Standard Payment Institution (SPI) Licence Application
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SPI License Application
Standard Payment Institution (SPI) Licence
You may apply for a Standard Payment Institution (SPI) licence if your services meet these thresholds: S$3M monthly for one service, S$6M for multiple services, or S$5M daily in outstanding e-money.
Activity or Business Type
SPI Licence Criteria You must Meet
MAS Key Factors for Approval
Processing Time and License Fees
Activities and Business Types under Standard Payment Institution Licence
Account Issuance Service
Provides users with payment accounts or wallets to hold funds, make payments, or store value securely.
Cross-border Money Transfer Service
Enables international fund transfers between users in different countries through digital platforms or financial intermediaries.
Domestic Money Transfer Service
Facilitates local fund transfers within Singapore between individuals or businesses through digital or physical payment channels.
E-money Issuance Service
Issues electronic stored value for users to make payments, transfer funds, or hold digital balances securely.
Merchant Acquisition Service
Allows merchants to accept payments via cards or digital methods and processes transactions on their behalf.
Money-changing Service
Exchanges physical currencies from one country to another, typically offered at retail outlets or exchange booths.
Criteria You must Meet to Obtain a MPI License
Must be a company incorporated in Singapore or a Singapore branch of a foreign corporation.
Must maintain a registered office or permanent business location for secure recordkeeping.
At least one appointed person must be available at the business location to handle consumer queries or complaints.
Required to maintain a minimum base capital of S$100,000.
Must hold a capital buffer above the base requirement, appropriate to business size, operations, and risk.
Must have either:
One executive director who is a Singapore Citizen or Permanent Resident, or
One executive director with an Employment Pass and one additional director who is a Citizen or PR.
Key Factors Considered Applying for an SPI License Application
Fitness and propriety
Controllers and directors must be fit and proper, following MAS Guidelines on Fit and Proper Criteria [FSG-G01].
Competency of key individuals
Key personnel should have relevant experience in the payment services or financial services industry.
Compliance arrangements
Must establish compliance plans aligned with the business’s nature, scale, and complexity.
Refer to Appendix 2 of the Guidelines on Licensing for Payment Service Providers for minimum compliance requirements.
Technology risk management
For online financial services, a penetration test must be conducted.
All high-risk findings must be remediated.
Independent validation of remediation effectiveness is required before a licence is granted.
Audit arrangements
Adequate independent audit arrangements must be in place, appropriate to business scale, nature, and complexity.
Annual audit requirements
Plans must be in place to meet annual audit obligations under Section 37 of the Payment Services Act.
Auditor must be appointed at your own cost to audit financials and regulatory compliance.
Letter of Responsibility and Letter of Undertaking
MAS may require these letters from majority shareholders, parent company, or related entities, if applicable.
The Application Fee and the Processing Time
- the Application Fee: Under Section 10 of the PS Act, licence fees are paid annually based on licence type and payment services. Multiple services incur combined fees, except some account issuance cases. Fees are non-refundable and detailed in the PSR Schedule. Payment is via GIRO, which must be kept updated with sufficient funds. New licensees or those adding services pay pro-rated fees from issue date to year-end. Annual fees for added services are added to existing fees thereafter.
- the Processing Time: Applicants should allow 4–6 weeks to prepare the Major Payment Institution License form. MAS typically reviews complete applications within four months, but complex or incomplete submissions may face delays. Working with experts like us can help ensure accuracy and clarity, speeding up the approval process.
Why choose us
Support for SPI Licence Readiness and Success
Comprehensive Guidance and Expert Assistance to Ensure Your Standard Payment Institution Licence Application Is Successful and Timely
Understand Regulatory Requirements
Thoroughly review MAS guidelines to ensure your business model complies with all regulatory and licensing conditions for SPI.
Prepare Accurate Documentation
Complete all application forms carefully with precise and truthful information to avoid delays or rejections from MAS.
Demonstrate Financial Stability
Maintain required base capital and sufficient financial buffers aligned with your business scale and potential risks.
Ensure Key Personnel Competency
Appoint directors and controllers with relevant experience and fit-and-proper status as defined by MAS guidelines.
Implement Strong Compliance Framework
Develop compliance policies and procedures tailored to your business complexity to meet MAS regulatory standards.
Establish Robust Security Measures
Provide required security deposits or bank guarantees and ensure adequate technology risk management protocols.
Plan for Operational Readiness
Show readiness to manage daily operations, including audit arrangements and consumer query handling at your business location.
Engage Expert Support
Work with experienced consultants or legal advisors to streamline your application and address regulatory complexities effectively.
