Capital Markets Services License
License for dealing in capital markets products including tokenized securities, fund management, and trading platforms under SFA framework.
Securities and Futures Act (SFA) Sec. 82-89
Capital Required
SGD 250,000-500,000 liquid capital depending on type
Timeline
4-8 months
Fees
SGD 5,000-8,800 application + SGD 2,475-8,250 annual
Regulatory Body
Monetary Authority of Singapore (MAS)
Legislative Framework
Payment Services Act 2019 (PSA), Securities and Futures Act (SFA), Financial Services and Markets Act 2022 (FSMA), MAS Technology Risk Management Guidelines
Last updated: July 2025
Key Requirements
Minimum SGD 250,000-500,000 liquid capital maintained continuously depending on regulated activities
At least 2 Responsible Officers approved by MAS with financial services and compliance experience
Comprehensive compliance framework for market conduct, conflicts of interest, and suitability assessments
Segregated client account structure and safeguards for client assets in securities holdings
Fit-and-proper standards for management and significant shareholders verified through disclosure forms
Professional indemnity insurance with minimum SGD 1,000,000 coverage for capital markets activities
Business continuity plan and cybersecurity framework compliant with MAS Technology Risk Management Guidelines
Customer communication standards including risk disclosures and regular portfolio valuations
Application Process
Prepare Capital Markets Services License application specifying regulated activities per SFA framework
Submit organizational structure, management CVs for Responsible Officers, and regulatory experience documentation
Provide compliance manuals, client agreement terms, and execution policies tailored to regulated activities
MAS review and in-principle approval contingent on satisfactory compliance framework
Finalize insurance arrangements and segregation account setup with approved custodians
MAS issuance of license with specific conditions related to regulated activities and customer restrictions
Expected Total Timeline
4-8 months
Ongoing Obligations
After obtaining your Capital Markets Services License, these are the continuing compliance requirements you must maintain.
Quarterly liquid capital reporting and annual independent audit of financial statements and client balances
Annual appointment of compliance officer and conduct officer with fit-and-proper verifications to MAS
Quarterly client fund reconciliation and monthly internal reconciliation of customer holdings
Market conduct reporting including trade data submission per MAS surveillance requirements
Annual training certifications for all staff engaged in regulated activities per CPD requirements
Immediate notification to MAS within 2 days of material non-compliance or changes to Responsible Officers
Cost Summary
Capital Requirement
SGD 250,000-500,000 liquid capital depending on type
Application & Licensing Fees
SGD 5,000-8,800 application + SGD 2,475-8,250 annual
Jurisdiction Setup Cost
$40,000-$120,000
Annual: $60,000-$150,000
Other Singapore Licenses
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Major Payment Institution License
Standard Payment Institution License
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