mas payment services licence

Major payment institutions are required to pay an annual licence fee and the applicable fees depend on the payment services that it is licensed to conduct. Understand the various initiatives for technology solutions and projects in Green Finance. If the application is being submitted using a CorpPass not belonging to the applicant, a scanned, signed copy of the Declaration document below must be attached to the application. License Exemption Under Payment Services Act Singapore’s central bank and financial regulator, the Monetary Authority of Singapore (MAS), published this week a list of companies that have been granted an exemption from holding a license under the Payment Services Act (PS Act) 2019 for a specified period of time. This specimen form should not be used for submission to MAS. This may involve imposing a common standard, requiring PSPs to join a common platform, or imposing an access regime for selected payment systems. ≤S$5m of daily outstanding e-money for e-money issuance services. ABOUT MAS. Parliament passed the PS Act on 14 January 2019. Note: MAS considers each application on its own merits and may take into account other factors on a case-by-case basis. Strengthening Singapore’s payment services through regulation MAS’ proposed Payment Services Bill This paper highlights key elements of the proposed Bill and our views on what these mean for industry participants. Form for applicants to apply for a payment service provider licence or to apply to change their entity type between a sole-proprietorship, partnership, or company/corporation under the Payment Services Act 2019. The Monetary Authority of Singapore (MAS) governs the financial services industry in Singapore. The applicant must have a permanent place of business or registered office. S$3 million monthly transactions for any payment service (other than e-money account issuance and money-changing services). Submissions must be made via the online form here . An Act to provide for the licensing and regulation of payment service providers, the oversight of payment systems, and connected matters, to repeal the Money‑changing and Remittance Businesses Act (Chapter 187 of the 2008 Revised Edition) and the Payment Systems (Oversight) Act (Chapter 222A of the 2007 Revised Edition), and to make consequential and related amendments to certain other Acts. Instructions on the amount and manner of payment will be provided after you have submitted Form 1. In general terms, the nature of the PS Act requirements which apply to a PSP depend on the payment services which the PSP provides, and whether the PSP holds a money-changing, SPI or MPI licence. Submissions must be made via the online form here . Access regulations, updates and licensing information, Regulations, guidance and licensing for deposit-taking institutions, Regulations, guidance and licensing for capital market entities, Regulations, guidance and licensing for insurers, Regulations, guidance and licensing for payment service providers and systems, Information on MAS’ approach, strategies and efforts in these key areas, MAS’ approach to supervision and the instruments under the Acts it administers, Find out about MAS’ strategies to develop and support the financial sector, Discover what makes Singapore a leading global financial centre, Find out how MAS is co-creating a Smart Financial Centre, Latest information on MAS’ FinTech strategy, initiatives and funding schemes, Get funding on proof-of-concepts, hiring, business development and more, Sandbox relaxes regulatory requirements to enable live experiments of innovation, Various payment initiatives including SGQR, FAST and PayNow, World’s first open architecture platform for FIs to discover FinTechs and deploy solutions. Ability to comply with obligations under the PS Act, including compliance, safeguarding, technology risk management and audit arrangements. … You may also refer to the PDF specimen form below for preparations. https://www.mas.gov.sg/regulation/payments/major-payment-institution-licence SINGAPORE FINANCIAL CENTER. MAS Publishes FAQ on Payment Services Act Our previous e-bulletin “Transitions to the Payment Services Act” released on 14 June 2019 highlighted the affected payment services that will be regulated under the new Payment Services Act (“PS Act”) and the transition arrangements to apply for a licence. The PS Act, which will come into force on 28 January 2020, provides a new framework for the regulation of payment systems and payment service providers in Singapore. LTD. Major Payment Institution-8 SHENTON WAY #45-01 AXA TOWER 068811: Entities that provide payment services under the specified thresholds should hold a standard payment institution licence. If the total value of all transactions processed by a payment services provider exceeds S$36 million in a calendar year, they will have to apply for a major payment institution licence. We are currently experiencing a high volume of applications. Any intended change in its services, will require approval from MAS. Payment service providers are licensed to provide specified payment services under the PS Act. You may find further information on the PS … The applicant's board of directors should have either: at least 1 executive director who is a Singapore Citizen or Singapore Permanent Resident. MAS can designate significant payment systems and regulate operators, settlement institutions and participants of these designated payment systems, ... What you need to know about the Payment Services Act 2019 8 Licensing regime focuses on players with a clear retail payments nexus The applicant must have a minimum base capital of S$250,000. Fitness and propriety of the controllers and directors. Access regulations, updates and licensing information, Regulations, guidance and licensing for deposit-taking institutions, Regulations, guidance and licensing for capital market entities, Regulations, guidance and licensing for insurers, Regulations, guidance and licensing for payment service providers and systems, Information on MAS’ approach, strategies and efforts in these key areas, MAS’ approach to supervision and the instruments under the Acts it administers, Find out about MAS’ strategies to develop and support the financial sector, Discover what makes Singapore a leading global financial centre, Find out how MAS is co-creating a Smart Financial Centre, Latest information on MAS’ FinTech strategy, initiatives and funding schemes, Get funding on proof-of-concepts, hiring, business development and more, Sandbox relaxes regulatory requirements to enable live experiments of innovation, Various payment initiatives including SGQR, FAST and PayNow, World’s first open architecture platform for FIs to discover FinTechs and deploy solutions. The fees are prescribed in the Schedule to the PSR and are, in summary, S$10,000 or the sum of the amounts below for the payment services provided, whichever is higher: The major payment institution licence is valid until either: All entities that cease to hold a licence will be removed from the Financial Institutions Directory. Licensing, Authorisation and Registration. Licence Type/Status: ... ALIPAY MERCHANT SERVICES PTE. It is a government-run body that has created certain laws to regulate financial services across the country such as the Securities and Futures Act as well as the Financial Advisers Act. Therefore, the results count on the licences may be higher than the number of financial institutions returned. When assessing an application, MAS takes into consideration factors such as: For more details, read the Guidelines on Licensing for Payment Service Providers. The applicant must be a Singapore-incorporated company or a foreign corporation registered in Singapore. A licensee may only conduct the payment services that has been approved by the authority in the license. Qualifications and experience, particularly in operating a payment services business and compliance with regulatory requirements. Introducing an activity-based, risk-differentiated, modular licensing model The MAS has acknowledged the rapid development ), the MAS may exercise interoperability powers if this should become necessary. In summary they are: 1. services enabling cash to be paid into or withdrawn from a payment account and all of the operations required for operating a payment account 2. execution of payment transactions - suc… The Payment Services Act will officially commence on 28 January 2020, and all persons conducting activities under the Payment Services Act, will have to … The thresholds are set out in section 6(5) of the PS Act. MONETARY POLICY AND ECONOMICS. Guidelines on Licensing for Payment Service Providers under the Payment Services Act. Under the Bill, MAS will adopt a modular approach to licensing payment services, under which payment service providers are not required to obtain a licence individually for each of the payment services they offer, but are required to obtain a licence in one of three classes of licences that corresponds with the level of risk posed by the scale of payment service they provide, namely: S$6 million monthly transactions for two or more payment services (other than e-money account issuance and money-changing services). Whether the public interest will be served by granting a licence. All entities covered by the Payment Services Act (PSA) will have to pay a licence fee, with a two-tiered structure. Regulatory status in other jurisdictions, where applicable. The Payment Services (PS) Act is a forward looking and flexible framework for the regulation of payment systems and payment service providers in Singapore. Under the licensing regime, payment service providers must obtain either a money-changing licence, a standard payment institution licence or a major payment institution licence, in order to provide the relevant payment service. We, at Argus Global , are a team of consultants who specialize in Regulatory Compliance for Financial Institutions in Singapore that are regulated by MAS. due to the use of multiple wallet providers, QR codes, payment terminals, etc. To view the list of major payment institutions in Singapore, refer to the Financial Institutions Directory. Since then, the Monetary Authority of Singapore (“MAS”) has published the The Monetary Authority of Singapore (“MAS”) has issued the Guidelines on Licensing for Payment Service Providers (“Guidelines”) and specimen forms in relation to the Payment Services Act 2019 (“PS Act”). Please note that from 11 April 2021, you will be required to login to government digital services for businesses (G2B) using Singpass instead of Corppass. Interoperability: To avoid fragmentation of the payments landscape (e.g. For a standard payment institution, S$1,000 or the sum of the amounts below for the payment services applied for, whichever is … As 2019 draws to a close, the Monetary Authority of Singapore ( MAS) has been busy putting the finishing touches on its new regulatory framework for payment services. It provides for regulatory certainty and consumer safeguards, while encouraging innovation and growth of payment services and FinTech. The Payment Services Bill (“Bill”), which provides for the licensing and regulation of payment service providers and the oversight of payment systems, was passed in Parliament on 14 January 2019. Please note that a CorpPass ID is required. Be a company (incorporated in Singaporeor overseas); 2. Guidelines on Licensing for Payment Service Providers, Supervisory Approach and Regulatory Instruments, Lists of Designated Individuals and Entities, Grants for Smaller Financial Institutions, Recent Economic Developments in Singapore, Singapore Overnight Rate Average (SORA) Interest Rate Benchmark, Singapore Government Securities (SGS) Bonds, Investing in Singapore Government Securities (SGS) Bonds, Investing in Singapore Savings Bonds (SSB), Brunei-Singapore Currency Interchangeability Agreement, Reproduction of Singapore Currency Images, Money and Banking Monthly Statistical Bulletin, Financial Sector Development Fund Annual Report, Interest Rates of Banks and Finance Companies, Monetary Authority: Assets and Liabilities, International Reserves/Foreign Currency Liquidity, View a list of Application Programming Interfaces (APIs), Opportunities for Mid-Career Professionals. *Please note that a financial institution may hold multiple licences. The MAS has eschewed a one-size-fits-all licensing regime for Singaporean DPT Services in favor of an activity-based licensing framework that also takes ML/TF risk into account. Standard Payment Institution License: Are able to conduct multiple payment services. The application fees are, in summary: For a money-changing licence, S$500. Understand the various initiatives for technology solutions and projects in Green Finance. Industry collaboration that explores blockchain’s usage for Central Bank Digital Currency, World’s largest festival for the FinTech community to connect, collaborate and co-create, Fast track intellectual property protection through various initiatives, A collaborative AI-driven global solutions hub to foster SME digitalisation, Find out about the opportunities and plans that MAS has to grow your business areas, Read about the support that is available for your business operations, Find out how MAS and our partners build a pipeline of financial professionals and leaders, Read about MAS’ monetary policy framework, central bank operations and related information, Get information on SSB, SGS Bonds, T-bills, MAS Bills and MAS FRN, Discover more about the Singapore’s currency, Access the various consultations, monographs, macroeconomic reviews and other publications, View data on Singapore’s financial sector, reserves statistics, exchange rates and others, Get the latest news, speeches, updates and announcements, Find out about working in MAS and the various opportunities that are available. Have a permanent place of business in Singapore or a registered office in Singapore; and 3. Major Payment Institution License This licensing regime enables the MAS to regulate a wide range of payment services and specific payment services which a payment service provider intends to offer. REGULATIONS AND FINANCIAL STABILITY. Payment systems facilitate the transfer of funds between or among participants and may be designated under the PS Act for closer supervision. MAS issues Guidelines on Licensing for Payment Service Providers On 18 December 2019, the MAS issued the Guidelines on Licensing for Payment ≤S$6m monthly transactions for 2 or more activity types. For more information, visit go.gov.sg/corporate-login, Form 1 - Application for a Payment Service Provider Licence (Declaration in fillable format) (163.4 KB). Various payment initiatives including SGQR, FAST and PayNow ... Mr Ravi Menon, MD, MAS, spoke on job opportunities in financial services, and job specialisation, specifically in the area of technology, based on a deep dive study MAS has done. Business plan and model, including operational readiness. A major payment institution licence will be required if the licensee provides one or more payment services, except an e-money account issuance service or a money-changing service; and the monetary threshold remains the same as those of a standard institution. What does this mean for remittance and money changers? Subject to the following thresholds: ≤S$3m monthly transactions for any activity type. Industry collaboration that explores blockchain’s usage for Central Bank Digital Currency, World’s largest festival for the FinTech community to connect, collaborate and co-create, Fast track intellectual property protection through various initiatives, A collaborative AI-driven global solutions hub to foster SME digitalisation, Find out about the opportunities and plans that MAS has to grow your business areas, Read about the support that is available for your business operations, Find out how MAS and our partners build a pipeline of financial professionals and leaders, Read about MAS’ monetary policy framework, central bank operations and related information, Get information on SSB, SGS Bonds, T-bills, MAS Bills and MAS FRN, Discover more about the Singapore’s currency, Access the various consultations, monographs, macroeconomic reviews and other publications, View data on Singapore’s financial sector, reserves statistics, exchange rates and others, Get the latest news, speeches, updates and announcements, Find out about working in MAS and the various opportunities that are available. The Payment Services Act 2019 ( PS Act) will commence on 28 January 2020, changing the payment services landscape in Singapore. Submissions will only be accepted via the online form. An applicant of a standard payment institution licence or major payment institution licence will have to: 1. Payment service providers and payment systems are both regulated under the Payment Services Act 2019 ("PS Act"). In summary, these are: Note that entities that provide only money-changing services should hold a money-changing licence instead. ... Sector: Payments ×. View Document Guidelines on Licensing for Payment Service Providers [PS-G01] (282.3 KB) Form 1 - Application for a Payment Service Provider Licence, Form 1 - Application for a Payment Service Provider Licence (Declaration in fillable format), Supervisory Approach and Regulatory Instruments, Lists of Designated Individuals and Entities, Grants for Smaller Financial Institutions, Recent Economic Developments in Singapore, Singapore Overnight Rate Average (SORA) Interest Rate Benchmark, Singapore Government Securities (SGS) Bonds, Investing in Singapore Government Securities (SGS) Bonds, Investing in Singapore Savings Bonds (SSB), Brunei-Singapore Currency Interchangeability Agreement, Reproduction of Singapore Currency Images, Money and Banking Monthly Statistical Bulletin, Financial Sector Development Fund Annual Report, Interest Rates of Banks and Finance Companies, Monetary Authority: Assets and Liabilities, International Reserves/Foreign Currency Liquidity, View a list of Application Programming Interfaces (APIs), Opportunities for Mid-Career Professionals, Licensing, Authorisation and Registration.

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