PSP license in Singapore

Published:
April 14, 2023
district reflection bay commercial financial

Singapore is a popular destination for businesses looking to operate in Asia, including those in the Payment service provider license. In order to operate as a PSP in Singapore, a business-company must acquire a PSP license from the Monetary Authority of Singapore (MAS). This license is required under the Payment Services Act (PSA) of Singapore, which came into effect in January 2020.

The PSP license is a permission issued by the Monetary Authority of Singapore (MAS) under the Payment Services Act (PSA) of country. The PSA is a comprehensive regulatory framework that aims to provide a clear and consistent adjustment framework for remittance favors providers in the country.

Requirements for PSP license

In order to obtain a PSP license in Singapore, a firm must meet certain demands. These demands vary depending on the type of payment favors the company wishes to offer. The MAS distinguishes between three differ categories of payment favors:

  • Account issuance services
  • Domestic money transfer favors
  • Cross-border money transfer favors

The requirements for payment service providers are slightly different, but in general, a company must meet the following demands:

  • Incorporation: The company must be incorporated in the country as a private limited corporation.
  • Shareholders: The company must have at leastwise sharer who is a country resident.
  • Directors: The firm must have at least two managers who are Singapore residents.
  • Capital: The firm must have a minimum paid-up fund of S$100,000.
  • Compliance: The firm must have a robust conformity structure in place, including policies and procedures for anti-money laundering (AML) and countering the financing of terrorism (CFT).

Advantages of acquiring a Payment transfer license in Singapore

  • Access to a large and growing market: Singapore is a hub for biz in Asia, with a population of over 5.5 million people and a highly developed economy. By obtaining a PSP license in the country, a firm can access a large and growing market of consumers who are increasingly using digital payment services.
  • Stable regulatory environment: country is known for its stable political environment and well-developed adjustment framework. The MAS is responsible for regulating the financial favors production in the country, and has a reputation for being strict but fair. This provides a level of stability and predictability for PSP firms operating in the country.
  • Access to a talented workforce: the country has a highly educated and skilled workforce, with a strong focus on innovation and technology. By operating in country , PSP companies can access a pool of talented professionals who can help drive innovation and growth in the industry.
  • Easy access to other markets: the state has a well-developed transport and communication infrastructure, which makes it easy to access other markets in Asia and beyond. This can be particularly beneficial for PSP firms that offer cross-border remittance services.

Once a business-company has obtained a PSP permission, they are required to follow a range of ongoing adjustment demands. These include reporting demands, ongoing compliance monitoring, and regular audits.

Documents that you need to prepare

When applying for a PSP permission in a country, companies must submit a number of papers to the Monetary Authority of the country(MAS). The specific papers required may vary depending on the type of remittance favors the company wishes to supply , but generally the following documents are needed:

  • Incorporation documents: This includes the company’s certificate of incorporation, memorandum and articles of association, and biz profile.
  • Shareholder Information: Contains information about all shareholders, including their names, addresses and shareholdings.
  • Information about directors: This includes information about all directors, including their names, addresses and identity documents.
  • Financial statements: includes audited financial statements of the company for the last two years, as well as projected financial statements for the next three years.
  • A business plan. It contains a detailed business plan that describes the company’s operations, management structure and development strategies.
  • Compliance Concept: This includes the company’s anti-money laundering (AML) and anti-terrorist financing (FT) policies and procedures.
  • Due Diligence Documents: This includes due diligence documents on all material shareholders, directors and key employees, as well as any third party service suppliers.
  • IT System Documentation: This includes documentation of the company’s IT systems and security measures, including disaster recovery plans.
  • Other relevant papers: This may include any other relevant papers that relate to the type of payment favors that the company wishes to supply.

It is important for business-companies to ensure that all papers are accurate, complete and up-to-date, as any discrepancies or inaccuracies can delay the request process. In addition, firms should ensure that they have a robust conformity system in place, including anti-money laundering and anti-terrorist financing policies and procedures, as these are key areas of focus for MAS.

Related insights

Obtaining residence permit and citizenship in Turkey when buying a property

Dreaming of life under the Turkish sun? A Turkish Residency Permit is your ticket to a carefree holiday. Residency allowance not only legalizes your stay for a year or more but also opens doors for work, depending on the type of document obtained. Learn who can get the coveted status, under what terms, and what…

Read more 03.06.2024

NIE NUMBER in Spain: Definition, Types, Procedure and Papers

Provided that you are a non-citizen, buying a property in Spain is possible with the NIE. It is your unique number as a non-citizen. It’s vital for various activities, from buying housing to making a bank account. However, it’s important to note that the NIE alone doesn’t grant lawful residency. This article will guide you…

Read more 28.05.2024

How to Purchase a Property in Spain

Buying a property in another state offers numerous chances, from generating rental income to becoming a resident or even a citizen. With a diverse range of places to choose from, finding the ideal house in Spain is within reach. While the acquiring procedure may appear daunting at first, this guide provides a clear and concise…

Read more 28.05.2024

Gaming license in Portugal

The gaming industry in Portugal has seen substantial growth, prompting both local entrepreneurs and global investors to explore opportunities in this lucrative market. Understanding the legal framework for obtaining a gaming license in Portugal is essential for those interested in documenting this sector. This comprehensive guide covers the essentials of the gaming-license process, the associated…

Read more 27.05.2024

Buying A House In Spain In 2024

Acquiring housing requires careful navigation of legal procedures and a keen awareness of the accommodation market. Before investing, in-depth investigation is vital to avoid scams, understand taxation, and stay ahead of market changes.  This guide provides valuable insights for a smooth transition to homeownership in Spain, whether you’re interested in coastal areas or major cities….

Read more 27.05.2024

Buying an apartment in Spain: Is it a good idea

Acquiring a property in Spain can be an appealing choice for numerous international investors. The country boasts stunning beaches, a pleasant climate, and a rich culture that draws people from various backgrounds. In this article, we will delve into the reasons why investing in an apartment in Spain is a wise decision. Embracing the Mediterranean…

Read more 21.05.2024

How does the Process of Buying a Property in Turkey Work?

Turkey, with its rich cultural heritage, stunning landscapes, and booming real-estate field, has become an increasingly popular destination for possession investing. Whether you’re looking for a holiday home, a retirement retreat, or a lucrative investing possibility, guiding the method of Purchasing Property in Turkey can be an exciting yet daunting task. In this comprehensive guide,…

Read more 13.05.2024

Crypto license in the Dominican Republic

Crypto has significantly altered the economic landscape globally, offering innovative ways to transact and invest. As these digital assets gain traction, various countries are establishing adjustment substructures to oversee their use and protect investors. The Dominican Republic, known for its progressive policy to technology and finance, has also begun to navigate the complex terrain of…

Read more 24.04.2024

5 Best jurisdictions for Gaming license

In the vibrant realm of online-gaming, selecting a jurisdiction for achieving gaming permission transcends a mere adjustment formality; it’s a crucial decision impacting field access, tax obligations, and the brand’s prestige. A wise choice can unlock doors to profitable fields, build trust among players and partners, and ensure a stable legal framework conducive to growth….

Read more 17.04.2024

In which countries is it better to buy Real Estate in 2024?

In the ever-evolving landscape of global real-estate acquisition, the question of where to invest money is crucial. While the past may offer some insights, the future is where depositors aim to position themselves for success. Now, in 2024, various factors come into play when determining the best countries for real-estate acquisition. From economic solidity to…

Read more 16.04.2024

Top 6 Best Offshore Jurisdictions for crypto:

In recent years, the cryptocurrency field has witnessed exponential growth, attracting investors and enthusiasts alike from all corners of the globe. However, navigating the legal landscape surrounding cryptocurrencies can be complex, with adjustments varying significantly from one lawfulment to another. For those looking to establish a crypto-related business or simply seeking a favorable adjustment circumstances…

Read more 08.04.2024

What is important to know when buying Property in Turkey?

Whether you’re considering purchasing a holiday home, an investment in property, or relocating permanently, buying real estate in Turkey can be a rewarding venture. However, like any possessions purchase, it requires careful consideration and research to ensure a smooth transaction and avoid potential pitfalls. In this guide, we’ll explore the key factors to keep in…

Read more 21.03.2024