Admission Criteria for Money Brokers

In reviewing an application for approval to conduct money broking in Singapore, MAS takes into consideration inter alia, the following factors:

a) the track record, international standing, reputation and financial soundness of the applicant and where applicable, its parent institution or major shareholders;

b) the strength of the home country supervision and whether consent has been obtained from its home supervisory authority for conducting money broking in Singapore;

c) the business plan and products and services to be offered; and

d) expertise, experience, fitness and propriety of the management team who would be overseeing and managing the Singapore operations.

Application Procedures

Prior to submitting an application to MAS for approval, prospective applicants may contact the Banking Department of MAS to discuss their plans. The processing time for an application depends on the circumstances of each application and the completeness of information submitted by the applicant to MAS.