Licensing for Payment Service Providers

Types of Payment Services

MAS regulates 7 types of payment services under the Payment Services Act (PS Act).

Payment service providers must hold a licence to provide these payment services in Singapore, unless exempted: 

Type of Payment Services Brief Description 

Account issuance service

Issuing a payment account, or any service relating to any operation required for operating such accounts. Examples include electronic wallets (e-wallets) or a stored-value card that can be used to pay at various merchants or to transfer funds to other parties.

Domestic money transfer service

Providing local funds transfer service in Singapore, which could include payment gateway services and payment kiosk services.

Cross-border money transfer service

Providing inbound or outbound remittance service in Singapore, as well as facilitating remittance between entities in different countries even if monies are not accepted or received in Singapore.

Merchant acquisition service

Providing the service of accepting and processing payment transactions for a merchant under a contract. This service usually includes the provision of a point-of-sale terminal or online payment gateway. Merchant acquirers may also be providing a money transfer service if they facilitate the transfer of funds.

E-money issuance service

Issuing e-money, which can be used for payment or fund transfers.

Digital payment token service

  • Buying or selling digital payment tokens (DPTs) (commonly known as cryptocurrencies)
  • Providing a platform to allow persons to exchange DPTs
  • Transmitting or arranging for the transmission of DPTs
  • Provision of custodian wallet services for DPTs
  • Actively facilitating the buying or selling of DPTs without possession of monies or DPTs

Money-changing service

Buying or selling foreign currency notes.


Note: You may refer to Part 2 of the First Schedule of the PS Act  for more information on services that are not regulated payment services under the PS Act.

You may also refer to the FAQs on the Payment Service Act for more information on the scope of payment services.