Payment Service providers: Licence application
Application forms and fees
According to MAS (Pages - Forms and Templates under the Payment Services Act 2019)
Forms relevant to payment service providers can be found here.
Application for PS licence/variation of PS licence can be found in Form 1 and Form 2 respectively.
Form 1 - Application for a Payment Service Provider Licence
Form for applicants to apply for a payment service provider licence or to apply to change their entity type between a sole-proprietorship, partnership, or company/corporation under the Payment Services Act 2019.
Form 2 - Application for the Variation or Change of a Payment Service Provider Licence
Form for entities to apply for the variation or change of a payment service provider licence under the Payment Services Act 2019.
All applicants are required to pay a non-refundable application fee. The applicable fees depend on the licence type and payment services applied for and are prescribed in the Schedule to the PSR. Instructions on the amount and manner of payment will be provided after you have submitted Form 1.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.
| Activity type | Standard Payment Institution | Major Payment Institution |
| Account issuance service | S$0 | S$0 |
| Domestic money transfer service | S$1,000 | S$1,500 |
| Cross-border money transfer service | S$1,000 | S$1,500 |
| Merchant acquisition service | S$1,000 | S$1,500 |
| E-money issuance service | S$1,000 | S$1,500 |
| Digital payment token service | S$1,000 | S$1,500 |
| Money-changing service | S$500 | S$500 |