Quick Facts
| Parameter | Value |
|---|---|
| License name | MAS SPI License |
| Country | Singapore |
| Regulator | MAS |
| What it covers | Standard Payment Institution — sub-threshold |
| Minimum capital | SGD 100,000 |
| Timeline | 6–9 months |
What is the MAS SPI License?
The MAS SPI License is a regulator authorisation issued by MAS that allows a regulated entity in Singapore to provide the services covered by the regime. Lighter alternative to MPI.
Who needs a MAS SPI License?
Operators offering services that fall within the activity definition supervised by MAS. The activity scope captures standard payment institution — sub-threshold — and you should treat anything within or adjacent to that scope as caught until the structure has been opined on.
How the MAS SPI 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 6–9 months.
Cost of the MAS SPI License
The total first-year cost combines: regulator fee, statutory capital tied up at SGD 100,000, 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 SPI License cover?
The MAS SPI License authorises standard payment institution — sub-threshold. It is supervised by MAS. Lighter alternative to MPI.
What is the timeline for the MAS SPI License?
Typical timeline is 6–9 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 SPI License?
Statutory capital is SGD 100,000. 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 SPI License fit alongside other Singapore licences?
Most operating models in Singapore combine MAS SPI License with one of the other available regimes — see the full list on the Singapore page.
Who supervises MAS SPI License authorisation in Singapore?
MAS is the supervising authority. The same regulator handles ongoing supervision after authorisation, including annual returns and material-change notifications.