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If you are thinking of delivering commercial offers directly associated with payments in the Singaporean market, you are obliged by law to acquire a payment service provider license in Singapore. Below are the key points you need to consider before entering the Singaporean market of finances.
A Singaporean PSP license is permission to run commercial operations from the Mοnetary Authority. Such permission enables licensees to deliver offers overseen by the PSA – law on provision of financial services. These services encompass as follows:
If you consider delivering any of the above-mentioned services, it is significant for you to apply for the correct permit. Overall, there are 3 classes of authorizations you can make a request for:
Companies intending to deliver solely money-exchanging services (meaning trading foreign currencies) can do so with a MC license. If other services are to be encompassed by the portfolio of the company offers, then either a SPIL license or a MPIL license is needed.
These types of authorizations enable you to offer more than one offer supervised by the PSA.
Also, a SPI license is subject to be obtained only if you consider the delivery of offers below these amounts:
A MPI license is subject to acquisition only if you plan the delivery of offers above the amounts indicated.
You should seek a permit only if the service you deliver is in the list of overseen operations by the PSA. You have to ensure that you satisfy the eligibility criteria for becoming licensed.
The senior operating managers of an entity seeking a MC authorization must have at min. one year of professional expertise.
Applicants making an inquiry for one of these two types of authorization are expected to meet the following criteria:
The applicatiοn fees are the following:
Acquiring a PSP license in Singapore can be challenging given a plethora of obligations to comply with. You may wish to consider getting professional advice from a lawyer, who can take you through the appropriate legal and regulatory obligations, and take care the application process is run as smoothly as possible.
Please contact us to get more information.
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The international company Eternity Law International provides professional services in the field of international consulting, auditing services, legal and tax services.