The holder of a remittance licence has to be incorporated as a company with a minimum capital of S$100,000 and provide a security deposit of S$100,000 for each place of business.
The criteria are as follows:
- The applicant must be a company with a minimum capital of S$100,000.
- The company's board of directors should have at least 1 executive director who is a Singapore Citizen or Singapore Permanent Resident.
- Individual directors should have qualifications higher than or equal to at least 4 GCE 'O' Level credit passes.
When assessing an application, MAS takes into consideration factors such as:
- General character of the management.
- Financial condition, track record and financial performance in previous years.
- Governance structure.
- Qualifications and experience, particularly in operating a remittance business and in the area of anti-money laundering and countering the financing of terrorism (AML/CFT).
- Fitness and propriety of the substantial shareholders and directors.
- Business plan and model, including AML/CFT policy and procedures.
- Whether the public interest will be served by granting a licence.
Note: MAS considers each application on its own merits and may take into account other factors on a case-by-case basis.
How to Apply
Paying the Application Fee
When making payment:
- In the payment details or transaction description field, include the appropriate suffix “RB” for money changers followed by your business e.g. RB <UEN number>.
- Provide us with a copy of the payment advice.
The fees are as follows:
|Ways to pay||
|Supporting documents for payment||Account transfer slip or payment advice.|
- MAS must receive the full amount. You will bear all costs including bank charges and any other transaction costs.
- Application fees paid are non-refundable, even if the application is subsequently withdrawn.
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.