Singapore Payment Institution

Activities

The Singapore Payment Institution License, issued by the Monetary Authority of Singapore (MAS) under the Payment Services Act (PSA), allows companies to provide a range of payment services within the country, including:

Account Issuance Services
Issuing and managing payment accounts, including electronic wallets (e-wallets) or stored-value cards.

Domestic Money Transfer Services
Facilitating local funds transfer services within Singapore, including payment gateways and kiosks.

Cross-Border Money Transfer Services
Providing remittance services for inbound and outbound transfers between entities in different countries.

Merchant Acquisition Services
Accepting and processing payment transactions on behalf of merchants, including point-of-sale terminals and online payment gateways.

E-Money Issuance Services
Issuing electronic money that can be used for payments or fund transfers.

Digital Payment Token Services
Buying, selling, or exchanging digital payment tokens (digital assets).

Money-Changing Services
Buying or selling foreign currency notes.

Requirements

To obtain a Payment Institution License in Singapore, applicants must meet several regulatory requirements:

Business Structure
The applicant must be either a Singapore-incorporated company or a foreign corporation registered in Singapore.

Minimum Capital Requirement
Maintain a minimum paid-up capital of SGD 100,000 to ensure financial stability.

Fit and Proper Test
Key personnel, including directors and senior management, must pass the “fit and proper” test to demonstrate integrity, experience, and capability to manage payment services.

Business Plan Submission
Submit a comprehensive business plan detailing the company’s operations, services, market strategy, and risk management processes.

Physical Office Requirement
Establish a physical office in Singapore to ensure a local presence and compliance with national regulations.

Compliance Framework
Implement robust anti-money laundering (AML) and counter-terrorism financing (CTF) policies, including Know Your Customer (KYC) procedures.

Cybersecurity Measures
Demonstrate strong cybersecurity frameworks to protect client data and assets from potential threats.

Regulatory Reporting
Licensed entities must submit periodic reports on their financial status, transaction volumes, and any suspicious activities to the Monetary Authority of Singapore (MAS).

Insurance Coverage
Obtain adequate insurance coverage to protect against risks such as cyber theft and operational losses.

Ongoing Compliance and Audits
Companies are subject to regular audits and must maintain compliance with evolving legal frameworks governing payment services.

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