Payment service providers: Money-changing

What admission criteria does MAS consider for a money-changing license?

According to MAS (Pages)
last revised on 25 January 2020

When assessing an application for a money-changing licence, MAS takes into consideration factors such as

  • Fitness and propriety of the applicant; and in the case of a company, partnership or limited liability partnership, the fitness and propriety of its management.
  • Financial condition of the applicant, and in the case where the applicant is a company, partnership or limited liability partnership, its track record and financial performance in previous years.
  • Ownership and shareholding structure.
  • Qualifications and experience, particularly in operating a money-changing business and in anti-money laundering and countering the financing of terrorism (AML/CFT).
  • Business plan and model, including AML/CFT policies and procedures.
  • Whether the public interest will be served by granting a licence.