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Announcements (w.e.f. 26 August 2024)
Changes to the Licensing Process
Read details of the changes to the Guidelines on Licensing for Payment Service Providers with effect from 26 August 2024.
To ensure greater clarity, better facilitate application reviews and enhance efficiency of the licensing process, the Monetary Authority of Singapore (“MAS”) has put into effect, from 26 August 2024, the following revisions to the licensing process:
Submission of Legal Opinion
Requirement to submit a Legal Opinion on the mapping of proposed business model (products and services) to regulated payment services under the PS Act for certain new applicationsRefer to Licensing Guidelines for applications that will be in scope. and all variation applications to add DPT services.
Submission of Independent External Auditor Assessment
Requirement to submit an Independent External Auditor (EA) Assessment for all new licence and licence variation applications to carry out DPT services. The Independent EA assessment is to cover the areas of Prevention of Money Laundering and Countering the Financing of Terrorism, and Consumer Protection. The report is to be submitted as part of the application forms.
Case-on-hold process for cases under review
Implementing a case-on-hold process for cases under review that encounter issues requiring more time for the applicants to resolve.
MAS will continue to uphold robust standards in assessing licence applications. The changes above are to improve clarity and quality of all applications.
For all relevant applications (new or variations) outlined above that are submitted before 26 August 2024, the requirements above do not apply. However, as per current practice, MAS reserves the right to request for, on an ad-hoc basis, legal opinions or independent EA assessments where it deems necessary based on the risks and complexity of the respective applications.
For more details of the changes with effect from 26 August 2024, please refer to the Guidelines on Licensing for Payment Service Providers (the “Guidelines”).
Payment Services Act
The Payment Services Act 2019 ("PS Act") provides for the licensing and regulation of payment service providers and the oversight of payment systems in Singapore. The PS Act has commenced on 28 January 2020 and was amended on 4 April 2024.
Licensing for Payment Service Providers
Learn about types of payment services, finding the right payment licence for your business and how to apply.
Payment Systems
Payment system may be designated under the Payment Services Act ("PS Act") for closer supervision if they play a critical role in the safety and efficiency of the financial system.
Regulations and Guidance
The MAS Act confers on MAS powers to issue legal instruments for regulating and supervising financial institutions. Learn more about the regulatory framework.
Directories and Listing
Payment service providers operating in Singapore are regulated under the PS Act, unless exempted:
- under specific conditions set out in the PS Act (for example, if their payment services fall under those listed in Part 2, First Schedule of the PS Act);
- for specific payment services for a specified period under the Payment Services (Exemption for Specified Period) Regulations 2019 ("Exemption Regulations") ; or
- for specific payment services under specific conditions set out in the Payment Services (Amendment) Act 2021 (Saving and Transitional Provisions) Regulations 2024 (“Transitional Regulations 2024”) .
Financial Institutions Directory
View the list of licensed payment service providers in Singapore.
Entities temporarily exempted under the Exemption Regulations
View the list of entities temporarily exempted under Exemption Regulations.
Entities no longer exempt under the Exemption Regulations
View the list of entities that were previously granted an exemption but are currently no longer exempt under the Exemption Regulations.
Entities temporarily exempted under the Transitional Regulations 2024
View the list of entities temporarily exempted under the Transitional Regulations 2024.
Entities no longer exempt under the Transitional Regulations 2024
View the list of entities that were previously granted an exemption but are currently no longer exempt under the Transitional Regulations 2024.
Investor Alert List
View the list of persons who, based on information available to MAS, may be or may have been wrongly perceived as being licensed or in any other way authorised or regulated by MAS.
Credit Bureau Act
Credit bureaus are regulated under the Credit Bureau Act 2016 (“CBA”). Licensed credit bureaus collect, use and disclose information relevant to the assessment of credit worthiness of borrowers from banks and other financial institutions which are their members.
Resources
Repealed regulations with the commencement of the Payment Services Act - Access the repealed documents under the Money-changing and Remittance Businesses Act and Payment Systems (Oversight) Act
FAQs on the Payment Services Act - Access the FAQs on the Payment Services Act