Apply Singapore Payment Institution License in 2026

• Firstly, the Tetra Consultants will review your planned payment business model to ascertain the best licensing route for you under the Singapore Payment Services Act.  

• The assessment will include determining whether your business qualifies as either a Standard Payment Institution (SPI) License or a Major Payment Institution (MPI) License, depending on the service type and threshold of transactions involved.  

• It will also include checking whether your business could be subject to the Designation Regime, among others. 

• Next, our company will help your firm to be incorporated as a private limited company in Singapore. This would require us to provide a registered address, a company secretary, and a local resident director if necessary.  

• In addition, we will assist applicant in obtaining the UEN number and Corppass, which is a prerequisite for lodging any applications. 

• After incorporation, Tetra Consultants will help appoint qualified staff members such as executive directors, compliance officers, anti-money laundering/combating financing of terrorism (AML/CFT) officers, and technology officers, if needed.  

• All candidates should meet the Fit and Proper Criteria set by the Monetary Authority of Singapore.  

• Our financial experts will evaluate your organization’s operating structure and governance framework to ensure compliance with MAS guidelines. 

• We will help find a physical office location in Singapore to show that you have an operational presence in Singapore. Generally, MAS will ask for proof that you maintain a physical presence in Singapore to conduct operations. 

• Tetra Consultants will help to prepare all necessary documentation for the application of Singapore Standard Payment Institution License. This will include business plan preparation which will involve aspects such as the business model, processes, target market, and financial forecasts, and your business will be assisted by our accounting and taxation experts for budgeting and forecasting. 

• We will also assist in creating a risk management policy, an outsourcing policy, safekeeping policies, and auditing policies. In addition to this, we will create Anti-Money Laundering & Countering the Financing of Terrorism policies as per the guidelines of MAS notice PSN01 and PSN02. 

• For fintech and digital payment firms, we further assist you in preparing Technology Risk Management and Cyber Hygiene documentation in accordance with MAS guidelines and Notice PSN06. 

• Depending on your intended business activity, we will assist with attaining a legal opinion regarding the company’s compliance with the Payment Services Act and MAS licensing regulations.  

• Once all relevant documents have been compiled, Tetra Consultants will submit the Standard Payment Institution License application to the Monetary Authority of Singapore (MAS) via the MAS online portal. 

• Throughout the review process, the MAS may seek further clarification or supporting documents. Tetra Consultants will coordinate directly with the regulatory body, with our accountants and tax professionals handling operational queries and our legal advisors answering regulatory questions. 

• After fulfilling all the required regulatory requirements, Tetra Consultants will facilitate you with the opening of the operational bank account and the segregated bank account through a recognized bank in Singapore.  

• The operational bank account is utilized for dealing with expenditures and conducting daily business transactions, whereas the segregated bank account is set up to ensure that third-party client funds are safely kept within the regulatory framework. 

• After the issuance of the license, Tetra Consultants will support the implementation of monitoring systems, anti-money laundering/counter‑terrorism financing measures, governance, and operations.  

• We will ensure that all regulatory reporting, safekeeping arrangements, and operational frameworks are set up effectively. 

• License holders must conform to Section 37 of the PS Act that requires annual audits. Tetra Consultants will arrange for the auditor appointment and submission of the Form 4 auditor’s report. 

• In addition, continuous compliance requirements such as regulatory reporting, cybersecurity monitoring, and governance will also be supported by us. 

• Using this procedure, Tetra Consultants will lead the client through the entire process of the Singapore Standard Payment Institution License application from incorporation to post-licensing compliance. 

• Where Digital Payment Token (DPT) services are involved, Tetra Consultants will assist with implementing enhanced compliance controls, regulatory personnel sourcing, custodial arrangements, and DPT external audit requirements.  

• In accordance with Section 37 of the Payment Services Act, we will arrange an annual auditor appointment and submission of Form 4 to the Monetary Authority of Singapore (MAS).  

• Additionally, our team will support ongoing regulatory reporting, cybersecurity monitoring, and governance requirements, ensuring smooth post-licensing compliance. 

Cost to obtain the Singapore Payment Institution License in 2026

• The pricing model used by Tetra Consultants is straightforward and transparent when acquiring a Singapore Standard Payment Institution License.  

• The total costs involved in obtaining a Singapore payment services license will depend on the particular category of the license as well as the nature of operations that will be undertaken by the license holder. Tetra Consultants shall give you a detailed quote on the professional charges and also the government charges payable to the MAS once we assess the business model to see whether an MPI or SPI License is required. 

• We have experts who will give you a quotation that covers the cost of incorporating your business, the application process, and preparation of the compliance framework among others. 

Timeline to obtain Singapore Payment Institution License in 2026

• Singapore company registration: 1 week  

• Singapore payment institution license application: at least 8 to 10 months 

• Corporate bank account opening: 4 weeks  

• Overall timeline: 10 to 12 months 

Find out more!

• Tetra Consultants works as your advisor and trusted partner in your business expansion and payment license. With our own team of lawyers, licensing specialists, compliance team, and accountants, we provide our clients with the information they need to know, rather than simply what they want to hear. Most importantly, we are known for being a one-stop solution for our valued clients.  

• Tetra Consultants also specializes in providing support with the attainment of other types of offshore financial licenses.  

• Contact us to find out more about how to secure a Singapore Payment Institution License. Our team of experts will respond within 24 hours. 

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