Singapore Standard Payment Institution Licence: MAS Requirements, Capital and Process
MAS Standard Payment Institution licence: the seven regulated payment services, SGD 100,000 base capital, thresholds, local director rules, process and ongoing obligations.
Written and reviewed by the Regulatory Counsel team. Last reviewed: 28 August 2026.
The short answer
A Standard Payment Institution licence authorises a Singapore-incorporated company to provide any of the seven payment services regulated by the Payment Services Act 2019, so long as it stays below the transaction thresholds that require a Major Payment Institution licence.
The thresholds are an average of SGD 3 million a month for any one payment service, SGD 6 million a month across two or more payment services, and SGD 5 million of daily outstanding e-money. A firm that exceeds any of them, or intends to, must hold an MPI licence instead.
Base capital is SGD 100,000, and it must be maintained rather than merely evidenced at application. The applicant must have a permanent place of business in Singapore, at least one executive director who is a Singapore citizen or permanent resident (or an employment pass holding executive director paired with a citizen or permanent resident director), and a compliance officer at management level identified at application and employed before business commences.
MAS does not publish a fixed processing period for payment services applications. Anyone quoting a guaranteed MAS approval date is quoting market anecdote, not MAS guidance.
Key facts at a glance
| Regulator | Monetary Authority of Singapore |
|---|---|
| Permission type | Licence under the Payment Services Act 2019, Standard Payment Institution class |
| Who needs it | Firms providing any of the seven regulated payment services in Singapore below the MPI thresholds |
| Local entity required? | Yes. A company registered with ACRA, with a permanent place of business or registered office in Singapore |
| Local management required? | Yes. At least one executive director who is a Singapore citizen or permanent resident, or an employment pass holding executive director plus a citizen or permanent resident director |
| Base capital | SGD 100,000 |
| Security to MAS | Not required for an SPI. Required for an MPI |
| Application and annual fees | Set per payment service in the Schedule to the Payment Services Regulations 2019. Confirm the current figures against the live Schedule before budgeting |
| Timeline | MAS does not publish a fixed processing period. The controlling variables are completeness, the compliance arrangements and MAS queries |
| Territorial scope | Singapore |
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What is the Singapore Standard Payment Institution Licence?
A Standard Payment Institution licence is a Monetary Authority of Singapore licence under the Payment Services Act 2019 permitting the holder to provide any of the seven regulated payment services below the transaction thresholds that require a Major Payment Institution licence. Base capital is SGD 100,000 and the licence carries the full anti-money laundering, conduct, technology risk and reporting framework that MAS applies to payment institutions.
Who Needs Singapore Standard Payment Institution Licence?
Any firm carrying on a business of providing a regulated payment service in Singapore needs a payment institution licence. The SPI class is the right one where transaction volumes remain below the MPI thresholds.
- - Cross-border remittance providers serving Singapore customers
- - Domestic money transfer providers, payment gateways and kiosk operators
- - Merchant acquirers onboarding Singapore merchants
- - Account issuance and e-money issuance businesses below the float threshold
- - Digital payment token service providers with Singapore-facing customers
The most common misconception is that Singapore issues a separate crypto licence. It does not. Digital payment token service is one of the seven regulated payment services under the same Act, with additional consumer protection, custody and anti-money laundering obligations layered on top. The second misconception is that an SPI licence can simply be upgraded on growth: exceeding the thresholds requires an MPI licence, and that is a fresh application.
The seven regulated payment services
A single licence can cover multiple payment services, and the annual fee is calculated by reference to the services conducted. Scoping matters commercially: an unnecessary service adds fee, compliance obligation and supervisory expectation, while an omitted service means a variation application before the product can launch.
- - Account issuance service, including e-wallets and non-bank credit card issuance
- - Domestic money transfer service, including payment gateway and payment kiosk services
- - Cross-border money transfer service, covering inbound and outbound remittance
- - Merchant acquisition service
- - E-money issuance service
- - Digital payment token service
- - Money-changing service
Who needs an SPI licence, and who does not
A firm needs a licence where it carries on a business of providing a regulated payment service in Singapore. The SPI class is available where it stays below all of the MPI thresholds.
A Singapore-incorporated firm that provides digital token services only to persons outside Singapore is not licensed under the Payment Services Act for that activity. It falls instead within the Digital Token Service Provider regime under the Financial Services and Markets Act 2022, which commenced on 30 June 2025 and which MAS has said it will apply stringently. Treating that as an easier route is a mistake.
- - Cross-border remittance businesses serving Singapore customers at contained volume
- - Payment gateways and kiosk operators providing domestic money transfer
- - Merchant acquirers onboarding Singapore merchants
- - Digital payment token service providers with Singapore-facing activity
- - Money-changing businesses, which are subject to a separate licence class with stricter local ownership rules
Local substance: what MAS actually requires
MAS assesses control, not paperwork. Where the commercial decisions, the risk appetite and the technology are all managed from another country, MAS will test whether the Singapore entity is genuinely running the licensed business.
- - A permanent place of business or registered office in Singapore where books and records are securely held
- - A person present at that place of business to handle customer queries, with MAS Notice PSN07 setting the minimum attendance expectation
- - At least one executive director who is a Singapore citizen or permanent resident, or an employment pass holding executive director together with another director who is a citizen or permanent resident
- - Executive directors and the chief executive resident in Singapore and involved in day-to-day management. Nominee directors do not satisfy this
- - ACRA registration of the applicant company
Compliance arrangements MAS expects at application
A compliance function supported from an overseas group entity is acceptable where the Singapore compliance officer and senior management demonstrably exercise oversight. What is not acceptable is a Singapore licence supervised entirely from abroad.
- - A compliance officer at management level with the expertise and authority to oversee the compliance function, identified at application and employed before business commences
- - An anti-money laundering and countering the financing of terrorism framework meeting MAS Notice PSN01, or PSN02 where digital payment token services are provided
- - Customer due diligence, ongoing monitoring, screening and suspicious transaction reporting arrangements
- - Technology risk management and cyber hygiene arrangements consistent with MAS Notice PSN06
- - Conduct arrangements under MAS Notice PSN07, covering transaction records, receipts, disclosure of exchange rates and fees, and transmission timelines
- - Business continuity, outsourcing governance and audit arrangements
Digital payment token services within the SPI licence
Digital payment token service is one of the seven regulated services, so a crypto exchange or transfer provider is licensed under the same Act rather than under a separate "Singapore crypto licence". The additional obligations are what distinguish it.
DPT service providers are subject to MAS Notice PSN02 for anti-money laundering purposes, to the consumer protection safeguards in MAS Guidelines PS-G03 covering risk disclosure, customer assessment and restrictions on lending or staking retail customer assets, and to the user protection requirements introduced by the Payment Services (Amendment) Regulations 2024, which require segregation of customer assets into a statutory trust and took effect on 4 October 2024.
Fees and what they do not include
MAS sets application fees and annual licence fees in the Schedule to the Payment Services Regulations 2019, calculated by licence class and by each payment service conducted. Annual fees are payable under section 10 of the Act, are non-refundable, and are pro-rated in the first year. Because the Schedule is amended from time to time, the current figures should be taken from the live Schedule at the point of budgeting rather than from any secondary source, including this page.
The regulatory fee is rarely the material number. Base capital of SGD 100,000 is a permanent balance sheet commitment, the compliance officer is a salaried appointment, and the audit, technology and anti-money laundering systems requirements carry recurring cost. A budget built only around the MAS fee will be wrong by an order of magnitude.
Ongoing obligations after licensing
- - Maintenance of base capital above SGD 100,000, with a working buffer rather than at the line
- - Periodic regulatory returns under MAS Notice PSN04
- - Reporting of suspicious activities and incidents of fraud under MAS Notice PSN03
- - Annual audit obligations under the Payment Services Act, and the annual licence fee
- - Monitoring of transaction volumes against the MPI thresholds, with an MPI application planned before the threshold is crossed
- - Notification of changes to directors, chief executive, shareholders, place of business and compliance officer
Singapore SPI vs MPI: what actually differs
Both are licences under the same Payment Services Act. The distinction is transaction volume and e-money float, and the obligations that follow from them.
| Criterion | Standard Payment Institution | Major Payment Institution |
|---|---|---|
| Volume ceiling | Below SGD 3 million average monthly transactions for any one payment service, and below SGD 6 million across two or more | No ceiling. Required once any threshold is exceeded or is intended to be exceeded |
| E-money float | Below SGD 5 million daily outstanding e-money | No ceiling |
| Base capital | SGD 100,000 | SGD 250,000 |
| Security to MAS | Not required | SGD 100,000 or SGD 200,000 by transaction volume, lodged before commencing business |
| Safeguarding of relevant money | Not applicable in the same statutory form | Required under section 23 of the Payment Services Act |
| Typical use | Launch stage, a single corridor, or a contained domestic model | Scaling volumes, e-money float, or institutional and enterprise distribution |
The thresholds are tested on intention as well as actual volume. A firm that plans to exceed them applies for an MPI licence rather than upgrading later.
Key Requirements
Base capital
SGD 100,000, maintained on an ongoing basis rather than evidenced only at application.
Local entity and premises
An ACRA-registered company with a permanent place of business or registered office in Singapore where books and records are held, staffed to handle customer queries in line with MAS Notice PSN07.
Directors and chief executive
At least one executive director who is a Singapore citizen or permanent resident, or an employment pass holding executive director together with a citizen or permanent resident director. Executive directors and the chief executive are expected to be resident and genuinely involved in management.
Fit and proper
The applicant, its directors, chief executive, shareholders and relevant employees must satisfy the MAS Guidelines on Fit and Proper Criteria (FSG-G01).
Compliance arrangements
A compliance officer at management level, an anti-money laundering framework under MAS Notice PSN01 or PSN02, conduct arrangements under PSN07, cyber hygiene under PSN06 and reporting under PSN03 and PSN04.
Threshold monitoring
Continuous monitoring of average monthly transaction volumes and daily outstanding e-money against the MPI thresholds of SGD 3 million, SGD 6 million and SGD 5 million.
What a Singapore SPI licence costs
We do not publish a single all-in figure for a Singapore application, because the honest answer depends on the number of payment services, whether digital payment tokens are involved and how much of the compliance framework already exists in the group.
- - MAS application fee: set per payment service in the Schedule to the Payment Services Regulations 2019. Confirm the current figure against the live Schedule
- - MAS annual licence fee: set per payment service, pro-rated in the first year, non-refundable
- - Base capital: SGD 100,000, maintained continuously and not available as working capital headroom
- - Security to MAS: none for an SPI
- - Third-party costs: audit, anti-money laundering and screening systems, technology risk assessment, legal opinions where required, and local company administration
- - Regulatory Counsel: fixed fee agreed on scoping, once the service perimeter and the compliance build are defined
The Application Process
Perimeter and class assessment
Map the model against the seven regulated payment services and against the MPI thresholds, and confirm whether the Payment Services Act or the FSMA digital token service provider regime applies.
Entity and management build
Incorporate or register the Singapore entity, appoint qualifying executive directors and the chief executive, and identify the compliance officer.
Application pack preparation
Business plan, financial projections, organisation and governance documentation, anti-money laundering framework, technology risk and cyber hygiene arrangements, and conduct policies.
Capital and evidence
Put base capital of SGD 100,000 in place and evidence it, together with the corporate and shareholder documentation MAS requires.
Submission and MAS review
Submit through the MAS portal and manage the query rounds. Query handling quality is the single largest influence on elapsed time.
Pre-commencement conditions
Employ the compliance officer, complete any conditions attached to the approval and confirm operational readiness before providing regulated services.
MAS does not publish a fixed determination period for payment services applications. Plan the preparation phase precisely, and treat the MAS assessment phase as query-driven rather than date-driven.
How long a Singapore SPI licence takes
MAS does not publish an indicative processing period for payment services licence applications in PS-G01 or in its published frequently asked questions. Any specific month count presented as an MAS commitment is not sourced from MAS.
What can be said accurately is where the time goes. Preparing the application pack, including the business plan, the compliance arrangements, the anti-money laundering framework and the technology risk documentation, is typically the longest controllable phase. MAS then reviews and raises queries, and each round of queries extends the assessment.
- - Incorporation, ACRA registration and appointment of qualifying directors before filing
- - Compliance officer identified at application and employed before business commences
- - Base capital in place and evidenced
- - Query rounds from MAS, which are the principal variable
- - Post-approval conditions completed before the licence is used
Why Applications Fail - and How We Prevent It
Applying as an SPI when the plan is an MPI
Forecasts that cross SGD 3 million a month in the first year point to an MPI licence. Applying as an SPI and reapplying on growth interrupts the business at exactly the wrong moment.
Nominee directors
MAS expects executive directors and the chief executive to be resident and genuinely involved. A local director appointed for the form of the requirement is an assessment risk, not a solution.
Compliance framework written for the file
MAS tests the arrangements against the actual model. Generic policies that do not describe the firm's corridors, customers and monitoring rules generate query rounds and delay.
Crypto scoped as a separate licence
Digital payment token service sits inside the Payment Services Act. Treating it as a distinct regime leads to an incorrect application scope and missed PS-G03 and custody obligations.
Practitioner notes
- - Scope the payment services against the two-year plan, not the launch product. A variation is slower than getting the scope right first time
- - Model the MPI thresholds honestly. A firm whose plan crosses SGD 3 million a month in year one should apply as an MPI, because reapplying mid-growth interrupts the business
- - Do not treat the compliance officer as an application formality. MAS interviews and tests the arrangements
- - A Singapore-based provider serving only overseas crypto customers should assess the FSMA digital token service provider regime before assuming the Payment Services Act applies
- - Nominee directorships fail. Executive directors need real involvement in the Singapore business
How Regulatory Counsel Can Help
Licence strategy and scoping
We test the model against the seven regulated services, the MPI thresholds and the FSMA digital token regime before any filing is made.
Application build
Business plan, governance, anti-money laundering framework, conduct and technology risk documentation prepared to MAS expectations and defended through the query rounds.
Ongoing compliance
Threshold monitoring, PSN04 returns, audit readiness and the MPI transition when volumes require it.
Regulatory Counsel advises firms on Singapore payment institution licensing and on the compliance framework that must operate after the licence is granted. We do not maintain a Singapore office and we do not claim local staff. What we bring is regulatory depth on the Payment Services Act, its notices and guidelines, and the ongoing obligations that determine whether a licence survives supervision.
Related Licences
Singapore Major Payment Institution Licence
The licence class required once the SGD 3 million, SGD 6 million or SGD 5 million thresholds are crossed.
Hong Kong MSO Licence
The equivalent Asian remittance and money changing permission, granted by Customs and Excise.
UK Small Payment Institution
The comparable threshold-based UK registration.
Frequently Asked Questions
Both are licences under the Payment Services Act 2019. An SPI must stay below SGD 3 million average monthly transactions for any one payment service, SGD 6 million across two or more, and SGD 5 million of daily outstanding e-money. An MPI has no ceiling but holds SGD 250,000 base capital, lodges security of SGD 100,000 or SGD 200,000 with MAS, and safeguards relevant money under section 23.
Base capital of SGD 100,000, maintained on an ongoing basis. Base capital is paid-up ordinary and irredeemable non-cumulative preference share capital plus unappropriated profit or loss, less any declared interim loss or dividend.
MAS sets application and annual licence fees in the Schedule to the Payment Services Regulations 2019, by licence class and by each payment service conducted. Because that Schedule is amended from time to time, the current figures should be confirmed against the live Schedule. The larger costs are base capital, the compliance officer, audit and systems.
MAS does not publish a fixed processing period in PS-G01 or its published frequently asked questions. Any specific timeframe presented as an MAS commitment is not MAS sourced. Preparation quality and the number of MAS query rounds determine the real elapsed time.
Yes. Foreign ownership is permitted for SPI and MPI applicants, subject to fit and proper assessment of shareholders. The money-changing licence class has stricter local ownership rules. What is required in all cases is a Singapore-incorporated company with genuine local management.
At least one executive director must be a Singapore citizen or permanent resident, or an employment pass holding executive director must be paired with another director who is a citizen or permanent resident. Executive directors and the chief executive are expected to be resident and involved in day-to-day management.
The section 23 safeguarding obligation applies to major payment institutions holding relevant money, using an undertaking or guarantee from a safeguarding institution, a trust account, or a combination. Separately, digital payment token service providers must segregate customer assets into a statutory trust following the 2024 user protection requirements.
No. Digital payment token service is one of the seven regulated payment services under the Payment Services Act. Additional obligations apply through MAS Notice PSN02, the PS-G03 consumer protection guidelines and the customer asset segregation requirements that took effect on 4 October 2024.
A Singapore-based provider of digital token services exclusively to persons outside Singapore falls within the Digital Token Service Provider regime under the Financial Services and Markets Act 2022, which commenced on 30 June 2025. MAS has signalled that it applies stringent admission criteria to that regime.
Primary sources
The requirements, fees and timeframes on this page are taken from the following primary regulatory and legislative sources. Rules change, and firms should confirm the current position before relying on any figure.
- MAS Guidelines on Licensing for Payment Service Providers (PS-G01)
- Payment Services Act 2019 (Singapore Statutes Online)
- Payment Services Regulations 2019, including the fee Schedule
- MAS Guidelines on Fit and Proper Criteria (FSG-G01)
Last reviewed by the Regulatory Counsel team on 28 August 2026.