Payment Service providers: Licence application

Which payment activities are regulated under the PSA and require a licence?

According to MAS (Pages)

last revised on 23 September 2021

MAS regulates seven payment services under the PS Act:

Activity Type Brief Description
Activity A: Account issuance service The service of issuing a payment account or any service relating to any operation required for operating a payment account, such as an e-wallet (including certain multi-purpose stored value cards) or a non-bank issued credit card.
Activity B: Domestic money transfer service Providing local funds transfer service in Singapore. This includes payment gateway services and payment kiosk services.
Activity C: Cross-border money transfer service Providing inbound or outbound remittance service in Singapore.
Activity D: Merchant acquisition service Providing merchant acquisition service in Singapore where the service provider processes payment transactions from the merchant and processes payment receipts on behalf of the merchant. Usually the service includes providing a point-of-sale terminal or online payment gateway.
Activity E: E-money issuance service Issuing e-money to allow the user to pay merchants or transfer to another individual.
Activity F: Digital payment token service Buying or selling digital payment tokens (“DPTs”) (commonly known as cryptocurrencies), or providing a platform to allow persons to exchange DPTs.
Activity G: Money-changing service Buying or selling foreign currency notes.


Save for the services listed in Part 2, First Schedule of the PSA, the following are seven (7) types of payment services regulated under the PSA:

  1. An account issuance service;
  2. A domestic money transfer service;
  3. A cross-border money transfer service;
  4. A merchant acquisition service;
  5. An e-money issuance service;
  6. A digital payment token service;
  7. A money-changing service.