Application for a Payment Service Provider Licence

If you wish to provide payment services under the Payment Services Act ("PS Act"), you must hold a payment service provider licence. Find out about the types of payment services and licences here.

You may refer to the decision tree below to assist you in considering whether you are conducting a payment service and which licence would be suitable for you.

 

Should you require further guidance on the applicable licensing requirements for your business model, you may seek legal advice. If you are unsure of who to approach, you may consider participating in the Payments Regulatory Evaluation Programme (“PREP”). This is not mandatory and MAS does not endorse any of the service providers under PREP. More information on PREP is available on the Singapore Academy of Law’s website .

How do I apply?

Prior to applying for a licence, you should determine whether you meet the admission criteria for the respective licence (money-changing licence, standard payment institution licence, major payment institution licence). You should also read the Guidelines on Licensing for Payment Services Providers carefully and refer to the PS Act, Payment Services Regulations, and the relevant Notices and Guidelines.

To apply for a licence, complete and submit Form 1 here.

How much is the application fee and how do I make payment?

All applicants are required to pay a non-refundable application fee. The applicable fees depend on the licence type and payment services applied for and are prescribed in the Schedule to the PSR. Instructions on the amount and manner of payment will be provided after you have submitted Form 1.

The application fees are, in summary:

  • For a money-changing licence, S$500.
  • For a standard payment institution, S$1,000 or the sum of the amounts below for the payment services applied for, whichever is higher.
  • For a standard payment institution, S$1,500 or the sum of the amounts below for the payment services applied for, whichever is higher.
 Activity Type                                                                    Standard Payment Institution                         Major Payment Institution                                           
 Account issuance service  S$0  S$0
 Domestic money transfer service  S$1,000  S$1,500
 Cross-border money transfer service  S$1,000  S$1,500
 Merchant acquisition service  S$1,000  S$1,500
 E-money issuance service  S$1,000  S$1,500
 Digital payment token service  S$1,000  S$1,500
 Money-changing service  S$500  S$500

What is the processing time required?

All applications will be processed promptly. As each application will be evaluated on a case-by-case basis, processing time depends on the circumstances of each application and the completeness of information submitted.