Regulations for all Payment Services Providers

What are the criteria to apply for a Standard Payment Service Institution Licence?


  • 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.

    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.