Major Payment Institution License
License for large-scale digital payment token services, money transfer, and stored value facility operations exceeding SGD 3 million monthly volume.
Payment Services Act 2019 Part 3 Sec. 17, MAS Notice PSN02
Capital Required
SGD 250,000 base capital + SGD 100,000-200,000 security deposit
Timeline
6-12 months
Fees
SGD 5,000 application + SGD 10,000 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 base capital maintained at all times and audited quarterly
Monthly transaction volume exceeding SGD 3 million in digital payment token services
Robust IT security framework compliant with MAS Technology Risk Management Guidelines
Qualified management team with at least 2 Key Appointment Holders approved by MAS
Comprehensive anti-money laundering and know-your-customer procedures per MAS Guidelines
Segregated customer funds in trust accounts with licensed banks and regular reconciliation audits
Comprehensive cybersecurity incident response plan and business continuity plan tested semi-annually
Delivery of customer service resolution mechanism and dispute resolution procedures
Application Process
Prepare and submit Major Payment Institution License application with detailed business plan and financial projections
Provide organizational structure, management CVs, and fit-and-proper declarations for Key Appointment Holders
Submit comprehensive technology risk management documentation including IT security policies and audit plans
Obtain in-principle approval from MAS and complete banking arrangement for segregated customer accounts
Submit final compliance documentation including AML/CFT procedures, customer terms, and dispute resolution
MAS issuance of license following final approvals and receipt of security deposit
Expected Total Timeline
6-12 months
Ongoing Obligations
After obtaining your Major Payment Institution License, these are the continuing compliance requirements you must maintain.
Quarterly capital adequacy reports and annual independent audits of financial statements
Monthly transaction volume reports and quarterly customer fund reconciliation statements to MAS
Annual compliance certifications regarding AML/CFT procedures and technology risk management
Notification to MAS within 7 days of material breaches, cyber incidents, or significant complaints
Maintain segregated customer funds and prohibit use of customer funds for operational purposes
Annual cybersecurity testing and business continuity plan reviews with results submitted to MAS
Cost Summary
Capital Requirement
SGD 250,000 base capital + SGD 100,000-200,000 security deposit
Application & Licensing Fees
SGD 5,000 application + SGD 10,000 annual
Jurisdiction Setup Cost
$40,000-$120,000
Annual: $60,000-$150,000
Other Singapore Licenses
Explore other license types available in Singapore.
Standard Payment Institution License
Capital Markets Services License
Licensed Fund Management Company
Stablecoin Issuer Framework
Need help with Major Payment Institution License?
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