Standard & Major Payment institution licence

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

The criteria are as follows:

• 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.