Asia & Middle East · SG
Singapore
The Monetary Authority of Singapore offers licensing routes for payment services, including digital payment token services, and for 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. We prepare applications to MAS under both Acts. 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
Our Regulatory & Licensing practice prepares the applications for these routes and manages them through to the regulator's decision.
Considerations
What to weigh up
- Prepare governance, technology risk management and AML/CFT to the high bar MAS sets.
- Rule out remote gambling unless you are an exempt operator.
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. We deliver each to the requirements that apply locally, coordinating local specialists where local law, registration, representation or professional requirements require it.
- Privacy & Data ProtectionExternal DPO services and working privacy programmes: GDPR and global privacy laws, DPIAs, data mapping, transfers and ISO/IEC 27701.
- Information Security & CybersecurityFractional CISO support, ISMS and security programmes, certification and audit readiness, DORA, NIS2 and customer assurance for enterprise sales.
- AI GovernanceGovernance that lets AI adoption scale: EU AI Act readiness, ISO/IEC 42001 management systems, AI risk and impact assessments, and vendor risk.
- 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, copyright, domain disputes and enforcement that protect your brand, software and content across markets.
- Legal OpinionsRegulatory, business model, perimeter, payment, gaming, crypto-asset and cross-border opinions that answer what banks and investors ask.
- Bank Account OpeningHelp organising your banking with banks and EMIs that fit your model, from the onboarding file and account structure to periodic reviews.
- Merchant Account / Acquiring SetupMerchant applications, acquiring structure and negotiated terms for online and high-risk merchants that need stable card and local payment acceptance.
Support
Singapore: how we support your business
- Regulatory & LicensingStrategy, applications and regulator engagement for the payments, crypto and investment routes listed above.
- Corporate StructuringGroup architecture, incorporation, substance and governance built around your licences, banking and investors.
- Market Entry & Regulatory StrategyMarket prioritisation, regulatory roadmaps and launch readiness that let you expand into new jurisdictions in the right order.
Singapore: the right fit for your business?
We look at your product, target clients and banking needs to see whether this jurisdiction fits or another would serve you better, then send a written proposal with scope, timetable and fee.