Digital Payments & Fintech - Singapore

MAS issues three licence classes — Money-Changing, Standard Payment Institution (SPI), and Major Payment Institution (MPI). An MPI licence is required once transactions exceed S$3m/month for any single service, S$6m/month across services, or S$5m daily outstanding e-money; SPI applies below those thresholds.

The PS Act regulates account issuance, domestic money transfer, cross-border money transfer, merchant acquisition, e-money issuance, digital payment token (crypto) services, and money-changing — each requiring a licence to provide to the public.

E-money issuance is a named regulated service; MPI holders face higher standards including safeguarding of customer monies, a security deposit lodged with MAS, and additional compliance requirements relative to SPIs.

Beyond DPT services under the PS Act, MAS introduced a DTSP licensing regime under the Financial Services and Markets Act 2022, effective 30 June 2025, covering providers serving overseas markets from a Singapore base.

FAST provides 24/7 interbank transfers and PayNow runs as a proxy-addressing overlay (mobile/NRIC/UEN); SGQR unifies QR acceptance. Since 2021 eligible non-bank financial institutions can connect to FAST and PayNow via a dedicated API gateway.

SGFinDex, a MAS/GovTech Singpass-based data exchange launched December 2020, lets individuals consolidate financial data across banks, insurers and agencies. BNPL is not separately licensed; it is governed by an industry Code of Conduct (under MAS guidance), with all providers accredited since May 2024.