Required Documents for Easy Registration

Businesses must submit various documents, including incorporation documents, a business plan, shareholder information, financial statements, compliance concepts, IT system documentation, and due diligence documents. This list is incomplete and subject to change. In some cases, you will need more papers to finish registration.

Businesses must ensure that all documents submitted are accurate and up-to-date to avoid delays and complications in the application process. Additionally, companies must have a transparent and reliable conformity system, including anti-money laundering and anti-terrorist financing policies and procedures. These are vital areas of focus for MAS, and paying particular attention to these aspects is extremely important.

How to Get a Crypto License in Singapore?

Our specialists offer various services, including opening a company for a resident of Singapore. We can also assist in obtaining a residence permit, obtaining a license, filing documents, etc. If you are interested in opening a local bank account and helping draw up AML policies, it’s also something we are more than willing to do for your business. Feel free to contact our specialists, who will happily answer any questions.

Major Criteria

To apply for a standard payment institution license or major payment institution license, applicants must meet specific criteria, including the following:

  • A company must be incorporated in Singapore or a foreign corporation registered in Singapore.
  • A permanent place of business or registered office is a must.
  • A company must meet minimum base capital requirements. 
  • There are requirements regarding Singapore citizenship and Singapore Employment Pass holder status for some of the key management positions. 

Advantages of Getting a Payment Transfer License in Singapore 

The license offers several advantages, such as access to a developed market with high potential, a predictable regulatory environment, a competent workforce, and integration with the international market. However, businesses that obtain a PSP license must comply with several ongoing regulatory demands. Among those are reporting requirements, continuous compliance monitoring, and periodic audits.

Singapore is a sought-after destination for businesses seeking to operate in Asia, particularly those in the Payment Service Provider (PSP) industry.

A company must obtain a PSP license from the Monetary Authority of Singapore (MAS) to operate as a PSP in Singapore. It is mandatory under Singapore’s Payment Services Act (PSA), enacted in January 2020.

About PSP Authorization

A PSP license is an authorization granted by MAS under the PSA. This comprehensive regulatory framework provides a clear and consistent adjustment structure for remittance service providers in the country. 

This license permits licensees to provide various financial services, including bank account opening and local and cross-border funds transfers. In addition, as a merchant in Singapore, you want your company to be able to accept credit and debit card payments, and that’s another feature that becomes available to licensed companies. Lastly, e-funds issuance, cryptocurrency dealing, and Forex trading are also permitted to license holders.

Apply now

and get a personalized offer
To help improve your experience of our website we would like to use cookies. This means we collect some information on your activity while you are on the website. For more information read more about our use of cookies here, your setting can be changed at any time. Please accept our use of cookies and help us improve your experience.