# Monetary Authority of Singapore (MAS): register, licences and requirements Source page: https://protegra.io/licensing/regulators/mas-singapore/ The Monetary Authority of Singapore (MAS) is Singapore's central bank and integrated financial supervisor. It licenses and supervises banking, capital markets, insurance, and payment institutions under legislation including the Payment Services Act and Securities and Futures Act. As of September 2026, MAS supervises 3,650 active financial entities, including 244 Major Payment Institutions (with 38 authorized for Digital Payment Tokens) and 1,579 Capital Markets Services licensees. ## How to check a firm on the MAS register Users search the Financial Institutions Directory by institution name, licence type, or regulated activity, with filters for sector (Banking, Capital Markets, Financial Advisory, Insurance, Payments) and licence status. An active entry displays the entity's legal name, country of incorporation, licence type, authorized regulated activities, key personnel, official website, telephone, and registered office address in Singapore. [4] - [MAS Financial Institutions Directory (FID)](https://eservices.mas.gov.sg/fid/institution) [4] ## At a glance | Official name | Monetary Authority of Singapore (新加坡金融管理局) | | --- | --- | | Jurisdiction | [Singapore](https://protegra.io/licensing/jurisdictions/singapore/) | | Type | Central bank | | Headquarters | Singapore [1] | | Founded | 1971 [2] | | Website | [mas.gov.sg](https://www.mas.gov.sg) [3] | | Public register | [Official public register](https://eservices.mas.gov.sg/fid/institution) [4] | | Licence types in the Atlas | 5 | ## What MAS supervises MAS is Singapore's central bank and integrated financial supervisor, conducting monetary policy, issuing currency, managing official foreign reserves, and supervising banking, capital markets, insurance, and payment institutions to foster a sound and progressive financial services sector. [15] - Banks, merchant banks, and digital banks (Digital Full Banks and Digital Wholesale Banks) [16] - Payment service providers including Major Payment Institutions, Standard Payment Institutions, and Money-changing licensees [13] - Capital markets intermediaries, broker-dealers, corporate finance advisers, and custodians [11] - Fund management companies (Licensed Fund Management Companies - LFMC and Venture Capital Fund Managers - VCFM) [11] - Digital payment token (DPT) service providers and offshore digital token service providers (DTSP) [17] - Trust companies and trust service providers [12] - Insurers, reinsurers, and insurance brokers [4] ## Licences MAS issues - [Bank · SingaporeBanking LicenceBanking Licence (Full Bank, Wholesale Bank, Digital Bank)](https://protegra.io/licensing/licences/bank/singapore/) - [IF · SingaporeCapital Markets Services (CMS) Licence](https://protegra.io/licensing/licences/investment-firm/singapore-cms/) - [PI · SingaporeMajor Payment Institution Licence](https://protegra.io/licensing/licences/payment-institution/singapore-mpi/) - [PI · SingaporeStandard Payment Institution Licence](https://protegra.io/licensing/licences/payment-institution/singapore-spi/) - [TCSP · SingaporeTrust Company Licence](https://protegra.io/licensing/licences/trust-company/singapore/) ## Lesser-known services for applicants Not offered ### Pre-application meeting / pre-assessment MAS does not provide routine pre-application meetings for standard payment or capital markets licences; applicants are expected to review published licensing guidelines (such as PS-G01) and submit complete applications. Unready applications may be placed on a six-month cooling-off freeze. However, bespoke pre-application consultation is encouraged for innovative applicants seeking entry into the FinTech Regulatory Sandbox via fintech_sandbox@mas.gov.sg. [5] Available ### Innovation hub MAS operates the FinTech and Innovation Group (FTIG) and the Global Finance & Technology Network (GFTN), organizing the annual Singapore FinTech Festival, coordinating cross-border initiatives like Project Nexus, and fostering ecosystem growth. [6] Available · policy ### Regulatory sandbox MAS operates a three-track FinTech Regulatory Sandbox: Bespoke Sandbox (launched 2016) for complex innovations; Sandbox Express (launched August 2019) providing fast-track 21-day market testing for pre-defined low-risk activities; and Sandbox Plus (effective 2022) offering grant support up to SGD 500,000 via the Financial Sector Development Fund (FSDF) and Deal Fridays investor access. [7] **Application portal:** MAS-Tx (Monetary Authority of Singapore - Financial Institutions Transactions Platform) and FormSG / CorpPass [8] **Fee schedule:** The Schedule to the Payment Services Regulations 2019 (Rev. Ed. 2025) setting out application and annual supervisory fees for payment service licensees [9] Compare with other regulators: [pre-application meetings](https://protegra.io/licensing/tools/pre-application/) · [sandboxes and innovation hubs](https://protegra.io/licensing/tools/sandboxes/). ## Statistics _Current licence holders in the official register [4] [4] [4] [4] [4]_ - 3,650 active financial institutions and entities registered (MAS Financial Institutions Directory, 2026-09-24) [4] - 1,579 Capital Markets Services (CMS) Licensees active in Singapore (MAS Financial Institutions Directory, 2026-09-24) [4] - 504 regulated entities in the Payments sector, including 244 Major Payment Institutions, 230 Money-changing Licensees, and 13 Standard Payment Institutions (MAS Financial Institutions Directory, 2026-09-24) [4] - 38 Major Payment Institutions licensed for Digital Payment Token (DPT) services (MAS register cross-referenced, 2026-08-20) [18] - 121 commercial and wholesale banks active in Singapore, comprising 95 Wholesale Banks, 20 Full Banks, and 6 Local Banks (MAS Financial Institutions Directory, 2026-09-24) [4] - 67 Licensed Trust Companies and 27 Exempt Trust Companies operating in Singapore (MAS Financial Institutions Directory, 2026-09-24) [4] ## Fees and timelines | Licence | Fee | Amount | | --- | --- | --- | | [Major Payment Institution Licence](https://protegra.io/licensing/licences/payment-institution/singapore-mpi/) | application | SGD 1,500 [9] | | [Major Payment Institution Licence](https://protegra.io/licensing/licences/payment-institution/singapore-mpi/) | annual | SGD 10,000 [9] | | [Standard Payment Institution Licence](https://protegra.io/licensing/licences/payment-institution/singapore-spi/) | application | SGD 1,000 [9] | | [Standard Payment Institution Licence](https://protegra.io/licensing/licences/payment-institution/singapore-spi/) | annual | SGD 5,000 [9] | | Money-changing Licence | application | SGD 500 [9] | | Money-changing Licence | annual | SGD 1,500 [10] | | Major Payment Institution Licence with Digital Payment Token Service | application | SGD 1,500 [9] | | Major Payment Institution Licence with Digital Payment Token Service | annual | SGD 10,000 [9] | | [Capital Markets Services (CMS) Licence](https://protegra.io/licensing/licences/investment-firm/singapore-cms/) | application | SGD 1,000 [11] | | [Capital Markets Services (CMS) Licence](https://protegra.io/licensing/licences/investment-firm/singapore-cms/) | annual | SGD 2,000 to SGD 4,000 [11] | | [Trust Company Licence](https://protegra.io/licensing/licences/trust-company/singapore/) | application | SGD 1,000 [12] | | [Trust Company Licence](https://protegra.io/licensing/licences/trust-company/singapore/) | annual | SGD 4,000 [12] | _Time to a decision for Capital Markets Services (CMS) Licence: statutory deadline vs observed._ | Licence | Statutory deadline | Observed | | --- | --- | --- | | [Major Payment Institution Licence](https://protegra.io/licensing/licences/payment-institution/singapore-mpi/) | None stated in the Act (determined upon completion of assessment) [13] | not published | | [Standard Payment Institution Licence](https://protegra.io/licensing/licences/payment-institution/singapore-spi/) | None stated in the Act (determined upon completion of assessment) [13] | not published | | Money-changing Licence | None stated in the Act [13] | not published | | Major Payment Institution Licence with Digital Payment Token Service | None stated in the Act [13] | not published | | [Capital Markets Services (CMS) Licence](https://protegra.io/licensing/licences/investment-firm/singapore-cms/) | None stated in the Act [11] | 4 to 6 months for standard fund management (LFMC) or venture capital (VCFM), 6 to 9 months for broker-dealers [14] | ## Changing the owner of a licensed firm **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. [13] Buying a company that already holds one of these licences is often faster than applying. See [ready-made licensed companies](https://protegra.io/companies/) · [investment brokerage](https://protegra.io/companies/investment-brokerage/). ## Laws MAS applies - [Payment Services Act 2019](https://protegra.io/licensing/laws/sg-payment-services-act-2019/): Act 2 of 2019 (2020 Rev. Ed.) ## Recent and upcoming changes - 2026-09-01: MAS published a public consultation paper on proposed legislative amendments to the Payment Services Act 2019 to formalize the MAS-regulated single-currency stablecoin (MAS-SCS) framework, covering reserve segregation, par redemption within 5 business days, and prohibiting interest payments (consultation closing 16 October 2026). [19] - 2025-10-08: MAS revised Guidelines on Licensing for Payment Service Providers (PS-G01), introducing stricter standards including mandatory legal opinions and external auditor assessments on compliance readiness for payment licence applicants. [9] - 2025-06-30: Financial Services and Markets (Digital Token Service Providers) Regulations 2025 came into operation under FSMA 2022 Part 9, establishing a dedicated regulatory regime for offshore digital token service providers operating from Singapore. [17] - 2025-01-24: Amendments to Section 97A of the Securities and Futures Act 2001 (enacted via Act 12 of 2024) took effect, streamlining the take-over control threshold for CMS licensees to obtaining 'effective control' (20% shares/votes or policy determination) and allowing conditional share purchase agreements prior to MAS approval. [11] - 2024-08-01: MAS formally repealed the Registered Fund Management Company (RFMC) regime, completing the transition of eligible RFMCs to Licensed Fund Management Companies (A/I LFMC) holding full CMS licences. [20] - 2024-04-04: Phase 1 of amendments under the Payment Services (Amendment) Act 2021 took effect, bringing custodial services for digital payment tokens, transmission facilitation, and cross-border money transfer into the scope of MAS regulation. [21] ## Contacts and public register Address: 10 Shenton Way, MAS Building, Singapore 079117 [15] Website: [mas.gov.sg](https://www.mas.gov.sg) [3] Check whether a firm is licensed: [official register](https://eservices.mas.gov.sg/fid/institution) [4]. ## Working with Protegra From Protegra: [Singapore crypto license](https://protegra.io/crypto-license-singapore). ## Frequently asked questions ### What is the difference between a Standard Payment Institution and a Major Payment Institution under MAS? A Standard Payment Institution (SPI) is licensed for payment transactions below statutory thresholds (monthly average below SGD 3 million for payment transactions, or SGD 5 million for e-money issuance float). Entities exceeding these transaction volumes must hold a Major Payment Institution (MPI) licence, which imposes stricter capital (SGD 250,000 vs SGD 100,000 for SPI), safeguarding requirements, and higher supervisory fees. ### How does MAS regulate crypto and digital payment token (DPT) service providers? Under the Payment Services Act 2019, crypto exchanges, brokers, and custody providers must obtain a Major Payment Institution licence for Digital Payment Token (DPT) service. As of August 2026, MAS has licensed 38 entities for DPT services. Providers face comprehensive anti-money laundering controls, customer asset segregation, independent auditor audits, and strict restrictions on retail customer lending and margin trading. ### What are the tracks of the MAS FinTech Regulatory Sandbox? MAS operates three sandbox pathways: the Bespoke Sandbox for novel, complex models requiring customized regulatory exemptions; Sandbox Express, which provides accelerated 21-day market testing for pre-defined low-risk activities like remittance and insurance broking; and Sandbox Plus, which pairs regulatory relaxation with Financial Sector Development Fund grants of up to SGD 500,000 and investor networking through Deal Fridays. ### Can foreign lawyers or consultants attend MAS licensing interviews with applicants? No. Under MAS licensing guidelines (Rules of Engagement for Application Review), external legal counsel, compliance consultants, and corporate service providers are strictly barred from attending the regulatory interview between MAS case officers and the applicant's key executive officers. MAS requires executive directors and the local compliance officer to independently demonstrate intimate knowledge of their operational policies and compliance manual. ### What are the change of control approval requirements for MAS-licensed financial institutions? Under Section 28 of the Payment Services Act and Section 97A of the Securities and Futures Act, prior written approval from MAS is legally required before any person acquires a 20% controlling interest or effective control over a licensed entity. Transactions completed without prior MAS approval are invalid and constitute criminal offences punishable by fines up to SGD 150,000 and imprisonment. ## Sources 1. [wikidata.org: Q2661296](https://www.wikidata.org/wiki/Q2661296): retrieved 2026-09-24 2. [sso.agc.gov.sg: MASA1970](https://sso.agc.gov.sg/Act/MASA1970): retrieved 2026-09-24 3. [mas.gov.sg](https://www.mas.gov.sg): retrieved 2026-09-24 4. [eservices.mas.gov.sg: institution](https://eservices.mas.gov.sg/fid/institution): retrieved 2026-09-24 5. [mas.gov.sg: ps g01 guidelines on licensing for payment service providers](https://www.mas.gov.sg/regulation/guidelines/ps-g01-guidelines-on-licensing-for-payment-service-providers): retrieved 2026-09-24 6. [mas.gov.sg: fintech and innovation](https://www.mas.gov.sg/who-we-are/organisation-structure/fintech-and-innovation): retrieved 2026-09-24 7. [mas.gov.sg: mas enhances fintech regulatory sandbox with sandbox plus](https://www.mas.gov.sg/news/media-releases/2021/mas-enhances-fintech-regulatory-sandbox-with-sandbox-plus): retrieved 2026-09-24 8. [mastx.mas.gov.sg](https://mastx.mas.gov.sg/): retrieved 2026-09-24 9. [sso.agc.gov.sg: PSA2019 RG2](https://sso.agc.gov.sg/SL/PSA2019-RG2): retrieved 2026-09-24 10. [singaporelegaladvice.com: payment service provider licence singapore](https://singaporelegaladvice.com/law-articles/payment-service-provider-licence-singapore/): retrieved 2026-09-24 11. [sso.agc.gov.sg: SFA2001](https://sso.agc.gov.sg/Act/SFA2001): retrieved 2026-09-24 12. [sso.agc.gov.sg: TCA2005](https://sso.agc.gov.sg/Act/TCA2005): retrieved 2026-09-24 13. [sso.agc.gov.sg: PSA2019](https://sso.agc.gov.sg/Act/PSA2019): retrieved 2026-09-24 14. [mas.gov.sg: cms licence](https://www.mas.gov.sg/regulation/capital-markets/apply-for-licensing-or-registration-of-capital-market-entities/cms-licence): retrieved 2026-09-24 15. [en.wikipedia.org: Monetary Authority of Singapore](https://en.wikipedia.org/wiki/Monetary_Authority_of_Singapore): retrieved 2026-09-24 16. [sso.agc.gov.sg: BA1970](https://sso.agc.gov.sg/Act/BA1970): retrieved 2026-09-24 17. [sso.agc.gov.sg: FSMA2022](https://sso.agc.gov.sg/Act/FSMA2022): retrieved 2026-09-24 18. [fintechnews.sg: latest list licensed cryptocurrency providers in singapore](https://fintechnews.sg/latest-list-licensed-cryptocurrency-providers-in-singapore/): retrieved 2026-09-24 19. [allenandgledhill.com: mas consults on amendments to payment services act 2019 to i](https://www.allenandgledhill.com/sg/publication/articles/33475/mas-consults-on-amendments-to-payment-services-act-2019-to-implement-stablecoin-regulatory-framework): retrieved 2026-09-24 20. [allenandgledhill.com: mas issues response to feedback from consultation on repeal](https://www.allenandgledhill.com/sg/publication/articles/27786/mas-issues-response-to-feedback-from-consultation-on-repeal-of-regulatory-regime-for-registered-fund-management-companies): retrieved 2026-09-24 21. [allenandgledhill.com: mas expands scope of regulated payment services amends ongoi](https://www.allenandgledhill.com/sg/publication/articles/27857/mas-expands-scope-of-regulated-payment-services-amends-ongoing-compliance-requirements-and-introduces-user-protection-requirements-for-dpt-service-providers-under-payment-services-act-2019): retrieved 2026-09-24 Last verified 2026-09-24 · Author: Danil Marmysh · Reviewed by Anastasia Sidorenkova · © Protegra. Data: CC BY 4.0, cite "Protegra Licensing Atlas". Not legal advice.