Regulatory Alerts2019-12-18
Added · Updated
Guidelines on Licensing for Payment Service Providers PS-G01
The Monetary Authority of Singapore establishes admission criteria and application requirements for payment service providers under the Payment Services Act 2019, defining seven regulated activity types and three licence categories: Money-Changing, Standard Payment Institution, and Major Payment Institution. Applicants must meet base capital thresholds of S$100,000 for Standard Payment Institutions and S$250,000 for Major Payment Institutions, alongside security deposits ranging from S$100,000 to S$200,000. New applicants for Digital Payment Token services are required to submit a legal opinion and an independent assessment report from an external auditor covering Anti-Money Laundering/Countering the Financing of Terrorism and Consumer Protection. Entities that previously notified the Authority under the Transitional Regulations 2024 must submit an external auditor attestation on business activities and compliance before 4 January 2025.