Major Payment Institution Licence (Singapore)
The Major Payment Institution Licence is issued by Monetary Authority of Singapore (MAS) under Payment Services Act 2019. The official register lists 244 current holders. The legal decision period is None stated in the Act (determined upon completion of assessment). The application fee is SGD 1,500. Ownership changes need the regulator's approval before completion.
At a glance
| Official name | Major Payment Institution Licence1 |
|---|---|
| Also known as | MPI · Singapore MPI licence · MAS major payment institution licence · PSA major payment institution licence |
| Issued by | Monetary Authority of Singapore |
| Jurisdiction | Singapore |
| Licence family | Payment institution (PI) |
| Legal basis | Payment Services Act 20192 Payment Services Regulations 20193 |
| Passporting | Domestic only |
| Application fee | SGD 1,5003 |
| Annual fee | SGD 10,0003 |
| Statutory decision time | None stated in the Act (determined upon completion of assessment)2 |
| Public register | official register1 |
| Current holders | 2441 |
What it lets you do, and where
What does a Singapore MPI licence let you do, and where can you serve clients?
An MPI licence covers the seven permissible payment services defined in the First Schedule to the PSA 2019, including account issuance, remittance, acquiring and DPT. Under PSA 2019 s. 6(5), an MPI licence is required once average monthly transactions exceed S$3m for one service or S$6m for two or more, or the e-money float exceeds S$5m. MPIs have no upper cap.171819
Activities it covers
| Execution of payment transactions | Executing direct debits, card payments and credit transfers, including standing orders, from a payment account. |
|---|---|
| Money remittance | Receiving funds from a payer solely to transfer them to a payee or another provider, without opening payment accounts. |
| Issuing payment instruments and acquiring payment transactions | Issuing cards or other payment instruments to payers, and acquiring card and other payment transactions for merchants. |
| Payment initiation services | Initiating a payment order at the user's request from an account held with another provider, as in open banking. |
| Account information services | Providing consolidated online information on one or more payment accounts the user holds with other providers. |
Where it is valid
Do you need it, and is Singapore the right choice?
Is a Singapore MPI licence right for your business model, and when is Singapore the wrong choice?
Capital planning is part of the fit: the amended MAS Licensing Guidelines (July 2024) state that base capital should cover at least 6 to 12 months of operating expenses. PSA 2019 s. 6(5) and PSR 2019 reg. 8 set statutory thresholds, with lower capital for Standard Payment Institutions (SGD 100,000). Coincub reports that Singapore's DTSP regime had granted zero licences as of August 2026.92011
Can a Singapore entity serve only overseas clients without a MAS licence?
No, not without a licence. Part 9 of FSMA 2022 requires Singapore entities that provide digital token services to overseas customers to hold a DTSP licence, and Part 9 commenced on 30 June 2025. Coincub records no public DTSP licence grant by MAS fourteen months after that commencement date.1920
What is the difference between an SPI and MPI in Singapore, and is an MPI enough for crypto (DPT) services?
PSA 2019 s. 6(5) and PSR 2019 reg. 8 set the SPI thresholds (SGD 3M monthly transactions, SGD 100k capital) against an MPI with no cap. Digital Payment Token services are defined in the PSA 2019 First Schedule, Part 1 paragraph 1(f) and Part 3.1711
What it really takes
How much capital do you really need for a Singapore Major Payment Institution licence?
A Major Payment Institution needs statutory base capital of SGD 250,000 (Payment Services Regulations 2019 reg. 8). Reg. 13 also requires a statutory security deposit of SGD 100,000 or SGD 200,000 with MAS. As a rule of thumb, MAS Guidelines PS-G01 para 3.1.5 say base capital should cover at least 6 to 12 months of operating expenses.1121
Who do you have to hire for a Singapore MPI licence, and where must they be based?
For a Singapore DPT service provider, the MAS licensing guidelines require the appointment of an in-house local compliance officer.9
In which language must a Singapore MPI licence application and documents be filed?
The application must be in English. Under the Payment Services Regulations 2019, all forms, including Form 1, the application for a payment service provider licence, must be completed in English in accordance with any direction in the form or from the Authority. The Authority may refuse a form that is not completed or lodged in accordance with the regulation.322
The legal framework
| Level | Document | What it does here |
|---|---|---|
| Act | Payment Services Act 2019 | Primary governing statute establishing the Singapore payment licensing regime: creates three licence classes (s. 6), licensing and variation framework (ss. 6-7), revocation/suspension grounds (s. 11), statutory appeals to the Minister (ss. 12, 33, 36), permanent place of business requirements (s. 14), safeguarding of customer money (s. 23) and digital payment tokens (s. 21A), change of 20% controller prior approval (ss. 28-33), officer appointment approval (ss. 34-36), and regulatory enforcement powers |
| Secondary legislation | Payment Services Regulations 2019 (S 810/2019) | Primary subsidiary legislation under PSA s. 103: sets application procedures (reg. 6), prescribes base capital of SGD 250,000 for Major Payment Institutions (reg. 8), safeguarding mechanisms and trust accounts (regs. 14-16), e-money stock (SGD 5,000) and flow (SGD 30,000) caps (reg. 18), executive appointment approvals (reg. 19), annual audit duties (reg. 20), and fee schedules in The Schedule |
| Secondary legislation | Payment Services (Amendment) Regulations 2024 (S 289/2024) | Expands the scope of regulated payment services under the PSA to cross-border money transfers where money is not accepted or received in Singapore, transmission and custody of digital payment tokens (DPT), and introduces mandatory segregation and safeguarding requirements for customer assets held by DPT service providers |
| Secondary legislation | Payment Services (Exemption) Regulations 2019 (S 811/2019) | Prescribes statutory exemptions from the requirement to hold a payment service provider licence for specified activities and categories of persons under Section 13 of the Payment Services Act 2019 |
| Secondary legislation | Payment Services (Composition of Offences) Regulations 2019 (S 813/2019) | Prescribes compoundable offences under the Payment Services Act 2019 and compoundable sums up to half the maximum statutory fine |
| Regulator rules | MAS Notice PSN01: Prevention of Money Laundering and Countering the Financing of Terrorism: Specified Payment Services | Mandatory AML/CFT binding notice issued under PSA s. 102 and MASA s. 27B: governs enterprise-wide risk assessment, customer due diligence (CDD), beneficial ownership identification, ongoing transaction monitoring, wire transfer origin/beneficiary rules, correspondent accounts, record-keeping, and compliance governance for non-DPT payment services |
| Regulator rules | MAS Notice PSN02: Prevention of Money Laundering and Countering the Financing of Terrorism: Digital Payment Token Service | Mandatory AML/CFT binding notice for DPT service providers under PSA s. 102 and MASA s. 27B: imposes customer due diligence, blockchain wallet screening, and FATF Travel Rule transmission requirements (originator and beneficiary information) for virtual asset transfers |
| Regulator rules | MAS Notice PSN03: Notice on Reporting of Suspicious Activities & Incidents of Fraud | Mandatory regulatory notice requiring payment service licensees to report fraud incidents and suspicious activities to MAS immediately and lodge suspicious transaction reports (STRs) with the Suspicious Transaction Reporting Office (STRO) |
| Regulator rules | MAS Notice PSN04: Notice on Submission of Regulatory Returns | Mandates periodic regulatory reporting schedules, financial statements, transaction volumes, capital adequacy returns, and safeguarding compliance returns for Major Payment Institutions |
| Regulator rules | MAS Notice PSN04A: Notice on Submission of Statements of Transactions and Profit and Loss | Prescribes semi-annual and annual reporting requirements for transaction volumes, payment flow breakdowns, and profit-and-loss accounts for licensees |
| Regulator rules | MAS Notice PSN07: Notice on Conduct of Payment Service Providers | Establishes mandatory business conduct rules under PSA s. 102: enforces execution deadlines (domestic transfer within 3 business days, cross-border transfer within 7 business days), physical presence at registered place of business (minimum 10 days/month, 8 hours/day), and safeguarding operational requirements |
| Regulator rules | MAS Notice PSN08: Notice on Disclosures and Communications | Mandates pre-transaction disclosures, transparency in exchange rates and fees, safeguarding disclosures to customers, and statutory risk warnings in clear and plain language under PSA s. 102 |
| Regulator rules | MAS Notice PSN09: Notice on Specified Matters and Prescribed Forms | Prescribes statutory forms and filing procedures under the Payment Services Act 2019 for licence applications, variations, controller notifications, officer approvals, and cessation of business |
| Regulator rules | MAS Notice FSM-N13: Notice on Technology Risk Management | Legally binding technology risk standards issued under Financial Services and Markets Act 2022 / MASA s. 27B: mandates IT governance, system reliability, critical system maximum unscheduled downtime (≤ 4 hours over 12 months), and incident notification to MAS within 1 hour |
| Regulator rules | MAS Notice FSM-N14: Notice on Cyber Hygiene | Enforces baseline cybersecurity hygiene standards: multi-factor authentication (MFA) for administrative and network access, vulnerability patching within specified windows, network perimeter defense, and malware controls |
| Procedure law | Supreme Court of Judicature Act 1969 (2020 Rev. Ed.) and Rules of Court 2021 (Order 24) | Establishes procedure, standing requirements, and grounds for judicial review (Mandatory Order, Quashing Order, Prohibiting Order) before the General Division of the High Court against decisions of the Minister or MAS under the Payment Services Act 2019 |
| Fee schedule | The Schedule to the Payment Services Regulations 2019 (Fees) | Prescribes statutory fees under PSA s. 10: non-refundable application fee of SGD 1,500 per payment service; annual supervisory fee of SGD 10,000 minimum base fee (or the aggregate of per-service fees if higher); and variation fees |
| Forms | MAS-Tx Online Application Pack for Payment Service Providers | Online digital forms on the MAS-Tx platform (CorpPass authenticated): Form 1 (licence application), Form 2 (variation/upgrade to MPI), Form 3 (CEO/director/partner approval under PSA s. 34), Form 3A (20% controller approval under PSA s. 28), Form 7 (change of particulars), Form 8 (cessation of business) |
13 related regimes and guidance documents
| Level | Document | What it does here |
|---|---|---|
| Guidance | MAS Guidelines on Licensing for Payment Service Providers (PS-G01) | Comprehensive MAS licensing guidance: outlines admission criteria, governance structures, executive presence, legal opinion requirement (§ 4.1.1), mandatory external auditor independent assessment (§ 4.1.12), and Rules of Engagement (Appendix 5) |
| Guidance | MAS Guidelines on Fit and Proper Criteria (FSG-G01) | Sets out evaluation criteria for assessing honesty, integrity, reputation, competence, capability, and financial soundness of directors, key executive officers, and substantial shareholders of licensees |
| Guidance | MAS Guidelines to Notice PSN01 on Prevention of Money Laundering and Countering the Financing of Terrorism | Non-binding supervisory guidance detailing MAS expectations on implementing customer due diligence, beneficial ownership verification, politically exposed persons (PEP) controls, and simplified/enhanced CDD under Notice PSN01 |
| Guidance | MAS Guidelines to Notice PSN02 on Prevention of Money Laundering and Countering the Financing of Terrorism: Digital Payment Token Service | Non-binding supervisory guidance on risk management, unhosted wallet monitoring, and Travel Rule technical implementation for digital payment token service providers under Notice PSN02 |
| Guidance | MAS Guidelines on Provision of Digital Payment Token Services to the Public (PS-G02) | Prohibits licensees from marketing or advertising DPT services to the Singapore general public through public advertisements, public social media, influencers, or physical cryptocurrency ATMs in public areas |
| Guidance | MAS Guidelines on Consumer Protection Measures by Digital Payment Token Service Providers (PS-G03) | Sets out supervisory expectations on consumer protection measures: safeguarding and segregation of customer assets in trust, retail customer risk awareness assessments, restrictions on lending and staking retail tokens, and conflict of interest management |
| Guidance | MAS Guidelines on Audit of Payment Service Providers (PS-G04) | Provides guidance on scope, procedures, and reporting expectations for annual statutory audits of payment service providers required under Section 37 of the Act and Regulation 20 |
| Guidance | MAS Technology Risk Management Guidelines (TRMG) | Comprehensive supervisory guidance supplementing Notice FSM-N13: establishes risk governance, software architecture resilience, third-party risk management, IT infrastructure security, and incident management standards |
| Related regime | Corruption, Drug Trafficking and Other Serious Crimes (Confiscation of Benefits) Act 1992 (CDSA, 2020 Rev. Ed.) | Singapore's primary criminal anti-money laundering legislation: criminalises money laundering (ss. 43-47) and imposes a mandatory statutory duty under Section 39 / 44 to disclose suspicious transactions directly to the Suspicious Transaction Reporting Office (STRO) |
| Related regime | Terrorism (Suppression of Financing) Act 2002 (TSOFA, 2020 Rev. Ed.) | Criminalises terrorist financing, terrorism property transactions, and imposes a mandatory legal duty under Section 8 to disclose information on terrorist assets or transactions immediately to the police and STRO |
| Related regime | Financial Services and Markets Act 2022 (Act 18 of 2022) | Omnibus financial sector statute: establishes regulatory regime for offshore digital token service providers (DTSPs, Part 9), cross-sector technology risk and cyber hygiene notice-making powers (Parts 4A & 5), and financial sector prohibition order framework (Part 3) |
| Related regime | Monetary Authority of Singapore Act 1970 (MASA, 2020 Rev. Ed.) | Constitutive legislation for MAS: confers integrated supervisory, investigative, inspection (s. 28), and regulatory notice/direction powers (ss. 27B, 28A) across all supervised financial sectors |
| Related regime | Companies Act 1967 (2020 Rev. Ed.) | Governs corporate incorporation, registered office in Singapore (s. 142(1)), maintenance of local registers of members and controllers, director residency duties (s. 145), and foreign company branch registration (Division 2 of Part 11) |
The procedure under the law
| Step | What the law says | Legal reference |
|---|---|---|
| How to file | The application is made using Form 1: Application for a Payment Service Provider Licence, which you must submit to MAS.4567 | Payment Services Act 2019, s. 6(1); Payment Services Regulations 2019, reg. 6; MAS Notice PSN09; MAS Direction under PS-G01 § 3.2 |
| Language | The Form 1 application must be completed in English unless a question states otherwise. Supporting documents listed in the Application Checklist must be provided in English, or with a certified English translation. Attachments should be provided in a searchable and comment-enabled format. Form 1 is for applicants who do not currently hold a licence under the Payment Services Act 2019. | |
| What the application contains | Applications use Form 1 (Application for a Payment Service Provider Licence), with supporting documents such as the ACRA business profile, financial statements, organisational and shareholding charts. New applicants and DPT variations must also submit a legal opinion from a law firm experienced in the PS Act, and DPT applicants an independent external auditor assessment of AML/CFT and consumer protection. Form 3 covers CEO/director/partner approval, Form 3A 20% controllers.5789 | Payment Services Act 2019, s. 6; Payment Services Regulations 2019, reg. 6; MAS Notice PSN09; MAS Guidelines on Licensing for Payment Service Providers (PS-G01), § 3.2, § 4.1 & Appendices 1-6 |
| Decision clock | The review process begins when a case officer is assigned and all required information and documents have been completely submitted; case assignment may not be immediate. MAS may place an application on hold for a non-extendable six months if it is insufficiently ready for review (major restructuring, key management changes, material business model variations). | |
| Fees set by law | A Major Payment Institution pays S$10,000 a year, or the sum of the fee for each payment service provided, whichever is higher. Per-service annual fees are S$0 for account issuance, S$10,000 for domestic money transfer, cross-border money transfer, merchant acquisition and e-money issuance, and S$1,500 for money-changing.38 | Payment Services Regulations 2019 (S 810/2019), Regulation 5 and The Schedule; Payment Services Act 2019, Section 10(1) and Section 103; MAS Guidelines PS-G01 Appendix 4 |
| Grounds for refusal | They show MAS has discretion to grant or refuse a major payment institution licence and considers factors including fit and proper status of controllers, directors, CEO, shareholders and employees, their qualifications and experience, the business's financial condition and track record, and its ability to comply with PSA compliance, safeguarding, technology risk management and audit requirements.10811 | |
| Appeal | Yes. Under section 12(1) of the Payment Services Act 2019, a person aggrieved by the Authority's refusal to grant a licence (or by revocation or suspension of a licence) may, within 30 days after being informed by the Authority, appeal in writing to the Minister. The Minister's decision is final.12131415 | Payment Services Act 2019 (Act 2 of 2019), Section 12 (Appeals to Minister against refusal to grant licence under s. 6, refusal to vary licence under s. 7, or revocation/suspension of licence under s. 11); Section 33 (Appeals to Minister against decisions regarding 20% controllers under Division 3); Section 36 (Appeals to Minister against removal of executive officers under Division 4) |
| Validity | A major payment institution licence has no fixed validity period and does not expire, so it requires no renewal or re-application. It stays in force until MAS revokes it (e.g. for failure to comply with obligations), it lapses (e.g. winding up, dissolution, death, bankruptcy, or not commencing any authorised payment service within 6 months of grant), or the licensee surrenders it by written notice to MAS. Licensees must pay annual licence fees of S$10,000, or the per-service sum if higher.810 | |
| Change of control | Under the Payment Services Act 2019, a person aggrieved by an MAS decision under section 28, 29 or 30 may appeal in writing to the Minister within 30 days, and the Minister's decision is final. No fixed decision period is stated.15 | |
| Reapplying after a refusal | The MAS Guidelines set no fixed waiting period. An applicant may withdraw at any time and resubmit once it has fully addressed all concerns and deficiencies raised by MAS; resubmission without such remediation is likely to result in rejection. The six-month on-hold period applies to major changes made during the review of a live application, not to resubmissions after withdrawal. | |
| Serving other countries | They only confirm that cross-border money transfer service (inbound or outbound remittance in Singapore) is one of the regulated payment services under the Payment Services Act 2019, and that providers serving customers in Singapore may also serve customers outside Singapore (for digital token services).10816 |
How long it takes
How long does a Singapore Major Payment Institution licence really take?
In practice, a Singapore MPI licence takes 6 to 9 months. MAS typically reviews a complete application within about four months, and complex or incomplete submissions take longer. An application with material gaps may be put on hold for up to 6 months under the case-on-hold process since August 2024. The Payment Services Act 2019 (Part 2, Division 1, sections 5-13) sets no decision deadline.232425
There is no statutory time limit: the Payment Services Act 2019 contains no binding clock for licence determination. MAS reserves the right to place an application on hold for six months if the company's structure, key management or business model changes significantly after submission. Under MAS Guidelines PS-G01 Appendix 5, a missed response deadline results in deemed withdrawal of the application.18
What it costs
What does a Singapore Major Payment Institution licence cost in total?
The application fee is SGD 1,500 and the annual licence fee is SGD 10,000 for providing one payment service (Payment Services Regulations 2019 Schedule). Reg. 13 also sets the security at SGD 100,000 where average monthly transactions are up to SGD 6 million per service, and at SGD 200,000 otherwise; the form of security comes from PSA s. 22. DPT applicants must also submit an independent external auditor's assessment of their AML/CFT and consumer protection controls.22921
Approval odds and who can own it
What are the real approval odds for a Singapore MPI licence, and why do applications fail?
Coincub research records 37 Digital Payment Token licensees from close to 300 applications since 2020, citing an MAS Parliamentary reply dated 5 August 2026. One failure after licensing is on record: MAS revoked the Bsquared Technology Major Payment Institution licence effective 14 May 2026 over risk management and outsourcing breaches.20
Who can own and run a Singapore Major Payment Institution?
A person needs MAS approval before acquiring a stake of at least 20% in a licensee under the Payment Services Bill; no approval is required at the 5% or 12% stages. PSA 2019 s. 32 sets criminal penalties for an unlawful takeover: up to SGD 125,000 for an individual or SGD 250,000 for a corporate, and 3 years imprisonment.26
After you get the licence
What other licences and regulatory regimes will you need alongside a Singapore MPI?
From 6 November 2024, DPT service licensees must comply with the MAS Notice on Technology Risk Management (FSM-N13). SFA 2001 s. 82(1) separately provides for the capital markets services (CMS) licence, which covers dealing in capital markets products that are securities or securities-based derivatives contracts.927
Will you get a bank account and payment processing in Singapore with an MPI licence?
PSA s. 23(2) requires relevant money to be safeguarded by the next business day. One permitted method is a trust account with a safeguarding institution, meaning a bank in Singapore or another prescribed financial institution.28
What does it take to keep a Singapore MPI licence, and what upcoming changes apply?
Reg. 12 of the Payment Services Regulations 2019 sets the financial requirements while a licence is in force, and PSA s. 11 covers lapsing, surrender, revocation and suspension, which implies no fixed licence term. PSA s. 17 requires reports and returns in the form and at the frequency MAS specifies. MAS has also published a public consultation, closing 16 October 2026, on amendments to the Payment Services Act for regulated stablecoins.112329
Yes. PSA 2019 s. 12 establishes a statutory appeal to the Minister within 30 days of a MAS licensing decision, and s. 33 establishes a parallel 30-day appeal to the Minister for 20% controller refusals.2
A Singapore MPI licence is perpetual until it is revoked, suspended or surrendered (PSA 2019 s. 11). Prior written MAS approval is required to acquire a 20% controlling interest (s. 28) and to appoint a CEO or directors (s. 34). Reg. 9(1) of the Payment Services Regulations 2019, under PSA s. 7(1), requires a Form 2 application for any variation or change of licence, including adding services or changing licence type.15
Buying a company that already holds it
Prior approval required. Under Section 28 of the Payment Services Act 2019, prior written approval from MAS is required before a person becomes a 20% controller of a licensee (holding 20% or more of shares or voting power, or exercising effective control / power to determine policy). Under Section 97A of the Securities and Futures Act 2001 (as amended by Act 12 of 2024 effective 24 January 2025), prior written approval is required before obtaining effective control of a CMS licensee (20% share capital or voting power, or power to direct policy). Applications are submitted online via MAS-Tx (Form 3A for PSA, Form under SFA s.97A). Incurring control without MAS prior approval constitutes a criminal offence punishable by fine up to SGD 150,000 and/or imprisonment.2
PI in other countries
| Country | Licence | Regulator | Min. capital | Application fee | Statutory time |
|---|---|---|---|---|---|
| Czech Republic | Account Information Service Provider authorisation | CNB | n/a | CZK 25,000 | ~3 mo |
| Czech Republic | Small-scale Payment Service Provider authorisation | CNB | n/a | CZK 10,000 | ~1 mo |
| Czech Republic | Payment Institution licence | CNB | n/a | CZK 50,000 | ~3 mo |
| Estonia | Payment institution operating with an exception | FI | n/a | n/a | n/a |
| Estonia | Operating licence as a payment institution | FI | n/a | EUR 3,000 | ~3 mo |
| Georgia | Payment institution licenceRegistration as a Payment Service Provider (PSP) with the National Bank of Georgia | NBG | n/a | GEL 5,000 | n/a |
| Germany | Account information service provider registration | BaFin | n/a | n/a | n/a |
| Germany | Payment institution licence | BaFin | n/a | EUR 13,523 | ~3 mo |
| Ireland | Payment Institution Authorisation | CBI | n/a | n/a | n/a |
| Latvia | Registered payment institution | LB | n/a | EUR 2,500 | ~1.7 mo |
| Latvia | Authorised payment institution licence | LB | n/a | EUR 5,000 | ~3.7 mo |
| Lithuania | Payment institution licence for restricted activity | LB | n/a | n/a | n/a |
| Lithuania | Payment institution licence | LB | n/a | EUR 898 | ~3 mo |
| Luxembourg | Payment institution authorisation | CSSF | n/a | EUR 30,000 | ~3 mo |
| Malta | Account information service provider registration | MFSA | n/a | EUR 1,000 | n/a |
| Malta | Payment institution licence | MFSA | n/a | EUR 10,000 | ~3 mo |
| Netherlands | Payment institution licencePayment institution licence (Vergunning betaalinstelling) | DNB | n/a | EUR 6,800 | ~3 mo |
| Poland | Account Information Service Provider registration | KNF | n/a | n/a | n/a |
| Poland | National Payment Institution licence | KNF | n/a | EUR 1,250 | ~3 mo |
| Poland | Small Payment Institution registration | KNF | n/a | PLN 616 | ~3 mo |
| Singapore | Major Payment Institution Licence | MAS | n/a | SGD 1,500 | n/a |
| Singapore | Standard Payment Institution Licence | MAS | n/a | SGD 1,000 | n/a |
| Slovakia | Payment institution licence | NBS | n/a | n/a | ~3 mo |
| Spain | Payment institution authorization | BdE | n/a | n/a | ~3 mo |
| United Arab Emirates | Retail Payment Services Licence (Categories I to IV) | CBUAE | n/a | n/a | ~2.8 mo |
| United Kingdom | Registered Account Information Service Provider (RAISP) | FCA | n/a | GBP 1,130 | n/a |
| United Kingdom | Small Payment Institution (SPI) Registration | FCA | n/a | GBP 1,130 | n/a |
| United Kingdom | Authorised Payment Institution (API) | FCA | n/a | GBP 5,640 | ~3 mo |
Values come from each licence's page, where every figure has its source.
Laws behind it
- Payment Services Act 2019: Act 2 of 2019 (2020 Rev. Ed.)
Frequently asked questions
How much capital do you really need for a Singapore Major Payment Institution licence?
A Major Payment Institution needs statutory base capital of SGD 250,000 (Payment Services Regulations 2019 reg. 8).
How long does a Singapore Major Payment Institution licence really take?
In practice, a Singapore MPI licence takes 6 to 9 months. MAS typically reviews a complete application within about four months, and complex or incomplete submissions take longer. An application with material gaps may be put on hold for up to 6 months under the case-on-hold process since August 2024. The Payment Services Act 2019 (Part 2, Division 1, sections 5-13) sets no decision deadline.
What does a Singapore Major Payment Institution licence cost in total?
The application fee is SGD 1,500 and the annual licence fee is SGD 10,000 for providing one payment service (Payment Services Regulations 2019 Schedule).
What are the real approval odds for a Singapore MPI licence, and why do applications fail?
Coincub research records 37 Digital Payment Token licensees from close to 300 applications since 2020, citing an MAS Parliamentary reply dated 5 August 2026.
What does a Singapore MPI licence let you do, and where can you serve clients?
An MPI licence covers the seven permissible payment services defined in the First Schedule to the PSA 2019, including account issuance, remittance, acquiring and DPT.
Will you get a bank account and payment processing in Singapore with an MPI licence?
PSA s. 23(2) requires relevant money to be safeguarded by the next business day.
Who do you have to hire for a Singapore MPI licence, and where must they be based?
For a Singapore DPT service provider, the MAS licensing guidelines require the appointment of an in-house local compliance officer.
Is a Singapore MPI licence right for your business model, and when is Singapore the wrong choice?
Capital planning is part of the fit: the amended MAS Licensing Guidelines (July 2024) state that base capital should cover at least 6 to 12 months of operating expenses.
What does it take to keep a Singapore MPI licence, and what upcoming changes apply?
Reg. 12 of the Payment Services Regulations 2019 sets the financial requirements while a licence is in force, and PSA s. 11 covers lapsing, surrender, revocation and suspension, which implies no fixed licence term.
Who can own and run a Singapore Major Payment Institution?
A person needs MAS approval before acquiring a stake of at least 20% in a licensee under the Payment Services Bill; no approval is required at the 5% or 12% stages.
Sources
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- sso.agc.gov.sg: PSA2019 · retrieved 2026-09-24
- sso.agc.gov.sg: PSA2019 RG2 · retrieved 2026-09-24
- eservices.mas.gov.sg: mastx · retrieved 2026-10-01
- mas.gov.sg: form 1 application for a payment service provider licence · retrieved 2026-10-01
- mas.gov.sg: ps g01 guidelines on licensing for payment service providers · retrieved 2026-10-01
- mas.gov.sg: ongoing requirements for payment service providers · retrieved 2026-10-01
- singaporelegaladvice.com: payment service provider licence singapore · retrieved 2026-10-01
- orionw.com: mas updates guidelines on licensing for payment service prov · retrieved 2026-10-01
- singaporelegaladvice.com: applying major payment institution licence singapore · retrieved 2026-10-01
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- sso.agc.gov.sg: PSA2019 · retrieved 2026-10-01
- sso.agc.gov.sg: PSA2019 · retrieved 2026-10-01
- sso.agc.gov.sg: PSA2019 · retrieved 2026-10-01
- Payment Services Act 2019 · retrieved 2026-10-01
- allenandgledhill.com: sgkh regulatory framework for digital token service provider · retrieved 2026-10-01
- sso.agc.gov.sg: PSA2019 · retrieved 2020-01-28
- sso.agc.gov.sg: PSA2019 · retrieved 2020-01-28
- sso.agc.gov.sg: FSMA2022 · retrieved 2022-04-05
- coincub.com: singapore dtsp license zero licensees · secondary · retrieved 2026-08-20
- sso.agc.gov.sg: PSA2019 RG2 · retrieved 2019-12-05
- sso.agc.gov.sg: PSA2019 RG2 · secondary · retrieved
- sso.agc.gov.sg: PSA2019 · secondary · retrieved
- empressions.com.sg: major payment institution license application · secondary · retrieved 2026-09-28
- threesquarednine.com: mas licensing singapore fintechs · secondary · retrieved 2026-09-28
- sso.agc.gov.sg: PSA2019 · retrieved 2020-01-28
- sso.agc.gov.sg: SFA2001 · retrieved 2001-10-05
- sso.agc.gov.sg: PSA2019 · retrieved 2020-01-28
- allenandgledhill.com: mas consults on amendments to payment services act 2019 to i · secondary · retrieved 2026-09-24
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