Regulations for activities relating to E-money

The licence required depends on the following financial thresholds:

According to MAS (Pages) and (Pages),
last revised 26 June 2020

License Type	Description
Standard Payment Institution License	Are able to conduct multiple payment services. Subject to the following thresholds: ≤S$3m monthly transactions for any activity type. ≤S$6m monthly transactions for 2 or more activity types. ≤S$5m of daily outstanding e-money for e-money issuance services.
Major Payment Institution License	Are able to conduct multiple payment services. Subject to the following thresholds: >S$3m monthly transactions for any activity type. >S$6m monthly transactions for 2 or more activity types. >S$5m of daily outstanding e-money for e-money issuance services.