Money transfer operators, acquirers, e-money issuers and token providers starting in Singapore hold the standard licence, with no security deposit and a path to the major licence as volumes grow.
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 resident executive director and senior payments staff, 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 an executive director who is a Singapore citizen or permanent resident, or one on an employment pass with a resident director, plus senior payments staff.
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 providing payment services in Singapore within the standard thresholds holds this licence. It suits money transfer operators, merchant acquirers, e-money issuers and digital payment token providers at the start of their Singapore operations; the firm converts the licence to a major payment institution licence as volumes grow.
| Requirement | Amount |
|---|---|
| Base capital | S$100,000 plus buffer |
| Security deposit | None |
| Thresholds | S$3 million a month for one service; S$6 million for two or more; S$5 million average daily e-money float |
The MAS sets the buffer above base capital against the scale and scope 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$1,000 or the sum of per-service fees | S$1,000 per service; account issuance S$0; money-changing S$500; non-refundable |
| Annual licence fee | S$5,000 or the sum of per-service fees | Whichever is higher |
| Base capital | S$100,000 | Plus buffer |
| Professional fees | Fixed, in writing | Quoted after scoping |
The licence covers Singapore. Regional groups pair it with Hong Kong and other local licences; 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 and the MAS puts the waiting period at more than a year; the firm plans for twelve to fifteen months after submission.
S$100,000 base capital plus a buffer, with no security deposit.
The firm must apply to convert to a major payment institution licence, with the higher capital and the security deposit.
Yes: at least one executive director who is a Singapore citizen or permanent resident, or one on an employment pass with another resident director.
The statutory safeguarding duty applies to major payment institutions and prescribed licensees, not to other standard payment institutions; the firm designs the arrangement banks will expect.
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.