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Money transfer operators, acquirers, e-money issuers and token providers starting in Singapore hold the standard licence, with no security deposit and a path to the major licence as volumes grow.
Selected engagements from more than 250 licences obtained since 2013, for payment, e-money and cryptoasset firms.
Volkswagen
Payment InstitutionObtained Nexpay’s FCA Authorised Payment Institution licence.
Electronic Money InstitutionObtained Dzing Finance’s FCA Authorised Electronic Money Institution licence.
Obtained Orbital’s FCA Authorised Payment Institution licence.
Our realistic timeline from submission to decision.
Safeguarding, operating and settlement accounts opened alongside the application, so you trade on authorisation.
We assemble your team: a resident executive director and senior payments staff.
The licence, the requirements, the cost and the timing for your business.
You will need an executive director who is a Singapore citizen or permanent resident, or one on an employment pass with a resident director, plus senior payments staff.
One programme, from scoping to launch. Speak to an expert about this licence.
Requirements, capital, timing, fees and common questions, drawn from the regulator’s own publications.
A firm providing payment services in Singapore within the standard thresholds holds this licence. It suits money transfer operators, merchant acquirers, e-money issuers and digital payment token providers at the start of their Singapore operations; we convert the licence to a major payment institution licence as volumes grow.
| Requirement | Amount |
|---|---|
| Base capital | S$100,000 plus buffer |
| Security deposit | None |
| Thresholds | S$3 million a month for one service; S$6 million for two or more; S$5 million average daily e-money float |
The MAS sets the buffer above base capital against the scale and scope of the business.
| Figure | Value | Source |
|---|---|---|
| Statutory decision period | No statutory period | Payment Services Act 2019 |
| Regulator’s published figure | Estimated waiting period of more than a year because of application volume | MAS, how to apply for a payment service provider licence |
| Application preparation | 6 to 8 weeks | From instruction to submission, including banking in parallel |
| Our realistic timeline | 12 to 15 months after submission | Our own figure, from the regulator’s published data and our applications |
Regulator figures are quoted as published and converted to months. Our realistic timeline assumes a complete, well-prepared application.
| Item | Amount | Notes |
|---|---|---|
| Application fee | S$1,000 or the sum of per-service fees | S$1,000 per service; account issuance S$0; money-changing S$500; non-refundable |
| Annual licence fee | S$5,000 or the sum of per-service fees | Whichever is higher |
| Base capital | S$100,000 | Plus buffer |
| Professional fees | Fixed | Quoted after scoping |
The licence covers Singapore. Regional groups pair it with Hong Kong and other local licences; we obtain each.
The MAS cites the volume of applications for its waiting period and assesses each application on its merits: track record, financial condition, operational readiness, the holding company’s commitment to the Singapore operation, home-state supervision and the public interest. In our experience the applications that move through the queue are those with controllers assessed in advance, a business plan the MAS can test and technology readiness evidenced before filing.
A payment institution needs a safeguarding account, an operating account and settlement accounts in the currencies it serves. We open each alongside the application, so you trade from authorisation. See banking and payment processing.
There is no statutory period and the MAS puts the waiting period at more than a year; we plan for twelve to fifteen months after submission.
S$100,000 base capital plus a buffer, with no security deposit.
You must apply to convert to a major payment institution licence, with the higher capital and the security deposit.
Yes: at least one executive director who is a Singapore citizen or permanent resident, or one on an employment pass with another resident director.
The statutory safeguarding duty applies to major payment institutions, not to standard payment institutions; we design the arrangement banks expect.
A regulatory advisory firm to payment, e-money and cryptoasset companies since 2013, with more than 250 licences obtained in more than 60 countries. The firm builds licensed payment, e-money, crypto and stablecoin businesses: the licence, the team, the technology, the bank accounts and card issuing.
This guide is general information, not legal advice. Requirements and fees change, and the regulator’s own publications take precedence.
The licence, your team, banking and technology, delivered as one programme.