Eternity Law International News PSP license in Singapore

PSP license in Singapore

October 17, 2022

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.

What is a PSP authorization?

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:

  • Account opening;
  • Local funds transfers;
  • Cross-border funds transfers;
  • Enabling merchants accepting credit card or debit card payments;
  • E-funds issuance;
  • Cryptocurrency dealing;
  • Forex.

Categories of Singaporean PSP Licenses

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:

  1. Mοney changer (MC license);
  2. Standard payment institutiοn (SPI license); and
  3. Majοr payment institutiοn (MPI license).

MC license

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.

SPI license and MPI license

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:

  • 3,000,000 SGD operations for any service per month;
  • 6,000,000 SGD payment operations for 2 or more services per month;
  • 5,000,000 SGD of daily e-funds οutstanding.

A MPI license is subject to acquisition only if you plan the delivery of offers above the amounts indicated.

Getting a PSP License in Singapore

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.

Conditions for MH license

The senior operating managers of an entity seeking a MC authorization must have at min. one year of professional expertise.

Criteria for SPI license and MPI license

Applicants making an inquiry for one of these two types of authorization are expected to meet the following criteria:

  • Be Singaporean-incorporated;
  • Have a physical presence of business;
  • At least 100,000 SGD contributed capital for a SPI license or at least 250,000 SGD contributed capital for a MPI license;
  • At least one senior operating officer who has Singaporean citizenship or residence; or at least one non-executive who has Singaporean citizenship or residence and one senior operating officer who has a work permit.

How much does the PSP license cost?

The applicatiοn fees are the following:

  • For a MC license, 500 SGD.
  • For a SPI license, 1,000 SGD.
  • For a MPI license, 1,500 SGD.

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.

You can see our current offers in the categories “Cryptocoins and licensing of cryptocurrency operations”, “Ready-made companies”, “Banks for sale” and “Licenses for sale”.

You could be interested

Regulations for Forex Brokers in US

Foreign currencies are constantly exchanged throughout the world through the use of over-the-counter markets. Since the trading space is unlimited, this allows for seamless access to currencies. Speculative Forex trading is becoming more common. The result of this activity is the emergence of banks or intermediary brokers that engage in fraudulent transactions or financial irregularities,...

Operation Principe of Forex Market

The Forex trading space is a virtual marketplace designed for all products offered in this field. Through vast network of technology providers, liquidity and investment funds, and brokers that the Forex market is, each dealer may safely cooperate and choose the most profitable options for interaction. Advantages and benefits of the Forex market The need...

Company Registration in Vancouver

Company Registration in Vancouver is the best option for creating any company in Canada. But if it were that simple, every second would be a successful businessman. Most of the new projects that they are trying to implement fail during the first year. In order to start embodying your business idea, you need to calculate...

Features of the AFS financial license in Australia

Australian Financial Services License is a legitimate permit given by the Australian Securities and Investments Commission  empowering the activity and exercises of Australian Financial administrations Businesses. The AFSL is given by ASIC in accordance with its administrative oversight of the monetary administrations industry. AFSL is a legitimate prerequisite for organizations that: gives or finishes up...

Cryptocurrency Taxation

Cryptocurrency taxation – is it necessary to pay taxes on profits that were received in Bitcoin? Cryptocurrency taxation is a pretty topical issue, as digital currencies are more and more in demand lately. Nowadays it is quite often possible to see shops and restaurants accepting Bitcoin for payment. For example, the UK is one of...

Ready-made company in Estonia 2023

Plenty of businesspersons intending to realize plans and begin operating in the chosen market niche, consider ready-made company in Estonia convenient and quite profitable option, because commercials are certified and new owners may instantly begin working. Characteristics of ready made/shelf companies in Estonia Businesspersons intending to open Estonian company need to understand such organization doesn’t...
Fill the blank:


Dreikonigstrasse, 31A, Stockerhof


Baseina street, 7


Grosvenor Gardens, 52


Lochrin Square, 1


Jacovides Tower, 5 floor


Kesklinna linnaosa, Tuukri 19


Esplanade, 7 floor


Gediminas Avenue, 44A

New York

New Rochelle, Huguenot St, 175


20 Martin Place


3 Fraser Street, #08 DUO Tower

Hong Kong

18 Harbour Road, 35/F, Central Plaza, Wanchai


2609 Avenida da Boavista


Revaz Tabukashvili Str., N 45, area N 7