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。
The main standard payment institutions under the Payment Services Act are SPI、Major Payment Institution MPI and Currency Exchange License，Must be selected based on actual service type and scale。 SeeBUT：Payment service license categories and access conditions。
SPI is typically subject to a single payment service monthly average 300 Wanxinyuan、Total of multiple items 600 Daily outstanding amount of S$10,000 and e-money 500 Threshold constraints such as S$10,000，Calculation has service exclusions；Exceeding applicable thresholds requires MPI assessment。 SeeBUT：Payment service license categories and access conditions。
uncertain。This type of license is applicable only if you are engaged in currency exchange，Qualifications and business scope are different from SPI/MPI，Cannot mix admission requirements。 SeeBUT：Payment service license categories and access conditions。
Official conditions allow prescribed entities such as Singapore-registered companies or Singapore branches of foreign companies，It cannot be said that only local companies are accepted.。 SeeBUT：Payment service license categories and access conditions。
If the event requires a permit，Should be carried out after being legally permitted，Can't put it into operation first、Back-up application as a general plan。It is necessary to first analyze whether the service is regulated and whether there are applicable exemptions。 SeeBUT：Payment service license categories and access conditions。
Official admission criteria list SPI minimum 10 Wanxinyuan、MPI at least 25 Wanxinyuan，and should set aside a buffer that matches the operating risks；This is not a government application fee。 SeeBUT：Payment service license categories and access conditions。
Frequently Asked Questions about Singapore MAS Payment License(FAQ)
Coverage needs to be submitted in accordance with applicable conditions before commencing business。When officially listed as meeting the conditions for lower transaction size, 10 Wanxinyuan，Otherwise 20 Wanxinyuan，The prescribed cash deposit or bank guarantee method can be used。 SeeBUT：Payment service license categories and access conditions。
Must have a permanent place of business or a qualified registered office，Safe storage of records，and assign personnel to handle consumer inquiries or complaints，Don’t just buy an address that can’t perform its job。 SeeBUT：Payment service license categories and access conditions。
no。SPI/MPI has at least one executive director who is a Singapore citizen or permanent resident，or an executive director holding a valid work pass and at least one other director who is a citizen or permanent resident，Implemented according to official conditions。 SeeBUT：Payment service license categories and access conditions。
Controller、Directors and relevant personnel must meet the fit and proper requirements，and display and payment services、Competence and experience matching compliance and risk management。 SeeBUT：Payment service license categories and access conditions。
Includes recent ACRA information、Organizational and Compliance Structure、Equity and control relationship diagram、business plan、Relevant personnel information，and applicable financial statements.。ACRA information usually must be in 30 within days。 SeeBUT：Application materials and government application fees。
insufficient。MAS requires law firms familiar with Singapore's payment services law to conduct a detailed analysis of each product or service and its regulatory attribution，cannot be replaced by general conclusions。 SeeBUT：Application materials and government application fees。
Should include a risk assessment、AML/CFT Policy、Implementation arrangements for relevant notifications、Responsibilities and personnel information，and explain how to actually implement it in the proposed business.。 SeeBUT：Application materials and government application fees。
have。Official application guidance requires independent external auditors to assess applicable anti-money laundering and consumer protection arrangements，The report must meet the conditions of the last three months before submission.。 SeeBUT：Application materials and government application fees。
MAS focuses on technology and cyber risks；Institutions providing online financial services must complete penetration testing in accordance with applicable requirements、Fix high-risk issues，and obtain independent verification，Just buying a system does not automatically mean it is compliant.。 SeeBUT：Payment service license categories and access conditions。
Guidance requires entity and group financial information as applicable；If there is no audit requirement or it is a newly established institution, it must explain and submit applicable information in accordance with the guidelines，Three-year audited statements cannot be listed as a must-have for everyone。 SeeBUT：Application materials and government application fees。
The currency exchange application fee is 500 Shingen；SPI is 1,000 The higher of Singapore dollars and the total charges for each service，MPI is 1,500 The higher of Singapore dollars or the total for each service。For multiple businesses, you cannot only submit the minimum amount。 SeeBUT：Application materials and government application fees。
no。The account issuance service in the official table is zero，Other major payment services listed are typically listed on an SPI basis per 1,000 Shingen、MPI items 1,500 Singapore Dollar Calculation，The currency is converted to 500 Shingen；Based on the current schedule and application combination。 SeeBUT：Application materials and government application fees。
MAS guidance states application fees are non-refundable，The scope of supervision and data quality should be checked first。capital、margin、Annual fees and consulting fees are budgeted separately。 SeeBUT：Application materials and government application fees。
no。MAS license applies to the corresponding Singapore regulatory scope，Entry into other markets requires additional local licensing.、Sales and cross-border requirements。 SeeBUT：Payment service license categories and access conditions。
cannot。Review depends on business complexity、material、Personnel and inquiries，Advisors can assist with preparation and communication，but cannot commit to regulatory decisions。 SeeBUT：Application materials and government application fees。
need。Organizations must maintain governance、Risk control、Applicable audit and regulatory reporting arrangements，Approval should not be regarded as the end point of ongoing compliance efforts。 SeeBUT：Payment service license categories and access conditions。
