Singapore Major Payment Institution (MPI) License

A Premier Payment License in a Global Financial Hub

As a leading financial center in Asia, Singapore attracts a wide range of payment service providers with its robust regulatory framework and open financial policies. The Payment Services Act (PSA 2019) establishes a clear and comprehensive regulatory regime, under which the Major Payment Institution (MPI) license represents the highest tier of payment licensing.

We are committed to delivering a seamless application experience, helping you efficiently secure and establish your Singapore MPI license.

Expert Guidance Throughout the Process: Applying for an MPI license involves multiple stages, including company incorporation, documentation preparation, and compliance framework development. The process is detail-intensive and time-consuming.
The CryptoLicense team has extensive experience with the Monetary Authority of Singapore (MAS) requirements. We assist in structuring your business plan, strengthening your compliance framework, and coordinating with regulators throughout the application process.
One-Stop Service: From documentation to policy design, we handle the complexities of the licensing process—allowing you to focus on building and scaling your core business.

For detailed timelines and cost estimates, feel free to contact us.

Political and Economic Stability
Singapore offers a stable political environment and a highly developed economy, providing a strong foundation for payment businesses.
Clear Legal Framework
The PSA 2019 defines a structured and transparent regulatory pathway for payment services.
Strong Global RecognitionThe MPI license is widely recognized by international financial institutions, facilitating global expansion.
Tax Efficiency
Singapore’s simple and competitive tax regime includes relatively low corporate tax rates and no capital gains tax.
FinTech Ecosystem Support
MAS offers multiple FinTech initiatives, including regulatory sandbox programs.
Enhanced Banking Access
A licensed status improves credibility with banks, making it easier to open accounts and establish partnerships.

Under the PSA 2019, MAS oversees payment services through a unified and structured regulatory framework.

The MPI license is designed for payment institutions that exceed certain business thresholds. It allows for multiple payment services without transaction limits, making it one of the most comprehensive licenses available in Singapore.

The MPI license enables institutions to build a full-stack payment ecosystem, covering key operational areas such as fund flows, account systems, and merchant services:

Domestic and Cross-Border Money Transfers
Support for local transfers, international remittances, and regional fund movements for both individuals and corporates.
Foreign Exchange Services
Provision of multi-currency exchange, FX conversion, and settlement services, often integrated with cross-border payment solutions.
E-Money Issuance and Digital Wallets
Includes e-wallets, stored-value accounts, and prepaid instruments. License holders may hold customer funds subject to safeguarding and audit requirements.
Payment Gateway and Merchant Acquisition
Support for online and offline payment acceptance, including card payments, e-wallets, and QR code solutions.
Safeguarding and Settlement of Customer Funds
Implementation of trust or safeguarding account structures to ensure proper segregation and protection of customer funds. This remains a key focus of MAS regulatory oversight.

As payment institutions increasingly engage in crypto-related activities, MAS has introduced a dedicated regulatory category to address the distinct risk profile of such businesses.

This is the regulatory basis for Digital Payment Token (DPT) services.

Under MAS regulations, DPT services specifically cover crypto-related activities. Businesses will fall under DPT regulation if they engage in:

Exchange between digital assets and fiat currencies or other tokens
Custody of digital assets or private keys on behalf of clients
Transfer or settlement of digital assets for clients

Important Note:
Holding an MPI license does not automatically authorize DPT activities. Separate approval is required for conducting DPT services.

1. Pre-Assessment and Strategy Planning
We assess your business model and growth plans to determine applicable payment services and define a clear licensing strategy, minimizing regulatory misalignment.
2. Core Documentation Preparation
We assist in structuring company information, financials, business plans, and compliance frameworks in line with PSA requirements.
3. Application Submission
Submission is made through MAS’s official system, with continuous monitoring to ensure timely progress.
4. Regulatory Review and Engagement
We support responses to MAS queries and help refine explanations around business model, compliance, and technical architecture.
5. In-Principle Approval (IPA) and Setup
Upon IPA, we assist with operational readiness, including team setup, capital arrangements, and system implementation.
6. License Approval and Ongoing Compliance
Post-approval, we continue to support regulatory reporting, audits, and day-to-day compliance operations.

Costs: Includes application fees, incorporation costs, compliance setup, and professional services. Final costs depend on business complexity—contact us for a tailored quote.
Timeline: Typically 18–24 months, depending on business complexity and readiness of documentation. Our experience with MAS processes helps streamline the timeline.

Pre-Application

Business model assessment and license scoping
Interpretation of MAS regulatory requirements
Corporate structuring advice

Application Phase

Documentation preparation and review
Compliance framework setup (AML / KYC / CTF)
Key personnel interview preparation
MAS communication and query handling

Post-Licensing

Ongoing compliance support
Annual regulatory reporting
Policy updates and compliance adjustments

1. What is the difference between MPI and SPI?

MPI is designed for larger-scale payment institutions, while SPI is for smaller operations. MPI carries higher compliance requirements but allows greater transaction capacity.

2. How long does the application take?

Typically 18–24 months, depending on documentation quality, business complexity, and MAS review timelines.

3. Can non-residents apply?

Yes. Foreign shareholders or beneficial owners can apply, but a Singapore-incorporated entity and local operational presence are generally required.

4. Are there special requirements for DPT services?

Yes. DPT activities are subject to stricter AML, KYC, transaction monitoring, and cybersecurity requirements.

5. What should crypto businesses pay attention to?

Focus on compliance, risk management, and client asset protection. Requirements vary depending on whether the business involves trading, exchange, custody, or transfers.

6. Is a local office required after licensing?

Yes, in most cases. A Singapore-based entity with real operational presence is expected.

7. What are the ongoing compliance obligations?

Includes AML monitoring, record keeping, reporting material changes, and ongoing engagement with MAS.

8. Can I reapply if my application is rejected?

Yes. It is advisable to address MAS feedback before resubmitting.

9. Why choose a Singapore MPI license?

Clear regulation, strong financial infrastructure, and global recognition make Singapore an ideal base for regional and international payment operations.