Payment Service providers: Licence application
PS licence: SPI vs MPI vs Money-changing
The three (3) types of licenses that payment service provides can hold to provide services under the PSA are:
(a) Money-Changing Licence;
(b) Standard Payment Institution Licence;
(c) Major Payment Institution Licence.
Payment service providers can conduct multiple payment services under one licence.
According to MAS (Pages)
last revised on 23 September 2021
Payment service providers can conduct multiple payment services under one licence. There are three types of licences that payment service providers can hold to provide the payment services above:
Money-Changing Licence
- Money-Changing licensees are only able to conduct money-changing services.
Standard Payment Institution Licence
- Standard Payment Institutions are able to conduct multiple payment services below specified thresholds.
Major Payment Institution Licence
- Major Payment Institutions are able to conduct multiple payment services without any limits on transaction volume or float.