Most of the email and phone enquiries we receive can be answered with information from our website. We update our website frequently and there are useful tools to help you complete your tasks. Here are links to some common topics on our website:

• Singapore Savings Bonds
• Exchange Rates
• Singapore Quick Response Code (SGQR)

To provide feedback on MAS' services, please contact our Quality Service Manager at toll-free line 1800-225 8128 (Mondays to Fridays, 9am to 7pm, excluding Public Holidays) or write to us via the general enquiries and feedback form .

The processing time for licence applications depends on the specific licence type, the proposed business model, the profile of the applicant, as well as the quality of the submitted application. In the event that we receive a high volume of licence applications, processing time can be longer than indicated. 

Banking

Licence	Processing Time
Banks/Merchant Banks	Within 4 months Excludes informal engagement between a potential applicant and MAS that typically takes place prior to the potential applicant submitting a formal application.
Banking Rep Offices	Within 2 months [1]

Capital Markets

Licence	Processing Time
Capital Markets Services (CMS) Licensees	Within 6 months
Venture Capital Fund Managers (VCFMs)	Within 6 months
Financial Adviser (FA) Licensees	Within 6 months
Insurance Brokers	Within 6 months
Licensed Trust Companies	Within 6 months
Approved Collective Investment Schemes (CIS) Trustees	Within 6 months
Registered Fund Management Companies	Within 6 months
Recognised Market Operators	Within 9 months
Recognised Clearing Houses	Within 9 months
Licensed (Foreign) Trade Repositories	Within 6 months
Authorised Benchmark Administrators	Within 6 months
Applications for Authorisation/Recognition of CIS (excluding REITs)	Within 21 days
Offers of Investments	Within 2 months

Insurance

Licence	Processing Time
Direct Insurers	Within 3 months Excludes informal engagement between a potential applicant and MAS that typically takes place prior to the potential applicant submitting a formal application.
Reinsurers	Within 3 months [2]
Captive Insurers	Within 3 months [2]
Special Purpose Reinsurance Vehicles (SPRVs)	Within 4 weeks [2]
Insurance Representative Offices	Within 2 months [2]
Authorised Reinsurers	Within 3 months [2]
Approved Marine, Aviation and Transit (MAT) Insurers	Within 3 months [2]

Payment Providers

Licence	Processing Time
Non-Bank Credit and Charge Card Licensees	Within 6 months
Money-changing Licensees	Within 4 months
Standard Payment Institution and Major Payment Institution	Within 12 monthsApplication review may take longer if the applicant has complex business models, or does not provide comprehensive responses to MAS’ queries. The expected processing time indicated above are only applicable to licensing applications that have met the requirements and expectations as set out in the Guidelines on Licensing for Payment Service Providers. Please refer to the Guidelines on Licensing for Payment Service Providers for further information.

For more information, please refer to our reference guides for licence and registration applications. These guides set out our admission criteria, information required in the application, and factors that MAS focuses on when assessing different types of business models. We also publish an annual licensing and registration report that sets out factors that lead to extended processing times, as well as broad reasons behind unsuccessful applications.

In the event that we have clarifications or receive a high volume of notifications, processing time can be longer than indicated.

The processing time for grant claims depends on the completeness of the submitted claim. In the event that we receive a high volume of grant claims, processing time can be longer than indicated.

We monitor the availability of our external facing IT Systems and strive to meet the following service standards.