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

Rules applicable to providers of crypto asset services

MiCA, a new law on the cryptο markets, is targeted to set up new, comprehensive legal and regulative mechanisms to bring digital assets, along with CASPs, within the remit of the EU administration of justice on monetary operations. A specified by the lawmakers, the rules applicable to providers of crypto asset services will be enforceable within...

Fintech business in Estonia

Current high-tech solutions are foundation of today’s financial scope and the information community. Fintech business in Estonia is a commercial area being rapidly expanding and becoming more popular every day. Estonian Fintech-representatives have 20+ of expertise in developing functional programs from the ground up. Services offered on the Estonian market combine user-friendliness and innovation. Main...

Crypto license in Dominican Republic

The rapid rise of crypto has sparked a global interest in their regulation and licensing. As depositors and entrepreneurs explore new opportunities in the crypto space, understanding the legal framework of each jurisdiction becomes crucial. In this article, we delve into the current state of crypto licenses in the Republic, shedding light on the adjustment...

Crypto License in Spain

Spanish Bank formed a register for organizations dealing with virtual currency exchanges for fiat, and creation of e-wallets. New legislative act says that crypto providers must be certified. Crypto license in Spain, which is also required for all firms wishing to operate in this sector, entitles them to spread above-mentioned services. A penalty for desire...

Antigua and Barbuda citizenship by investments

Persons can possess citizen-rights for forcing economy – it was developed and implemented by governmental apparatus. Persons intending to get alternative citizenship-rights by buying real-estate or making endowments to evolution of these lands obtain Antigua and Barbuda citizenship by investments. Get Antigua and Barbuda citizenship Persons’ve legal-age following determined norms, bearing in mind the types...

Protection of Victims' Rights Netherlands

It is obvious that no one expects to become a victim of crime. But when it happens, your world can change in an instant. When it is spoken about this region, the workflow of shielding the people engaged in felony occurrence is more than just a judicial obligation. It’s a commitment to restoring dignity and...

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: