How Fintech Founders Get a Singapore MAS Licence

You are building a payment app, a remittance service, or a digital asset platform. Customers trust you with money. Regulators trust you only after you prove compliance. Singapore is the most credible licence hub in Southeast Asia. The Monetary Authority of Singapore issues licences under the Payment Services Act, and the city-state is home to DBS, OCBC, and UOB — banks that understand fintech.

We help fintech founders form a Singapore Pte. Ltd. and apply for the right MAS licence. The process is not fast, but it is documented and predictable.

Which MAS licence do you need?

The Payment Services Act 2019 regulates seven service types: account issuance, domestic money transfer, cross-border money transfer, merchant acquisition, e-money issuance, digital payment token services, and money changing. Most fintech founders need either a Major Payment Institution licence or a Standard Payment Institution licence, depending on transaction volume.

If your business touches crypto, you need a Digital Payment Token service licence. If you custody tokens or operate a token exchange, additional requirements apply. MAS is clear about the distinction. We map your product to the right licence class before any paperwork is filed.

Singapore Pte. Ltd. requirements

A MAS-licensed company needs a Singapore-resident director, a local company secretary, a registered address, and adequate capital. MPI applicants must meet minimum base capital requirements, currently S$250,000 for most licence classes. SPI applicants face lower thresholds.

The company must have a permanent place of business or registered office in Singapore. A virtual office is not enough for MAS. We help set up a real presence with a real lease and a local team.

Compliance before application

MAS expects a compliance framework before it reviews the licence. You need an AML/KYC policy, a technology risk management framework, a cybersecurity policy, and a business continuity plan. The compliance officer must be fit and proper. We prepare these documents with fintech-specialist counsel.

A common mistake is applying with a skeleton framework. MAS rejects those applications or asks for months of follow-up. We build the compliance muscle first. The same documents also satisfy bank compliance teams, so the investment pays off twice.

Banking for fintech

Singapore banks open accounts for licensed or licence-pending fintech companies. The key is a complete file: MAS application proof, business plan, shareholder structure, source of funds, and projected transaction volumes. DBS, OCBC, and UOB are the main choices. Neobanks and payment institutions can serve as interim rails while the licence is pending.

Some founders try to open an account first and apply for the licence second. That usually fails. The bank wants to see the MAS application, and MAS wants to see a credible operational plan. We sequence the work so both see what they need at the same time.

Timeline and cost

Company formation: 1–3 days. Licence application preparation: 2–4 months. MAS review: 6–9 months for straightforward cases, longer for complex DPT applications. Total first-year cost: S$30,000–$100,000 including legal, compliance, and capital. This is not a cheap licence. It is a credible one.

After the licence: ongoing obligations

A MAS licence is not a one-time approval. Licensed companies file annual compliance returns, maintain the minimum base capital, keep the resident director and compliance officer in place, and submit audited financial statements. MAS can inspect books, interview officers, and revoke a licence for material breaches. We keep clients on a compliance calendar so renewal is routine rather than reactive.

Many founders also underestimate travel. MAS expects senior management to be reachable in Singapore. We help structure the local team — resident director, compliance officer, and company secretary — so the business has real decision-making presence.

FAQ

Can foreigners own a Singapore fintech company? Yes, but MAS requires local resident directors and substance.

Do I need a local director? Yes, at least one ordinarily resident director.

How long does MAS take? Typically 6–9 months after a complete application.

Can I operate while waiting for the licence? Generally no. Some activities may be exempt, but core regulated services require the licence.

Is Singapore better than Dubai for fintech? Singapore for APAC credibility and MAS licences. Dubai for 0% tax and Middle East market access.

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