Our Service Commitment

We strive to provide helpful information and respond to queries and licensing applications in a timely manner.
Learn about the service standards you can expect from us.

Replies to Enquiries or Feedback

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:

Channel We aim to:
Website Have at least 75% of users rate that they are very satisfied.
General enquiries and feedback  Respond to 90% of general enquiries and feedback within 7 working days.
For more complex enquiries, we seek your understanding that we may need more time for review before responding to you. 
Call centre
Tel: (65)-6225-5577 		 Answer your call within 20 seconds.
Have at least 75% of callers rate that they are very satisfied.

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 .

Processing Licence Applications

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 4 months
Financial Adviser (FA) Licensees Within 4 months
Insurance Brokers Within 4 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
Offers of Investments Within 2 months
Insurance

Licence  Processing Time
Direct Insurers Within 2 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 2 months [2]
Captive Insurers
 Within 2 months [2]
Special Purpose Reinsurance Vehicles (SPRVs)
 Within 2 weeks [2]
Insurance Representative Offices
 Within 2 months [2]
Authorised Reinsurers
 Within 2 months [2]
Approved Marine, Aviation and Transit (MAT) Insurers Within 2 months [2]
Payment Providers

Licence  Processing Time
Non-Bank Credit and Charge Card Licensees Within 4 months
Money-changing Licensees Within 3 months

Standard Payment Institution Licensees and Major Payment Institution Licensees
(excluding Digital Payment Token service providers)

 Within 4 monthsGiven the higher than expected volume of applications received under the new Payment Services Act, an applicant will experience a waiting time before an officer is assigned to process the application. The expected processing time starts from the time MAS informs the applicant that an officer has been assigned to process the application. 
Standard Payment Institution Licensees and Major Payment Institution
(Digital Payment Token service providers)		 Within 6 months [3]

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.

Availability of IT Systems

We monitor the availability of our external facing IT Systems and strive to meet the following service standards.
System Availability
MAS Electronic Payment System (MEPS+)  99.9% During service hours (Mon to Fri (9am-7pm), except Public Holidays)
MASNET (Gateway)  99.5% [4]
MASNET-Access  99.5% [4] 
MAS Website  99.5% 
MoneySense Website 99.5%