Application for a Payment Service Provider Licence
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 .
How do I apply?
Prior to applying for a licence, you should determine whether you meet the admission criteria for the respective licence (,, ). You should also read the carefully and refer to the PS Act, Payment Services Regulations, and the relevant .
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|
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.