Payment Service providers: Licence application

Admission criteria + ongoing requirements

According to MAS (Guidelines)
last revised 18 December 2019

An applicant must fulfil the criteria set out below and must demonstrate how it will be able to comply with its obligations under the PS Act as a licensee.
  • Governance and ownership requirements
  • Fit and Proper
  • Competency of Key Individuals
  • Permanent place of business or registered office
  • Base capital
  • Security (MPI licence)
  • Compliance arrangements
  • Technology Risk Management
  • Audit arrangements
  • Annual audit arrangements
  • Letter of Responsibility and/or Letter of Undertaking
  • Other factors

MAS considers each application on its own merits and may take into account other factors on a case-by-case basis. The criteria and considerations listed above are not meant to be exhaustive; MAS may impose additional conditions or requirements to address the unique risks posed by applicants.

Ongoing requirements

According to MAS (Guidelines)
last revised 18 December 2019

4.1 A licensee is required to comply, on an ongoing basis, with all applicable requirements set out under the PS Act, as well as other relevant legislation. Licensees are expected to put in place systems, policies and procedures to ensure that they fulfil all ongoing obligations, including applications and notifications to MAS where necessary. Some of these requirements are summarised below.
4.2 Anti-Money Laundering and Countering the Financing of Terrorism (“AML/CFT”) Requirements ...
4.3 Periodic Returns ...
4.4 Cyber Hygiene ...
4.5 Business Conduct ...
4.6 Disclosures and Communications ...
4.7 Annual Audit Requirements ...
4.8 Licensees should also understand and apply the relevant MAS Guidelines such as the Guidelines on Technology Risk Management and E-payments user protection guidelines, and keep abreast of regulatory changes.
Read the MAS guidelines on licensing for payment service providers for explanations of each of the above criteria/ongoing requirements