Regulations for all Payment Services Providers

Who can apply:

According to MAS (Pages)
last revised on 26 Jun 2020

• The applicant must be a Singapore-incorporated company or a foreign corporation registered in Singapore.
• The applicant must have a permanent place of business or registered office.
• The applicant must have a minimum base capital of S$100,000.
• The applicant's board of directors should have either:
  • at least 1 executive director who is a Singapore Citizen or Singapore Permanent Resident
  • at least 1 non-executive director who is a Singapore Citizen or Singapore Permanent Resident and at least 1 executive director who is a Singapore Employment Pass Holder.

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Criteria for SPI applicants:

According to MAS (Pages)
last revised on 26 Jun 2020

• Fitness and propriety of the controllers and directors.
• Governance structure.
• Qualifications and experience, particularly in operating a payment services business and compliance with regulatory requirements.
• Financial condition and track record.
• Business plan and model, including operational readiness.
• Ability to comply with obligations under the PS Act, including compliance, technology risk management and audit arrangements.
• Regulatory status in other jurisdictions, where applicable.
• For applicants with a holding company, commitment to operations in Singapore.
• Whether the public interest will be served by granting a licence.