Regional payment hubs, cross-border transfer operators, acquirers and digital payment token providers serving Asia from Singapore hold this licence once volumes pass the standard thresholds.
Selected engagements from more than 250 licences obtained since 2013, for payment, e-money, cryptoasset and consumer credit firms.
Volkswagen
Payment InstitutionObtained Nexpay’s FCA Authorised Payment Institution licence.
Electronic Money InstitutionObtained Dzing Finance’s FCA Authorised Electronic Money Institution licence.
Obtained Orbital’s FCA Authorised Payment Institution licence.
Our realistic timeline from submission, set against the regulator’s own published figures.
Safeguarding, operating and settlement accounts opened alongside the application, so you trade on authorisation.
Candidates introduced for a Singapore-resident executive director, each assessed against the regulator’s standard.
A reply within three business hours and a written proposal the same day: the licence, the requirements, the cost and the timing.
You will need at least one executive director who is a Singapore citizen or permanent resident, or one on an employment pass alongside another resident director.
One engagement and one timetable, from scoping to launch. Speak to an expert about the people, the banking and the technology for this licence.
The regulator’s requirements, capital, timing, fees and the questions firms ask, from the regulator’s own publications.
A firm whose average monthly payment transactions exceed S$3 million for any one service or S$6 million across two or more, or whose average daily e-money float exceeds S$5 million, must hold a major payment institution licence. It is the licence for regional payment hubs, cross-border money transfer operators, acquirers and digital payment token service providers serving Asia from Singapore. Smaller firms hold the standard payment institution licence.
| Requirement | Amount |
|---|---|
| Base capital | S$250,000 plus buffer |
| Security deposit | S$100,000 where monthly transactions do not exceed S$6 million for any service; S$200,000 otherwise |
| Thresholds that require the MPI licence | S$3 million a month for one service; S$6 million for two or more; S$5 million average daily e-money float |
The buffer above base capital is set by the MAS against the scale, scope and profit or loss potential of the business.
| Figure | Value | Source |
|---|---|---|
| Statutory decision period | No statutory period | Payment Services Act 2019 |
| Regulator’s published figure | Estimated waiting period of more than a year because of application volume | MAS, how to apply for a payment service provider licence |
| Application preparation | 6 to 8 weeks | From instruction to submission, including banking in parallel |
| Our realistic timeline | 12 to 15 months after submission | The firm’s own figure, from the regulator’s published data and its own applications |
Figures published by the regulator are quoted as published and converted to months. The realistic timeline is the firm’s own, for a complete, well-prepared application.
| Item | Amount | Notes |
|---|---|---|
| Application fee | S$1,500 or the sum of per-service fees | S$1,500 per service; account issuance S$0; money-changing S$500; non-refundable |
| Annual licence fee | Per service | Set in the payment services regulations |
| Base capital | S$250,000 | Plus buffer |
| Security deposit | S$100,000 or S$200,000 | Lodged with the MAS before commencement |
| Professional fees | Fixed, in writing | Quoted after scoping |
The licence covers Singapore. Groups serving several Asian markets pair it with a Hong Kong stored value facility or money service operator licence and local licences elsewhere; the firm obtains each.
The MAS cites the volume of applications for its waiting period and assesses each application on its merits: track record, financial condition, operational readiness, the holding company’s commitment to the Singapore operation, home-state supervision and the public interest. In the firm’s experience the applications that move through the queue are those with controllers assessed in advance, a business plan the MAS can test and technology readiness evidenced before filing.
A payment institution needs a safeguarding account that satisfies the regulator’s requirements, an operating account and settlement accounts in the currencies it serves. The firm arranges each through institutions that serve regulated firms in Singapore and across the EU, during the application, so the firm trades on authorisation. See banking and payment processing.
There is no statutory period. The MAS states that the estimated waiting period is more than a year because of application volume; the firm plans for twelve to fifteen months after submission.
S$100,000 where average monthly transactions stay within S$6 million for every service, S$200,000 otherwise, lodged with the MAS as cash or a bank guarantee before business begins.
Yes: at least one executive director who is a citizen or permanent resident, or one on an employment pass together with another citizen or permanent resident director.
Yes. Digital payment token services are one of the seven services; the MAS applies additional requirements to them.
Only within the exemptions, or through a licensed partner’s programme. The firm arranges programme access where the business needs to trade sooner.
A regulatory advisory firm to payment, e-money and cryptoasset companies since 2013, with more than 250 licences obtained in more than 60 countries. The firm advises on authorisation, compliance, safeguarding, banking and transactions, and builds the white-label payment and card technology its clients launch on.
A written proposal on cost, timing and requirements, the same day: speak to an expert.
This guide is general information for firms considering authorisation and is reviewed against the regulator’s published requirements. It is not legal advice; requirements and fees change, and the regulator’s current publications take precedence.
The requirements, the cost and the timing for your business, in a written proposal the same day.