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Financial Licensing · Singapore

Singapore PSA Licence

The Monetary Authority of Singapore (MAS) licenses payment service providers and digital payment token (DPT) service providers under the Payment Services Act 2019 — making Singapore a leading regulated hub for fintech and crypto payment businesses.

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Overview

Singapore Payment Services Act Licensing

Singapore's Payment Services Act 2019 (PSA) established a risk-proportionate licensing framework for payment service providers and digital payment token (DPT) service operators. The PSA classifies firms as Standard Payment Institutions (SPI, lower activity thresholds) or Major Payment Institutions (MPI, for higher-volume operations) — each with distinct capital and AML/CFT obligations.

Marensa Advisory advises on MAS PSA licence applications, DPT service compliance (including Travel Rule), AML/CFT programme design, and ongoing MAS regulatory reporting.

Discuss Your PSA Application
What We Cover
  • SPI vs MPI determination based on transaction thresholds
  • PSA licence application via OPERA portal
  • Business plan and financial projections
  • AML/CFT programme (MAS Notice PSN01/PSN02)
  • Travel Rule compliance for DPT service providers
  • Fit and proper assessments for directors and key individuals
  • Technology risk management framework
  • Ongoing MAS Annual Return and notification management
Key Considerations

PSA Licensing — Key Dimensions

The PSA framework is detailed. Understanding the licence type, DPT requirements, and AML obligations before applying significantly reduces delays.

Standard vs Major PI
Standard PIs (SPIs) are below defined monthly transaction thresholds (SGD 3M for most activities, SGD 6M for e-money). Major PIs (MPIs) exceed these thresholds. MPIs face higher capital, safeguarding, and reporting requirements.
Digital Payment Token Services
DPT services — including crypto exchange, transfer, and custody — require a separate DPT service licence under the PSA. MAS has significantly tightened DPT licensing since 2022, following concerns over retail investor protection.
AML/CFT for DPT Services
MAS Notice PSN02 requires DPT service providers to implement risk-based CDD, enhanced due diligence, transaction monitoring, and Travel Rule compliance. Blockchain analytics tools are expected.
Travel Rule Compliance
Singapore has implemented FATF Recommendation 16. DPT service providers must transmit originator and beneficiary data for transfers above SGD 1,500. Technical implementation requires a Travel Rule solution.
Safeguarding
MPI e-money issuers must safeguard customer funds — by segregation in a trust account with a financial institution or by a guarantee arrangement.
Retail DPT Restrictions
Since 2023, MAS has restricted retail marketing of DPT services and imposed mandatory risk awareness requirements for DPT service providers offering services to retail customers in Singapore.
Our Process

How We Work

01
Licence Category Determination
We determine SPI vs MPI based on planned transaction volumes and service scope, and confirm DPT service requirement assessment.
02
Application Preparation
We produce the full MAS PSA application — business plan, compliance framework, AML/CFT programme (including DPT-specific requirements), financial projections, and governance documents.
03
Travel Rule Implementation
We advise on Travel Rule solution selection and implementation — a technical requirement for DPT service providers that must be operational before licence approval.
04
MAS Submission
We submit via the OPERA portal, manage MAS correspondence, and prepare for any requests for additional information.
05
Post-Licence Compliance
We establish your MAS Annual Return process, AML/CFT review cycle, Travel Rule monitoring, and ongoing DPT service compliance.
Why Marensa

Singapore Fintech. MAS Compliant.

MAS PSA licensing — especially for DPT services — requires comprehensive AML/CFT documentation and operational Travel Rule compliance. Many applicants underestimate the technical requirements.

Marensa Advisory prepares MAS PSA applications with the AML/CFT depth and DPT-specific compliance detail the MAS expects — from initial scoping to post-licence regulatory management.

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FAQ

Common Questions

Does MAS require Travel Rule compliance for all PSA licensees? +

Travel Rule compliance is required specifically for Digital Payment Token (DPT) service providers — covering transfers of DPTs between VASPs. It is not required for all PSA licensees, only those providing DPT services.

How long does MAS PSA licensing take? +

SPI registration takes approximately 3–6 months. MPI licensing (including DPT) typically takes 6–12 months. MAS has been processing a high volume of DPT applications since 2022 — timelines can extend further.

Can an overseas company hold a Singapore PSA licence? +

The licensed entity must be incorporated in Singapore. Non-Singapore parents can own the Singapore-incorporated licensee, but the Singapore entity must have substance, qualified management, and genuine operations in Singapore.

What is the minimum capital for an MPI? +

Major Payment Institutions must maintain minimum capital of SGD 5 million (or higher for certain service types) and meet specific safeguarding requirements. Capital must be maintained at all times.

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