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 saleready-made companies and licenses for sale.

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