Singapore Financial Licensing — MAS PSA, CMSL, RFMC & VCC Fund
We run the MAS PSA payment services licence (major and standard institution), CMSL for capital markets, RFMC fund manager registration and the VCC structure for investment funds — from application to approval.
What Licensing — MSB / VASP / EMI includes in Singapore
What you receive
How it works
Helpful resources
Where to register and how we differ
Licensing — MSB / VASP / EMI in Singapore — frequently asked questions
A Major Payment Institution licence is issued by the Monetary Authority of Singapore (MAS) under the Payment Services Act (PSA) 2019. It's required at significant scale — monthly transaction volume above S$3 million for any single payment service, or S$6 million across all of them. MPI holders take on stricter AML/CFT obligations, fund-safeguarding requirements, and ongoing MAS supervision. Holders include Airwallex, Aspire, and Grab Financial. The bar to entry is high.
Crypto services in Singapore fall under the Payment Services Act (PSA). A business handling Digital Payment Tokens (DPT) — buying, selling, exchanging, or facilitating transfers — must obtain a DPT Service Provider licence from MAS. By volume, that's the MPI or SPI class. MAS applies strict AML/CFT requirements, fit-and-proper tests for directors, and minimum base capital of S$250,000 for MPI or S$100,000 for SPI. The bar stays high.
A Capital Markets Services licence is issued by MAS for regulated activities under the Securities and Futures Act (SFA): dealing in capital markets products (stocks, bonds, derivatives), fund management, real estate investment trust (REIT) management, securities financing, and custody. It requires MAS approval, minimum base capital of S$250,000 to S$5 million depending on the activity, and ongoing conduct and disclosure obligations. The class follows your mandate.
MAS timelines vary sharply by licence type. A Payment Institution licence (SPI or MPI) under the PSA typically takes 6–12 months from a complete application; a Capital Markets Services licence under the SFA, 9–18 months. MAS wants detailed business plans, AML/CFT frameworks, IT-security assessments, and fit-and-proper documentation for all key persons. Pre-application engagement with MAS cuts the iterations. We prepare the pack so it doesn't come back.
The Payment Services Act (PSA), enacted in 2019 and significantly amended in 2021, is Singapore's primary legislation regulating payment service providers; MAS enforces it. It covers seven categories of payment activities: account issuance, domestic money transfer, cross-border money transfer, merchant acquisition, e-money issuance, digital payment token services, and money-changing. By activity type and transaction volumes, a business holds a Money-Changing Licence, Standard Payment Institution (SPI) licence, or Major Payment Institution (MPI) licence. We match the class to your model.