Singapore Financial Licensing

Singapore's Payment Services Act 2019 created three licence classes: money-changing, standard payment institution and major payment institution. Seven regulated payment services include account issuance, domestic and cross-border money transfer, merchant acquisition, e-money issuance, DPT services and money-changing.

MAS expects local presence and resident executive directors. Digital payment token services are subject to stringent requirements, and providers serving only overseas customers face additional licensing rules under the FSMA.