Asia & Middle East · SG
Singapore
The Monetary Authority of Singapore licenses payment services, including digital payment token services, and capital markets businesses.
At a glance
- Status
- Sovereign city-state
- Region
- Asia & Middle East
- Regulated sectors
- PaymentsCryptoInvestment
- Authorities
- MAS · GRA
- Licensing routes
- 3
Overview
The framework
The Monetary Authority of Singapore (MAS) regulates payment services under the Payment Services Act, which covers activities including account issuance, domestic and cross-border money transfer, e-money issuance and digital payment token services. Firms are licensed as money-changing, standard payment or major payment institutions depending on their activities and volumes.
Capital markets activities, such as dealing in capital markets products and fund management, require a capital markets services licence under the Securities and Futures Act. Gambling is regulated by the Gambling Regulatory Authority, and remote gambling is prohibited unless offered by an exempt operator.
Authorities
Who regulates what
- Monetary Authority of Singapore (MAS)
- Banking, payment services, digital payment tokens and capital markets.
- Gambling Regulatory Authority (GRA)
- Regulation of gambling, including remote gambling.
Regimes
Licensing routes
Standard / major payment institution licence
Licensing under the Payment Services Act, scaled to activities and volumes.
Sectors: Payments
Digital payment token services
Dealing in or exchanging digital payment tokens, licensed as a payment service under the Payment Services Act.
Sectors: Crypto
Capital markets services licence
Licensing for dealing in capital markets products, fund management and related activities.
Sectors: Investment
Applications and regulator engagement for these routes are handled by our Regulatory & Licensing practice.
Considerations
What to weigh up
- MAS sets a high bar on governance, technology risk management and AML/CFT.
- Remote gambling is prohibited except for exempt operators.
This overview is general information, summarised at a high level. Requirements change and depend on the specific activity; seek advice on your circumstances before acting.
Industries
Relevant industries
- Fintech & PaymentsPayment and e-money institutions, PSPs and acquirers, payment facilitators and embedded finance.
- Crypto & Digital AssetsCASPs and VASPs, exchanges, custodians, wallets, token projects and crypto payments.
- Forex & InvestmentsForex and CFD brokers, investment firms, trading and investment platforms.
Across jurisdictions
Cross-jurisdiction capabilities
Services we support across the jurisdictions in our directory, described once on their own pages. How each is delivered depends on the local requirements that apply; where local qualification is required, we coordinate locally qualified counsel.
- Privacy & Data ProtectionPrivacy compliance and GDPR programmes, notices and DPAs, DPIAs, data mapping and ROPA, transfers, audits and breach response.
- AML & Financial Crime ComplianceAML/CFT programmes, MLRO-as-a-Service, independent AML/CFT audits, risk assessments, monitoring, sanctions and inspection support.
- IP Registration & ProtectionTrademark and patent registration and protection, copyright protection, domain name disputes, portfolio support and IP agreements.
- Legal OpinionsRegulatory, business model, perimeter, payment, gaming, crypto-asset and cross-border opinions for banks, partners and investors.
- Bank Account OpeningSupport with corporate and operational accounts at banks and EMIs, prepared for how their compliance teams assess high-risk businesses.
- Merchant Account / Acquiring SetupSupport with merchant account applications and acquiring setup at acquirers and PSPs, including for high-risk merchant categories.
Support
How we support businesses in Singapore
- Regulatory & Licensing01Strategy, applications and regulator engagement for the payments, crypto and investment routes listed above.
- Corporate Structuring02Group architecture, incorporation, substance and governance built around your licences, banking and investors.
- Market Entry & Regulatory Strategy10Market prioritisation, regulatory roadmaps and launch readiness for businesses expanding into new jurisdictions.
Discuss your matter with a senior advisor.
Share a few details about your business and plans. We will come back to arrange a confidential initial conversation.