit AML/CFT、Risk control、technical security、Audit and outsourcing management documents。
Complete KYC、Transaction monitoring、Sanctions screening and suspicious transaction reporting mechanism。
Supplementary evidence based on MAS inquiry，Continuously update business and compliance instructions。
Application cycle and project milestones
The application process includes self-examination of business boundaries、Subject and governance configuration、Business planning and legal advice、AML/CFT and enterprise risk assessment、Technical and Penetration Testing Preparation、Submit online、Regulatory inquiries and pre-approval rectification。MAS has not promised a unified processing time limit on the current application page.，Actual progress depends on scope of application、Material integrity、personnel、System preparation and inquiry。
Application materials usually include ACRA business information within 30 days、Financial statements for the past three years when applicable、Organizational and Equity Chart、business plan、Regulatory legal opinions issued by a law firm familiar with the Singapore PS Act、AML/CFT Policy and Implementation Plan。New DPT applicants must also submit with their application a report by an independent external auditor assessing their AML/CFT and consumer protection processes.，The report must be signed within 3 months before submission。
Official verification：MAS application steps、Materials and application fees。
Cost and budget planning (including reference matrix)
MAS application fee is calculated based on license type and application service，not with capital、Margin or professional service fee consolidation。The application fee for a currency exchange license is S$500；SPI is S$1,000 or the total application fee for each service (whichever is higher)；MPI is S$1,500 or the total application fee for each service (whichever is higher)。
| Serve | SPI | MPI |
|---|---|---|
| Account issuance | S$0 | S$0 |
| Domestic transfer、Cross-border transfer、Merchant Acquirer、Electronic currency issuance、DPT service | S$1,000 per item | S$1,500 per item |
| currency exchange services | S$500 | S$500 |
Official basis and verification date：As of September 3, 2026，SeeMAS application materials and non-refundable application fee detailsandSingapore Statutes Online《Payment Services Regulations》。annual license fee、capital、margin、personnel、audit、System and professional services costs should be shown separately。
Continuing compliance requirements after licensing
Update customer due diligence according to changes in business risks、Monitoring rules and sanctions list management。
Submit regular reporting and audit information in accordance with regulatory requirements，Maintain traceability。
Strengthen access control、incident response、Penetration Testing and Outsourced Vendor Management。
Ensure critical functions continue to be in place，The Board of Directors has ultimate responsibility for risk and compliance。
Feasibility assessment and architectural design can be done first，However, it is usually necessary to implement the allocation of key management and compliance positions before formal application.。
It is necessary to judge whether it falls within the scope of supervision based on specific business activities.，It is recommended to do regulatory mapping and legal opinions first。
Not recommended。Operating first and then renewing the license will significantly increase the risk of law enforcement and rectification.。
Commonly seen in unclear business boundaries、AML system is out of touch with actual processes、Key personnel lack experience、Insufficient evidence of technical control。
need。After obtaining the license, it still needs to be audited、Report、System monitoring、Ongoing costs such as training and policy updates。
Usually press "place where the transaction occurred"、Customer location、3D design of "fund settlement place"，and sync with tax and data compliance。
Frequently Asked Questions about Singapore MAS Payment License(FAQ)
According to the Payment Services Act (PSA)，Mainly divided into three categories：Money Changer License (MC)、Standard Payment Institution License (SPI) and Large Payment Institution License (MPI)。
SPI or MPI can apply for multiple regulated payment services in one license，However, each service must be clearly included in the scope of approval。DPT services do not automatically cover security tokens、All crypto trading or other activities regulated by different laws。
SPI minimum is 10 Wanxinyuan，MPI minimum is 25 Wanxinyuan。In practice，MAS generally require adequate capital buffers beyond base levels。
MPI shall protect relevant customer funds in accordance with the Payment Services Act and applicable safeguard rules，The protection methods allowed by the rules can be used。Specifically a trust account、Bank guarantee or other arrangement，Must be checked according to the nature of services and funds，It cannot be generally said that all funds are deposited in "first-tier banks"。
cannot。The applicant must be a company incorporated in Singapore or a Singapore branch of a foreign company，And need to have a local registered office。
Must have at least one executive director resident in Singapore (citizen or permanent resident)，Or appoint an executive director with an employment pass and a citizen/permanent resident non-executive director。All employees must pass MAS’s eligibility review。
MAS requires a permanent place of business or a registered office where books and records can be kept securely，and designate at least one person to handle consumer inquiries or complaints at that location；The official statement does not always require independent physical offices and full-time on-site employees.。
The current application page of MAS does not promise a unified 4 to 6 month processing period.。Time depends on service area、Material integrity、key personnel、System preparation、External assessments and regulatory inquiries；DPT applications are also assessed on a case-by-case basis。
MAS application page sets out business plan、legal advice、AML/CFT and enterprise risk assessment、Organizational and Equity Chart、Financial information, etc.。New DPT applications must also submit an independent external audit evaluation report signed within the past 3 months.；Whether three years of data is required depends on whether the applicant or group already has corresponding financial statements.。
Strict customer identification must be established in accordance with PSN01 and PSN02 notices、Fund source tracking、Politically Exposed Person Screening and Continuous Transaction Monitoring Mechanism。
Applicants providing online financial services are required to undergo penetration testing，Fix all high-risk findings，and complete independent validity verification before being licensed.；Other technical and cybersecurity requirements as per business and MAS current notifications、guide judgment。
Breach of license conditions or statutory obligations may trigger regulatory directions、fine、pause、revocation or other civil、administrative、criminal consequences。Specific responsibilities depend on applicable provisions、Facts and Procedure，It is not appropriate to use “huge amounts” or blanket imprisonment to summarize。
The current How to Apply page of MAS lists legal opinions as application materials，A law firm with experience in the Singapore PS Act is required to conduct a detailed analysis of whether each product or service constitutes a regulated payment service.。
When business is expected or actually exceeds SPI statutory thresholds，You should apply for MPI or adjust your regulated business in a timely manner。MPI is the new application and review process，Not automatically upgraded；SPI scope and thresholds must still be adhered to before obtaining appropriate licenses。
Capital should be maintained after being licensed、appropriate personnel、AML/CFT、Customer asset protection、Records and reporting、audit、Technical risk and major change management。Penetration testing、Technical audit and compliance department configuration should be based on services、System and current requirements determined，It cannot be generalized to all licensees performing the same set of projects every year。
