• Find out if the payment service you are providing is regulated under the Payment Services Act 2019 ("PS Act"). You may also wish to consider the expanded scope of the PS Act, which commenced on 4 April 2024.
• Find out about the different types of licences and their respective eligibility and assessment criteria.
• Refer to the PS Act, the Payment Service Regulations, the Guidelines on Licensing for Payment Services Providers, and the relevant notices and guidelines to determine whether you meet the requirements for the respective licence you are applying for.
• Refer to the FAQ for clarifications on some of the commonly asked questions about the PS Act.

Should you require further guidance on the applicable licensing requirements for your business model, you may seek legal advice. If you are unsure of who to approach, you may consider participating in the Payments Regulatory Evaluation Programme (“PREP”) . This is not mandatory and MAS does not endorse any of the service providers under PREP. More information on PREP is available on the Singapore Academy of Law’s website.

Apply for a Licence

Once you have determined the type of licence required for your business, please submit the application online . For assistance, please refer to the Help section. 

What You Will Need

You should prepare the following documents according to the application checklist before you apply:

• A copy of your business profile as filed with the Accounting and Corporate Regulatory Authority (ACRA)  of Singapore.
  • The document should be dated within 30 days of the date of application.
• Scanned copies of your audited financial statements and the audited consolidated financial statements of the group for the past 3 years, where applicable.
  
  • If you or the group has yet to undergo an independent audit, you will have to attach the unaudited financial statements.
• A copy of your organisation chart, including the compliance function.
• A copy of your shareholding chart, including all controlling interests.
• Your business plan that illustrates compliance with the PS Act as well as other relevant legislation.
• A legal opinion on the regulated payment services conducted given your proposed business model. The legal opinion should be issued by a law firm that has experience advising on the PS Act in Singapore and should include a detailed and comprehensive analysis of how each regulated payment service is or is not applicable to each proposed service or product. 
• Anti-Money Laundering and Countering the Financing of Terrorism (AML/CFT) policies & procedures, enterprise-wide risk assessment and implementation plans that illustrate your compliance with the relevant Notices on Prevention of Money Laundering and Countering the Financing of Terrorism [PSN01] and [PSN02]
  • You should include the name and curriculum vitae (CV) of the AML/CFT compliance officer (if different from the designated compliance officer).
• For new applicants applying to provide a Digital Payment Token Service, an independent external auditor’s assessment report on the new applicant’s proposed AML/CFT and Consumer Protection processes, policies and procedures is required. The External Auditor’s independent assessment report should be submitted together with the applicant’s licence application and must have been issued and signed off by the External Auditor within the last 3 months from the date of application submission.
• If you have corporate entities as shareholders: A copy of each shareholder's business profile dated within 30 days of the date of application.
• If you have individuals as shareholders: Clear copy (both front and back) of Employment Pass/passport of the shareholder(s), if the individual is not a Singapore citizen or permanent resident.
• If you are applying on behalf of a partnership, Singapore company, or corporations formed or incorporated outside Singapore: A copy of [Form 3] for each partner, director and Chief Executive Officer (CEO) with the required supporting documents.
• If you are applying on behalf of a sole proprietorship: Supporting documents to demonstrate the sole proprietor's experience in payment services such as (but is not limited to) the latest CV of the sole proprietor.
  
  • You will also have to provide a copy of the the sole proprietor's Medisave liabilities and payment status. (Please use the CPF e-Service to check the status and provide a screenshot.)
• If you are applying on behalf of a hotel: A copy of the hotel licence.

Application Fees

You are required to pay a non-refundable application fee. The amount of application fees you will have to pay depends on the payment services you are applying for.

The application fees are, in summary:

• For a money-changing licence, S$500.
• For a standard payment institution, S$1,000 or the sum of the amounts below for the payment services applied for, whichever is higher.
• For a major payment institution, S$1,500 or the sum of the amounts below for the payment services applied for, whichever is higher.
  
  

Refer to the Schedule of the Payment Service Regulations (PSR) for more information about the fees.

Licence Issuance

Once your licence application is approved, MAS will inform you and issue your e-licence via email.

Your entity will also be listed on the MAS Financial Institutions Directory.