Singapore

Regulator sites

• MASMonetary Authority of Singapore

• Major Payment InstitutionMPIMAS licence for payment services above the volume thresholds — the usual licence for regional PSPs.

  Permitted activities

  Specified payment services under the Payment Services Act 2019 once monthly transaction volume exceeds the SPI threshold.

  Typical holders

  Regional PSPs, acquiring platforms and e-wallet operators serving Singapore at scale.

  Application path

  Licence application to MAS under the PSA. Activity classes (account issuance, e-money, DPT, etc.) are selected in the application.

  Key limits

  Volume, safeguarding and base-capital rules are stricter than SPI. Conducting an unlicensed specified payment service is an offence.

  Payment institution / PSPOfficial source
• Standard Payment InstitutionSPIThe lower-volume tier of the same regime, with lighter requirements.Payment institution / PSPOfficial source
• Money-changing & remittance licenceMC / RMOSeparate MAS licences for money-changing and for cross-border money transfer.Money transfer & remittanceOfficial source
• Digital Payment Token serviceDPTA regulated activity under the PSA covering dealing in and custody of digital payment tokens.Crypto-asset & VASPOfficial source

A hand-picked sample for orientation — not the full register.

• AdyenHolds a Dutch banking licence, so it settles as a bank in Europe and licenses locally elsewhere.BankingMTLEMIAFSLMPISVFIPLicensed inEuropean Union / EEAUnited StatesUnited KingdomAustraliaSingaporeHong Kong, ChinaBrazilUnited Arab Emirates
• AirwallexCross-border accounts, cards and acquiring with one of the widest licence footprints in APAC.AFSLAPIEMISVFMPIMSBLicensed inAustraliaUnited KingdomHong Kong, ChinaSingaporeUnited StatesMalaysiaNew ZealandChina (mainland)
• Checkout.comEnterprise acquiring with local acquiring licences across four regions.APIEMIMTLMPISVFLicensed inUnited KingdomEuropean Union / EEAUnited StatesUnited Arab EmiratesSingaporeHong Kong, ChinaAustraliaJapan
• CircleStablecoin issuer holding US money transmitter licences and an EU e-money licence.MSBMTLEMIMPILicensed inUnited StatesEuropean Union / EEAFRSingapore
• CoinbaseCrypto exchange and custody with licences across the US, EU and Asia-Pacific.MSBMTLEMICASPMPILicensed inUnited StatesEuropean Union / EEAUnited KingdomDESingaporeAustralia
• GrabPaySuper-app wallet licensed across Southeast Asia.MPIE-moneyEMILicensed inSingaporeMalaysiaIndonesiaPhilippinesThailandVietnam
• MarqetaModern card issuing platform — licensed where it issues and settles.MTLEMILicensed inUnited StatesUnited KingdomAustraliaSingapore
• NiumReal-time cross-border payments and card issuance for banks and businesses.MPIEMIAPIMTLAFSLLicensed inSingaporeUnited KingdomUnited StatesAustraliaHong Kong, ChinaIndiaMalaysia
• NuveiPayment technology and acquiring with local licences across its footprint.MSBMTLEMIMPIAFSLLicensed inCanadaUnited StatesUnited KingdomEuropean Union / EEASingaporeAustralia
• PayoneerCross-border payouts and receivables for marketplaces and SMBs.MSBMTLEMIAPISVFAFSLLicensed inUnited StatesUnited KingdomEuropean Union / EEAHong Kong, ChinaAustraliaSingaporeIndia
• PayPalRuns a Luxembourg banking licence alongside US state money transmitter licences.BankingMTLEMIAFSLLicensed inUnited StatesEuropean Union / EEAUnited KingdomAustraliaSingapore
• PPROLocal payment methods platform for PSPs and merchants.EMIMTLMPILicensed inUnited KingdomEuropean Union / EEAUnited StatesSingaporeBrazilMexico
• RapydFintech-as-a-service with licensed entities across Europe, the US and Asia-Pacific.EMIAPIMTLMPILicensed inUnited KingdomIsraelUnited StatesSingaporeMexicoBrazil
• RevolutEMI plus a banking licence in Lithuania; separate licences in each expansion market.BankingEMIAPIMTLMPIAFSLLicensed inEuropean Union / EEAUnited KingdomUnited StatesSingaporeAustraliaJapanMexicoBrazilIndia
• RippleCross-border settlement infrastructure with money transmitter and e-money authorisations.MSBMTLEMIMPILicensed inUnited StatesEuropean Union / EEAUnited KingdomSingapore
• StripeGlobal acquiring, payouts and issuing; licensed separately in each market it settles in.MSBMTLEMIAPIMPIAFSLLicensed inUnited StatesEuropean Union / EEAUnited KingdomSingaporeAustraliaJapan
• ThunesCross-border payout network connecting wallets, banks and mobile money.MPIAPIMTLLicensed inSingaporeUnited KingdomUnited States
• WiseCross-border accounts and transfers, licensed market by market.EMIMTLMPIAFSLLicensed inUnited KingdomEuropean Union / EEAUnited StatesSingaporeAustraliaJapanMalaysia

Region

• Hong Kong, China
• Japan
• China (mainland)
• India
• Australia
• South Korea
• Malaysia
• Indonesia
• Thailand
• Philippines
• Vietnam
• New Zealand