Quick Facts
| Parameter | Value |
|---|---|
| License name | MAS MPI License |
| Country | Singapore |
| Regulator | MAS |
| What it covers | Major Payment Institution — high volume |
| Minimum capital | SGD 250,000 |
| Timeline | 9–12 months |
What is the MAS MPI License?
The MAS MPI License is a regulator authorisation issued by MAS that allows a regulated entity in Singapore to provide the services covered by the regime. For large-volume operators.
Who needs a MAS MPI License?
Operators offering services that fall within the activity definition supervised by MAS. The activity scope captures major payment institution — high volume — and you should treat anything within or adjacent to that scope as caught until the structure has been opined on.
How the MAS MPI License application works
The application is run as a structured five-stage workstream: scoping and gap analysis, incorporation and substance, AML/KYC programme drafting, regulator submission and RFI cycles, and post-licence onboarding. Total time from kickoff to authorisation is 9–12 months.
Cost of the MAS MPI License
The total first-year cost combines: regulator fee, statutory capital tied up at SGD 250,000, legal fees confirmed at engagement, substance (resident director, office, AML officer where required), and the first year of ongoing supervision. We provide a fixed-scope quote at engagement so the number is not a moving target.
Pitfalls to avoid
- Mismatched substance. Paper directors and serviced offices are detected at first examination. Substance must be substantive;
- Generic AML programmes. MAS reads policies as a competency signal — generic templates are visible;
- Banking afterthoughts. A licence without a bank account is a paperweight. Banking is part of the engagement, not bolted on after authorisation;
- Ignoring the year-one supervision burden. Authorisation is the start. Annual audit, AML refresh and material-change notifications are calendared from day one.
Frequently asked questions
What does the MAS MPI License cover?
The MAS MPI License authorises major payment institution — high volume. It is supervised by MAS. For large-volume operators.
What is the timeline for the MAS MPI License?
Typical timeline is 9–12 months from kickoff to authorisation. Variance comes from RFI cycles and the quality of the application file at submission, not from the published schedule.
What is the minimum capital for the MAS MPI License?
Statutory capital is SGD 250,000. Capital is one input — substance, governance and the AML programme usually drive the application outcome more than the capital line on its own.
How does the MAS MPI License fit alongside other Singapore licences?
Most operating models in Singapore combine MAS MPI License with one of the other available regimes — see the full list on the Singapore page.
Who supervises MAS MPI License authorisation in Singapore?
MAS is the supervising authority. The same regulator handles ongoing supervision after authorisation, including annual returns and material-change notifications.