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MPI/SPI licence in Singapore
The Singapore payment institution (SPI/MPI) licence provides a gateway to one of Asia’s most advanced financial hubs. Licensed under the Payment Services Act (PS Act) and regulated by the Monetary Authority of Singapore (MAS), the framework enables businesses to operate across multiple payment services, with thresholds determining whether an SPI or MPI licence is required:
- SPI (Standard Payment Institution): For businesses operating within MAS thresholds
- MPI (Major Payment Institution): For businesses planning to exceed MAS thresholds, making it the closest analogue to the European EMI licence.
Why Singapore?
Singapore has built a strong reputation as a global financial and fintech hub, combining transparent regulation with strict compliance standards. Its geographical position at the heart of Asia’s trade and commerce makes it a strategic location for payment institutions targeting the Asia-Pacific region. Administrative efficiency, regulatory clarity, and access to developed infrastructure make it highly attractive for both established financial institutions and fintech start-ups. The MAS framework provides clearly defined thresholds:
- S$3 million (€2.1M) monthly transactions for any one service (except e-money account issuance and money-changing)
- S$6 million (€4.2M) monthly transactions across two or more services
- S$5 million (€3.5M) daily outstanding e-money.
This structured environment gives businesses predictability and flexibility in scaling operations.
Time frames
Obtaining an MPI/SPI licence in Singapore typically takes between 6 and 12 months, depending on the complexity of the application and the regulator’s review process. This period covers the preparation of documentation, regulatory approvals, and compliance checks.
MPI/SPI Licence in Singapore Requirements
To obtain an SPI or MPI licence in Singapore, MAS expects a well-governed, well-resourced applicant with a clear multi-year plan and demonstrable readiness across risk, AML, and operations:
- Corporate particulars. Singapore incorporation, registered office, local director, onsite customer-contact.
- Ownership and controllers. UBO identification and controller’s source of funds, fit-and-proper per FSG-G01.
- Capital and security. Proof of paid-up share capital SPI S$100k / MPI S$250k, plus security deposit or bank guarantee S$100k or S$200k.
- Business plan and governance. Organisational structure, governance, internal controls.
- Risk and compliance. AML and financial-crime risk assessment and policies, information security, BCP, fraud and complaints, safeguarding approach, data protection, statistical reporting.
- Technology pack. Technical documentation for the payment software to be used.
- Third-party arrangements. Draft or signed agreements with BIN sponsors, acquirers, FX partners where relevant.
- Safeguarding evidence. Confirmation of a safeguarding account with a partner bank.
Scope of work
Our work is structured in three key Stages to ensure a smooth and efficient MPI/SPI licence application process:
About Us
We are a team of former MLROs, compliance officers, and fintech and regtech professionals, dedicated to guiding firms through the regulatory landscape. Since 2019, our team has actively supported customers in building, scaling and expanding fintech businesses by providing a full suite of consulting services.
Our commitment to provide end-to-end support for businesses pursuing regulated activities led to the creation of Fintheo. We are a tech-driven company that strives to offer impeccable service to customers. As part of our proposition, we also offer a purpose-built e-money software platform which is fully DORA-compliant. In 2022, we expanded our services to include Fintheo.Recruitment, a division focused on sourcing fit and proper individuals for director and management roles to support clients during the licensing process.
Fintheo. Competence. Prudence. Result.
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