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