Country guide · Asia-Pacific

🇸🇬 Financial licensing in Singapore

MAS licenses banks and payment institutions (including digital payment token services) under the Payment Services Act.

The Payment Services Act 2019 created three licence classes: money-changing, standard payment institution and major payment institution, covering services such as account issuance, domestic and cross-border transfers, e-money issuance and digital payment token services.

Regulators

Monetary Authority of Singapore (MAS)
Banks, payment institutions, DPT service providers
Official website

Licence and authorisation types

Payment institution (PI)

Major payment institution (PSA)

Regulator: Monetary Authority of Singapore (MAS)
Permitted activities: Account issuance, domestic and cross-border money transfer, merchant acquisition, e-money issuance, DPT services, money-changing — above thresholds.
Minimum capital: Base capital of S$250,000 (major payment institution) — confirm with MAS.
Ownership, management & substance: Singapore-incorporated company or branch with a permanent place of business; at least one executive director resident in Singapore.
Application procedure: Application via MAS online portal.
Government fees: Verification required
Indicative timeline: No reliable published estimate
Limitations: DPT services subject to additional consumer protection measures.
Legal basis: Payment Services Act 2019

Virtual asset service provider (VASP)

Digital payment token service (PSA)

Regulator: Monetary Authority of Singapore (MAS)
Permitted activities: Dealing in or facilitating exchange of DPTs, custody and transfer.
Minimum capital: Base capital per licence class — Verification required.
Ownership, management & substance: Singapore presence; restrictions on serving only overseas customers under FSMA.
Application procedure: Application to MAS.
Government fees: Verification required
Indicative timeline: No reliable published estimate
Limitations: Stringent; MAS has limited new DPT licences.
Legal basis: Payment Services Act 2019; FSMA 2022