- Find out if the you are providing is regulated under the .
- Find out about the .
- Refer to the , the , the , and the relevant to determine whether you meet the requirements for the respective licence you are applying for.
- Refer to the for clarifications on some of the commonly asked questions about the PS Act.
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 . This is not mandatory and MAS does not endorse any of the service providers under PREP. More information on PREP is available on the
Apply for a Licence
What You Will Need
You should prepare the following documents according to the application checklist before you apply:
- A copy of your business profile as filed with the of Singapore.
- The document should be dated within 30 days of the date of application.
- Scanned copies of your audited financial statements and the audited consolidated financial statements of the group for the past 3 years, where applicable.
- If you or the group has yet to undergo an independent audit, you will have to attach the unaudited financial statements.
- A copy of your organisation chart, including the compliance function.
- A copy of your shareholding chart, including all controlling interests.
- Your business plan that illustrates compliance with the PS Act as well as other relevant legislation.
- Anti-Money Laundering and Countering the Financing of Terrorism (AML/CFT) policies & procedures, enterprise-wide risk assessment and implementation plans that illustrate your compliance with the relevant Notices on Prevention of Money Laundering and Countering the Financing of Terrorism  and 
- You should include the name and curriculum vitae (CV) of the AML/CFT compliance officer (if different from the designated compliance officer).
- If you have corporate entities as shareholders: A copy of each shareholder's business profile dated within 30 days of the date of application.
- If you have individuals as shareholders: Clear copy (both front and back) of Employment Pass/passport of the shareholder(s), if the individual is not a Singapore citizen or permanent resident.
- If you are applying on behalf of a partnership, Singapore company, or corporations formed or incorporated outside Singapore: A copy of for each partner, director and Chief Executive Officer (CEO) with the required supporting documents.
- If you are applying on behalf of a sole proprietorship: Supporting documents to demonstrate the sole proprietor's experience in payment services such as (but is not limited to) the latest CV of the sole proprietor.
- If you are applying on behalf of a hotel: A copy of the hotel licence.
You are required to pay a non-refundable application fee. The amount of application fees you will have to pay depends on the payment services you are applying for.
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 major 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|