Eternity Law International — News — Major payment institutions license in Singapore

Major payment institutions license in Singapore

Published:
May 11, 2022

According to the Law on Payment Services, large payment institutions are regulated to provide payment services without reaching the established limits and such Major payment institutions could apply for the license in Singapore.

Section 6, paragraph 5 of the Law on Payment Services sets restrictions. In short, they are:

  • The monthly volume of transactions should be 3 million SGD. Singapore dollars for all payment services (except electronic money accounts and currency exchange services).
  • The monthly volume of transactions should be up to 6 million Singapore dollars for two or more payment services at the same time (except for issuing electronic money accounts and currency exchange).
  • SGD 5 million solved daily electronic debt.

Standard payment institution license is required for entities providing payment services within the above specified limits.

A company that provides currency exchange services must have a currency exchange license.

Who has the right to apply for a license for Major payment institutions in Singapore?

Criteria for companies wishing to apply:

  • The applicant must be an organization registered in Singapore.
  • The company must have a physical address or a registered office in Singapore.
  • The licensee must have a registered capital of at least 250,000 Singapore dollars.

The following members of the board should be:

  • at least one staff member acting as a director must be a resident of Singapore.
  • at least one non-executive director who is a Singaporean or a resident of Singapore, and at least one executive director with a work permit in Singapore.

Access criteria for Major payment institutions

When evaluating the MAS application, a number of points can be taken into account, in particular:

  • Consistency and honesty of auditors and directors.
  • Management structure
  • Qualification and work experience, including work with payment services and compliance company.
  • Financial condition and records.
  • Business plan and model, as well as operational readiness.
  • Compliance with obligations under the Payment Services Act, including compliance, security, technological risk management and audit procedures.
  • Regulatory status in other jurisdictions, if necessary.
  • Obligation to work in Singapore for applicants with a holding company.
  • Will the issuance of a license be in the public interest?

Please note that the MAS evaluates each application according to its substance and may consider other criteria on a case-by-case basis.

If you still have questions about obtaining a  Major payment institutions license in Singapore or another jurisdiction you are interested in, contact our specialists for detailed advice or write to us in the CRM form at the bottom of the page, our specialists will answer you online. You can also see other offers in category banks for sale, ready-made companies and licenses for sale.

You could be interested

Which countries have a CBDC?

In response to the global growth of online payment solutions, monetary authorities across the globe are working towards developing their own CBDCs – currencies in their digital forms issued by reserve banks. To put it shortly, CBDCs are digital versions of central bank-issued money that can be listed on the blockchain. Some countries, such as...

PI license in the Czech Republic

An authorized payment institution (API) in the Czech Republic is the perfect solution for pan-European and trans-border payment processing. It facilitates processing payments and money transfers of private individuals, companies, and internet merchants. To ensure the proper operation of such institutions and the protection of customer funds, the EU PSD entered force in 2007 and sets...

Electronic Money Institution (EMI) in Bulgaria

EMIs have gained prominence as innovative monetary favor suppliers, especially in the realm of digital remittances. In Bulgaria, EMIs play a vital role in enabling electronic money transmissions, facilitating online transfers, and offering alternative banking solutions. This article explores the concept of EMIs in Bulgaria, their adjustment framework, and the benefits they offer to business-companies...

Dubai’s Virtual Asset Regulatory Authority (VARA): Opportunities for Crypto Startups

There exists a recently created law which sets up the legislative structure for the digital currency landscape in the UAE. It serves as the basis for regional rules in various emirates, encompassing the recently enacted VARA. That regulation has issued overarching instructions that related to the supervision of digital assets and similar operations in the...

Licensing field for Fintech structures and payments: EMI license

A sharp leap in technologic development led to the emergence and rapid spread of electronic currency. It is understood as digital form value, stored on any technical tool. When we speak of “quasi-money,” we refer to assets with high liquidity that may be readily turned into cash, for the reason that they are released by...

Company registration in Ecuador

Ecuador is often used by foreign investors to optimize the tax system. In this country, the rates for tax duties are quite low: VAT is 12%, and income tax is maximum 30% – which is the lower threshold in Sweden. However, Ecuador is not offshore. The fiscal field of this jurisdiction is maximally favorable for...

Related posts

Polish Payment Systems for Small Payment Institutions in Poland

This region, with its dynamic and growing economy, offers a highly developed transaction platform, making it an alluring market for SPI. The country’s regulatory and technological environment, overseen by Narodowy Bank Polski (NBP), ensures secure, fast, and reliable transaction issues. This article explores the key remittance networks accessible in this region, focusing on Elixir, Express...

Risk Management by Small Payment Institutions in Poland

In the promptly transforming sphere of monetary facilities, Small Payment Institutions (SPI) play a progressively vital part, notably in Poland. As of January 17, 2025, small payment institutions functioning within the EU will be required to cope with the Digital Operational Resilience Act (DORA), which mandates a simplified ICT risk monitoring scheme. This is part...

EMI License in Singapore

In the dynamic monetary field of Singapore, achieving an Electronic Money Institution (EMI) permission is a pivotal step for enterprises aiming to operate in the digital payments sector. This comprehensive article explores the intricacies of acquiring an EMI permission in Singapore, including the adjustment substructure, application process, operational conditions, and strategic considerations for accordance and...

Regulation of Payment Institutions in Poland

In an era characterized by the intricate interplay of global economic networks and the ubiquitous presence of digital exchanges, the paramount function of transaction facilitators takes center stage. As a member of the European Union, Poland has scrupulously devised a multifaceted legal framework with the aim of enhancing the resilience, security, and fluidity of monetary...

Payment Institutions in Cyprus: why do you need to get it?

One of the most popular jurisdictions for providing your business lasts Cyprus. The Republic of Cyprus regulates the provision of payment services through the Laws on Payment Services and Access to Payment Systems, enacted in 2018 and 2019 (the “Law”). Through these Laws, the provisions of the European Union Directive 2015/2366, approved by the European...

Procedure for getting a payment license in Singapore

The possibility of getting a license allowing working in the field of rendering payment services in a particular jurisdiction has recently attracted more and more interest. In particular, this also applies to Singapore. However, as a rule, there is no available and clearly marked information regarding the licensing procedure in the Singapore jurisdiction. Below are...

Discover our services

The international company Eternity Law International provides professional services in the field of international consulting, auditing services, legal and tax services.

Ready-made companies for sale

Companies with a bank account around the world

Banks for sale

Established Banks for sale

Ready-made licenses for sale

Forex, cryptocurrencies, gambling, EMI, PSP, SVF, MSO, DLT

Licensing

Forex licenses, cryptocurrencies, gambling, EMI, PSP, SVF, MSO, DLT

Offshore company registration

Expert advice on the acquisition of an offshore company

Open a bank account

Open bank accounts in more than 120 banks around the world
Fill the blank: