If you’re intending to deliver commercial offers directly connected with payments in Singaporean market, you are obliged by law to acquire a Singapore PSP-license. Below are the key points you need to consider before entering Singaporean financial market-space and getting a Singapore payment service providers license.
A Singaporean PSP-license is permission to run commercial operations from Mοnetary Authority. Singapore payment service providers license enables licensees to deliver offers overseen by the PSA – law on offering of financial services. These services encompass as follows.
If you consider delivering the above-mentioned services, it’s significant for you to apply for correct permission and get payment service providers license in Singapore. Overall, there’re 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 several service categories supervised by the PSA.
Also, a payment service providers license in Singapore is needed to be got 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 payment service providers license in Singapore if services you deliver are 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.
To obtain payment service providers license in Singapore, entrepreneurs should meet several significant normative points. 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 normative points 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. If you’re intending to obtain payment service providers license in Singapore, we’ll give you expert assistance in all necessary issues.
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