Payment service provider
Licence classes, the S$3m, S$6m and S$5m thresholds, base capital and the 2024 amendments are summarised in our Singapore Payment Services Act 2026 briefing. Fintech founders choosing the entity first: Singapore company for fintech.
PSP is one of 5 parts of our “Licensing — MSB / VASP / EMI” practice. It covers the full cycle from initial scoping to operational launch, run by a single named partner from our Singapore practice.
What it is in Singapore: payment service provider.
The “PSP” project in Singapore is structured as a 4-stage process run by a single named partner.
MAS licences under the Payment Services Act: payment and digital payment token (DPT) licences, from the application to regulator onboarding.
The same desk that runs PSP handles your banking, bookkeeping, compliance and — where needed — your wind-down.INNOVA · Operating model
Singapore is the operating hub of the Asia-Pacific region, with territorial taxation, a strong regulator (MAS), and the rule of law. Our priority for structures focused on Southeast Asia and for fintech licensing under the PSA.
What changes for you when INNOVA runs the project. If a company or a second jurisdiction is not needed yet, we will say so plainly.
One window and one contract: we take the task whole, handle everything on your behalf with our own team and trusted contractors, and you buy the result. From you we need decisions and signatures; we get in touch only when the next step depends on you.
A bank refusal, a registry query, a regulator's request, a stalled deadline: we answer, rework the file and resubmit at no extra charge for our work until the matter is closed.
The partner who opens your project carries it through to the result, even when the process runs for months, and stays on afterwards: renewals, filings, changes to the structure. Where the law requires a licensed professional, we bring one in and remain answerable to you.
We have worked in international business since 2012. An experienced partner runs your project personally, and unusual structures are our field: where you hear “that can't be done”, we look for the lawful route.
Information about you, your structure, your beneficial owners and your deals reaches neither competitors nor third parties. Banks, registries and regulators receive exactly what the law or the procedure requires, and the contract says so.
We build the file around the specific bank's and regulator's requirements before filing. Experience means we get the work right straight away, where some firms need three attempts. A partner replies in writing within 24 hours.
A 4-stage process led by a single named partner — from scoping to the operational hand-over.
Jurisdiction selection and assessment of approval prospects
Application and supporting documents
The regulator's review process
Banking, operating model and monitoring
What we need from you to begin — and what you walk away with. We won't pester you with needless questions: we already have most of the answers.
We don't quote a fixed price without understanding your situation — cost depends on the complexity of your case. Send a written request or book a paid consultation, then we pick the right format.
A paid 30-minute video consultation with a partner. We discuss your situation, define the project scope, and propose a structure and timeline.
A written consultation with a full review of the business — tax positioning, structure options, jurisdiction comparison, banking path. Turnaround: 5 business days.
For complex situations — multi-jurisdiction structures, regulated activity, founder relocation. A full plan with stages, dependencies, deliverables and timing.
You know what you need — we execute. No advisory mark-up and no discovery phase.
Complete the online questionnaire: a partner studies your case and replies in writing within 24 hours.
4 steps · a partner replies in writing within 24 hours.
A partner reads the questionnaire, replies in writing at the email you gave within 24 hours, then a written quote follows. Work starts after you accept it.
The questions we're asked most often. If yours isn't here, a written request is the fastest way to get an answer.
Most “PSP” projects in Singapore run 4–9 months start to finish. The fastest stage is document filing; the longest is post-registration onboarding (banking, tax registration). A single named partner runs the project throughout.
From US$ 18,000 · depends on licence type. The lower bound is for clean, standard profiles; the upper bound is for complex ownership structures, multi-jurisdiction projects or regulated activity. A fixed quote follows once we have scoped the task.
In most cases, no. The entire process runs remotely under a notarised power of attorney. A handful of jurisdictions require an in-person visit (typically biometrics for a residence permit) — we plan those as efficiently as possible.
One issued by the Monetary Authority of Singapore under the Payment Services Act 2019. The Act defines seven regulated payment activities and three licence classes — money-changing, standard payment institution and major payment institution — with the class set by transaction volumes and e-money float rather than by the label a firm gives itself.
A permanent place of business in Singapore, at least one executive director resident there, and a board that can evidence competence in the activity. MAS also requires a technology-risk and security framework and, for major payment institutions, safeguarding of customer money with a bank or an approved guarantee.
MSB (Canada) is a licence for fiat money services. VASP (EU and others) covers virtual assets. EMI (EU/UK) is an Electronic Money Institution — a broader status, regulated like a quasi-bank. The choice depends on your activity, jurisdiction and capital.
Yes — the licence application and the AML/KYC programme are developed in parallel. Filing an application without the programme leads to conditions or a refusal.
The same service — in every jurisdiction we run. One desk, one standard.
One line is enough. A partner reads it and replies in writing within 24 hours.
Or write to hello@innovacg.com
