Standard Payment Institution License Services in Singapore
Introduction
If businesses wish to offer regulated payment services within specified transaction and stored-value limits, they must obtain a Standard Payment Institution License (SPIL). Having a well-prepared and professionally managed SPI License application is the basis for timely approval, meets all regulatory requirements, and helps the company operate within a stable, compliant operational framework for delivering payment services.
Seasoned practitioners provide our Standard Payment Institution License services in Singapore, drawing on extensive knowledge and experience in payment institution licensing, regulatory submissions, and financial services compliance advisory. We have the technical expertise, process discipline, and independent thinking to help businesses at every step of the SPI License application and registration process. We can tailor our approach to each client, based on their payment processes, business model, and the regulatory environment in which they operate.
Understanding the Standard Payment Institution License in Singapore
A Standard Payment Institution License in Singapore allows eligible businesses to provide one or more of the regulated payment services, such as Money Changing, Digital Payment Token Services, e-money issuance, Merchant acquisition, domestic money transfer, cross-border money transfer, and account issuance, within the applicable transaction and stored-value thresholds set by the regulatory framework. SPI License is a structured and accessible licensing pathway for payment businesses whose payment volumes fall below the thresholds that warrant the Major Payment Institution licensing category but exceed those for the Micro Payment Institution licensing category.
The Singaporean SPI License requirements must consider the type of payment services the applicant wishes to engage in, the applicant’s technology infrastructure and business model, the applicable SPI License requirements for each payment service, and the detailed documentation and governance standards to be observed during the registration process. The successful application for a Singapore SPI License demonstrates the business’s ability to operate, comply with Singapore’s laws and regulations, and be commercially viable.
Standard Payment Institution License Services We Provide
- SPI License Application Management: We manage the entire process of applying for a Singaporean Standard Payment Institution License, ensuring that all documentation is accurate and complete, and ensuring that regulatory submissions are all prepared for the relevant payment services that are being applied for, and then guiding the applicant through the process of preparing a complete, well-structured and submission-ready application package.
- Singapore SPI License Requirements Assessment: Structured assessment of the applicant's position against the Singapore SPI License requirements is included in our SPI License consulting company services and entails a thorough examination of the payment services that the applicant wishes to offer, financial resources, governance arrangements, compliance frameworks, technology infrastructure, and important management capabilities for each regulated activity.
- Documentation Preparation and Review: We help prepare, review, and coordinate all necessary Standard Payment Institution License registration documentation that complies with relevant regulatory requirements, including Business Plan, AML policies, Risk Management frameworks, technology and cybersecurity assessments, and personnel disclosure.
- Payment Institution License compliance support: Our payment institution licensing consultants help design and implement the compliance, anti-money laundering, and risk management frameworks necessary to meet the SPI License compliance support requirements, and to coordinate the payment institution's regulated activities after licensing has been granted.
- Structured Standard Payment Institution License Renewal Support: Our Standard Payment Institution License renewal support in Singapore involves a comprehensive assessment of the existing compliance position, updating necessary documents, and handling the renewal application to ensure a seamless renewal of the authorisation without disrupting the business's payment services operations.
- Post-Licence Compliance and Ongoing Advisory: Beyond the application, our trusted Payment Institute License provider services cover the whole lifecycle of the Payment Institution License, including Post-Licence Compliance and Ongoing Advisory, as well as technical and operational notifications, regulatory reporting and advisory for any variations of the Payment Institute License or regulatory developments impacting the Payment Institution's authorised activities.
Why Clients Choose Our Standard Payment Institution License Services in Singapore
Specialist Payment Institution Licensing Expertise:
We have extensive expertise in the payment institution licensing process, as well as experience managing payment services regulatory submissions in the financial services sector, ensuring applications are complete, well-evidenced, and submitted for speedy review.
Independent & Objective Approach:
As a Standard Payment Institution Licensing Service in Singapore, we approach every payment institution licence application in a completely independent manner, delivering objective insights and well-crafted submissions that ensure regulatory stakeholders can trust the integrity, accuracy, and comprehensiveness of each application.
Solid Knowledge of Regulatory Requirements:
As payment institution licensing consultants, our team is agile in navigating the Singapore SPI License requirements and the changing regulatory landscape throughout each engagement, ensuring each engagement is structured, sequenced, and compliant with relevant standards and expectations.
Consistent Senior Involvement:
Quality, clarity, and accountability across the entire scope of the SPI License application, renewal, and long-term compliance advisory process are achieved through consistent Senior Involvement delivered by our experienced professionals.
When You Need Standard Payment Institution License Services
Our Standard Payment Institution License services and advisory in Singapore are provided to payment businesses and fintech companies in various scenarios, such as:
- Opening a new payment services company in Singapore that has a Standard Payment Institution License before beginning any of the regulated payment activities under the relevant licensing regime.
- As the business expands and/or regulatory requirements for payment activities change over time, the transition from a licensing exemption or a provisional structure to a formally licensed SPI structure will occur.
- Filling out the initial SPI License application and using structured Standard Payment Institution License services to efficiently comply with SPI License requirements, documentation requirements and application submission in Singapore.
- Re-applying for renewal of an existing Standard Payment Institution License in Singapore and seeking professional assistance to ensure that the application is comprehensive, timely and meets the updated regulatory conditions and needs.
- An extension to the scope of payments granted by an existing SPI License, to be applied for as a variation under the existing authorisation in Singapore.
- A regulatory request for information or a compliance inspection, in which the ongoing fitness, governance, and operational readiness of the payment institution under the SPI framework must be presented in a well-prepared, evidence-based manner.
Our Approach to Standard Payment Institution License Advisory
Engagement Scoping
A clear understanding is established of the applicant’s payment business model, the type(s) of regulated payment services the applicant wishes to be authorised for, and the broader regulatory and commercial context applicable to the engagement in Singapore. This will involve assessing the technology infrastructure, transaction flows, customers, ownership and management arrangements, and any previous regulatory experience relevant to the Standard Payment Institution License application.
It is at this stage that close coordination with the client is maintained to ensure that all deliverables, timelines, and relevant aspects of the SPI License application are aligned with each payment service for which an application is made. From a new application to a licence variation and the addition of payment services, through to a licence renewal or structural changes, early scoping helps ensure a logical process that efficiently handles the application and prevents unnecessary delays throughout the regulatory review.
Through a proper scoping process, the readiness and/or documentation gaps unique to the SPI License registration process can be identified before formal preparations, and the client can address them in an orderly and timely manner. This early clarity serves as a strong, informed basis for the rest of the documentation and submission efforts throughout the advisory process for the Singapore Standard Payment Institution License.
Licensing Readiness Assessment
We conduct a structured evaluation of the applicant’s current position before preparing any application materials to determine the Singapore SPI License requirements for each regulated payment service the applicant wants to apply for. These include the threshold amounts for transactions, stored values, minimum capital requirements, the level of the anti-money laundering programme, technology and cyber security measures, the governance framework, and the capabilities and fitness of key management officials in the proposed payment institution.
The readiness assessment assesses the substantive support required to comply with the SPI License, as well as the quality and completeness of the supporting documentation and evidence for each application element. This double review assures that the submission is credible, well-evidenced and complete, and that the payment institution is indeed ready to perform the intended regulated payment services in the Singapore SPI framework.
The results of the assessment are presented in a logical, prioritised way, which is used to draft the preparation plan and determine the key actions to be taken before applying. The ultimate goal here is to provide the client with a solid objective baseline of where he/she stands in relation to the requirements of the Standard Payment Institution License and which specific pieces are required to have a full, robust, and submission-ready application in Singapore.
Documentation Preparation
We will prepare all necessary documentation for the registration of a Standard Payment Institution License in accordance with the applicable regulatory regime in Singapore for each payment service regulated under the application. This encompasses a business plan, an anti-money laundering and anti-financing of terrorism policy paper, a risk management framework, a technology and cyber security risk assessment, business continuity arrangements, and comprehensive personnel disclosures for key controls and directors of the applicant entity.
The internal consistency, clarity, and coherence of all documents prepared during the documentation preparation phase are very important. Inconsistencies or gaps in documents are among the most common reasons for queries and delays in the SPI License registration process. Our structured and methodical approach to preparation is specifically designed to ensure that such inconsistencies and gaps do not arise before the finalisation of the application and submission to the Regulatory Authority.
We work closely with the client’s team to prepare, ensuring that information is collected accurately and that all supporting information is referenced, organised, and presented in the format and depth required by the regulatory authority. This results in a full and well-organised Standard Payment Institution License application, ready for submission and representative of the payment institution’s activities, governance, and operational infrastructure.
Application Submission and Coordination
Once all documentation is ready and reviewed, we handle the formal submission of the Standard Payment Institution License application, ensuring all documents are submitted in the correct format, through the appropriate channels, and within any relevant timelines. Our accelerated SPI License approval services aim to ensure a first submission is as complete and organised as possible, minimising the risk of procedural issues or unnecessary delays in the regulatory assessment process.
All submissions and any interactions with the regulatory authority are kept in a complete and organised manner, and a detailed, documented timeline of the Standard Payment Institution License registration process is provided to the client. This systematic record-keeping facilitates effective management of the application. It allows for quick, timely, and informed responses to further information or clarification requests that may arise during the formal review process.
We actively track the SPI License application and communicate with the client throughout the submission/review process, providing updates on application progress, approximate timelines, and the actions the client needs to take. This continual monitoring helps prevent any step in the fast SPI License approval process from being overlooked. It ensures the client is ready for any interaction with regulators during the formal examination of the application.
Regulatory Query Management
Typical concerns or questions that regulatory authorities in Singapore may have when considering a Standard Payment Institution License application include seeking clarification and additional supporting documents. We handle all such interactions on behalf of the client, and a clear, accurate, well-evidenced response is prepared for each interaction that comprehensively addresses it and meets the Singapore SPI License requirements applicable to each payment service.
Every enquiry made by a regulator is considered in detail to gauge exactly what they are looking for and to devise the most accurate and helpful response, ensuring it is focused, comprehensive, and does not inadvertently raise new concerns for the regulator. This thoughtful and methodical approach to query management is a crucial component of a successful and beneficial experience for the Singapore Standard Payment Institution License registration process.
All queries and responses are documented as part of the process, and we keep the client well-informed and agree with them on every response before we submit it. This way, the client always has full control and visibility of their application and can benefit from payment institution licensing experts, including our own, at every step of the process.
Post-Approval Support and Ongoing Advisory
After obtaining the Standard Payment Institution License in Singapore, we offer structured post-licensing support to help the client understand and fulfil the ongoing obligations required under the license. This encompasses regulatory reporting obligations, arrangements for compliance with the SPI license, support for anti-money laundering programmes, and governance and operational standards expected of a payment institution licensed under SPI in Singapore.
Help the client lay the groundwork and maintain the compliance monitoring and reporting framework and internal controls necessary to satisfy the requirements of the Standard Payment Institution License on an ongoing basis. This includes updating the policy to take account of changes in the regulatory environment; providing support in relation to notifications which may be required as a result of changes to the payment services, technology and/or management of the business; and supporting any changes to the licence which may be needed during the authorisation process.
We not only provide support for compliance after the issuance of the Singapore Standard Payment Institution License, but we are also a trusted SPI License provider for the continual regulatory advisory, including upcoming Standard Payment Institution License renewal requirements, business and service change notifications and regulatory developments that can impact the scope and conditions of the client’s Singapore Standard Payment Institution License. This continuity helps keep clients informed and well-managed throughout the entire lifecycle of their SPI License.
How We Approach Each Engagement
step 01
Engagement Scoping
We start by having a clear picture of the objective of the valuation, who will be dependent on the output, and the general environment in which the engagement will be. This involves establishing the standard of value to apply, the type of interest to be assessed and any special considerations that can impact the scope of work.
At this point, we collaborate closely with the client to agree on deliverables, timelines and the level of analysis that is needed. Regardless of whether the valuation is to be used in internal decision-making, transaction support, or a more formal reporting purpose, it is important to have early alignment to make the engagement efficient and purposeful.
Properly planned scoping phase enables us to tailor the engagement to the right level without introducing any unnecessary complexity, and ensures that all the factors are considered. This gives the analysis that follows a strong basis and helps to follow the same approach in a very clear and consistent manner.
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step 02
Business and Industry Analysis
We undertake an in-depth analysis of the business before using any valuation methodology to know how the business works and how it creates value. This involves an examination of the business model, source of revenue, cost base, customer base, positioning against the competitors and the experience and depth of the management team.
We also look at the strategic direction of the business, growth plans and opportunities, and operational constraints that can influence its future performance. This qualitative analysis is fundamental to the creation of a realistic and informed perspective of the business prior to the thorough financial analysis.
Simultaneously, we conduct industry and market research, including the analysis of the overall economic environment, trends in the sector, and similar transactions. It is this external view that assists in pegging the business valuation in the prevailing market conditions, and that conclusions are backed by reference points that can be observed.
step 03
Financial Analysis and Normalisation
We will conduct an in-depth analysis of the financial data of the company, such as past financial statements, management accounts, and future forecasts or business strategies. This would help us to evaluate the performance in the past, determine the trend underlying the performance, and determine the plausibility of the future.
Another important aspect of this step is the earnings normalisation, which entails the process of correcting non-recurring items, owner-specific expenses and any irregularities in accounting policy or presentation. Such changes are made to make sure that the financial performance is based on the underlying economics of the business on a consistent basis.
We also determine the quality and reliability of the financial information, question assumptions where necessary and make sure that all the adjustments are well justified and backed by clear explanations and evidence. Such rigorous methodology gives the conclusions on valuation that follow a solid financial basis.
step 04
Methodology: Choosing and Implementing
The valuation methodology selected is determined by the nature of the business, the use of the valuation, and the availability of market information. Various types of engagements and business nature might prefer different approaches and our valuation specialists in Australia are cautious in selecting the best approach in each scenario.
Some of the common methods are discounted cash flow analysis, earnings-based methodologies, and market benchmarking based on similar listed companies or transactions. Both methods provide an alternative understanding of value and their relative applicability is evaluated in the context of the engagement.
Practically, we tend to use several methodologies and compare the findings to come up with a well-grounded and balanced range of values. The reasons behind the methods chosen and the importance assigned to each are well explained to facilitate transparency and consistency in the conclusions.
step 05
Sensitivity Analysis and Concluded Value Range
The valuation conclusions are typically given as a range instead of a point estimate, indicating the uncertainty of forward-looking inputs and market assumptions. Such a method gives a more realistic value representation in various circumstances and enables more informed decision-making.
We take key assumptions such as revenue growth, profitability, and discount rates through structured sensitivity analysis to learn how the variation of these inputs can impact the valuation result. This aids in determining the most important value drivers and those assumptions that the conclusion is most sensitive to.
We allow clients and their advisers to know the variability of possible outcomes by providing a range with a comprehensive analysis. It is especially useful in the context of transactions and negotiations where knowledge of value limits can be used to make improved commercial decisions.
step 06
Reporting and Advisory Support
The end product is packaged to meet the target audience and purpose, be it internal stakeholders, external stakeholders or formal reporting needs. The report is designed in a manner that logically and accessibly presents the methodology, key assumptions, financial analysis, and the concluded value range.
We make sure that key value drivers, risks and sensitivities are shared in a manner that stakeholders can see not just the result but also the rationale. In Australia, our business valuation advisory is informed by the transparency, clarity, and practical relevance in all reporting.
In addition to the written report, we also offer continuous advisory services such as presentations to boards or management, answering of counterparty queries and help with further analysis as the transaction or decision-making process evolves. This continuity makes sure that clients are supported to the end.
Key Considerations in Standard Payment Institution License Applications
- Payment Services Scope and Applicable Thresholds: The applicant should specify the payment services it intends to offer and confirm that its proposed business falls within the scope of the Standard Payment Institution licence class in Singapore and meets the transaction volume and stored value thresholds.
- Anti-Money Laundering and Countering Financing of Terrorism: A core requirement with the SPI License compliance support is to have a comprehensive and documented anti-money laundering and countering the financing of terrorism programme, which will give the payment institution an indication of its capacity to detect, control and report financial crime risks in the regulated payment services it provides.
- Technology Infrastructure and Cybersecurity: All regulated payment services operations rely on technology, and the risk of technology failure is a concern for the Singapore SPI License. Technology Infrastructure and Cybersecurity are assessed in the Singapore SPI License to determine whether the applicant's technical systems and arrangements for managing cybersecurity risks and business continuity are adequate.
- Financial Resources and Base Capital: The applicant shall provide evidence of the minimum base capital required for the payment institution to be a licensed Standard Payment Institution in Singapore, and that the payment institution possesses adequate financial resources to maintain its operations.
- Qualifications, experience and Fit and Proper Standards: These requirements are key in Singapore and are included in all applications for Standard Payment Institution Licenses, where the fitness and propriety of the directors, senior management and key personnel are assessed and clearly and well evidenced during the application process.
- The ongoing Obligations and Licence Conditions: SPI License holders have ongoing obligations to comply with, including to report to the regulator, maintain required capital levels, meet the conduct and user protection requirements to apply to the regulator, and to notify the regulator if there are material changes to the business, services and management of the business.
Standard Payment Institution License Requirements
Applicants for the Standard Payment Institution License in Singapore must satisfy a range of eligibility conditions and documentation requirements for each regulated payment service applied for. The key requirements applicable to the SPI licensing framework include:
Minimum Base Capital:
Applicants must demonstrate that the payment institution holds the minimum base capital required for the regulated payment services sought, and provide evidence of adequate financial resources to support ongoing licensed payment operations in Singapore.
Payment Services Scope and Applicable Thresholds:
The application must clearly identify the regulated payment services for which SPI License authorisation is sought and confirm that the proposed business falls within the transaction volume and stored value thresholds applicable to the Standard Payment Institution licensing tier.
Anti-Money Laundering Programme:
A comprehensive and documented anti-money laundering and countering the financing of terrorism programme must be in place, covering customer due diligence, transaction monitoring, suspicious transaction reporting, and compliance governance across all proposed payment services.
Technology Infrastructure and Cybersecurity:
The adequacy of the entity’s technology systems, cybersecurity risk management arrangements, and business continuity planning must be clearly demonstrated as part of the Singapore SPI License requirements for each regulated payment activity for which the entity applies.
Key Management Qualifications and Fit and Proper Standards:
Directors, senior management, and key personnel must meet the applicable fit-and-proper standards, demonstrating the required qualifications, experience, and a clean regulatory track record relevant to the proposed payment services operations.
Ongoing Obligations and Licence Conditions:
Applicants must demonstrate readiness to meet ongoing reporting, capital maintenance, user protection, and notification obligations applicable to the SPI License, including timely disclosure of material changes to the business, services, or management throughout the licence term.
Industries We Serve Across Singapore
Our Singaporean Standard Payment Institution License services are designed for a wide array of applicants and industry participants, from the payments, fintech and financial services ecosystem, such as:
- Fintech and Digital Payments Businesses: Fintech businesses and Digital Payment Operators who are interested in receiving authorisation as an SPI will need a structured Standard Payment Institution Licence, with services provided through an operating model that is technology-based and/or platform-based
- E-Money and Digital Wallet Operators: Companies that intend to operate e-money products, digital wallets, or stored value facilities that require submitting a Standard Payment Institution License application for e-money issuance services in the regulated space in Singapore.
- Remittance and Cross-Border Payment Providers: Structured compliance and anti-money laundering framework advisory throughout the process for remittance businesses and cross-border payment service providers that need authorisation for domestic and international money transfers under SPI.
- Merchant Acquisition and Payment Gateway Operators: Merchant acquiring companies and payment gateway operators who need to be licensed as a Standard Payment Institution for the purpose of enabling merchants and/or their customers to process payments in Singapore and throughout the region.
- Digital Payment Token and Cryptocurrency Businesses: Businesses that offer or engage in digital payment token services or activities covered by the definition of digital payment token services to be SPI Licensed and require assistance in compliance requirements, technology and anti-money laundering rules specific to digital asset payment businesses in Singapore.
- Foreign Payment Institutions Entering Singapore: Overseas payment businesses and cross-border fintech operators interested in setting up a licensed presence in Singapore and obtaining a Standard Payment Institution License for the provision of regulated payment services in the Singaporean market and region.
Illustrative Engagement Examples
Situation: The company was a Singapore-based digital payments fintech seeking to qualify for a Standard Payment Institution License to issue accounts, provide domestic payments, and acquire merchants within regulatory limits. The founders lacked both commercial and technology experience and were not as well-informed as they needed to be about the Singapore SPI License requirements and the registration process; they needed to have structured Standard Payment Institution License services to handle the entire application, from readiness assessment to license issuance.
Action: We undertook an extensive assessment of the company’s licensing readiness for the three payment services they applied for, identified gaps in the company’s anti-money laundering programme and technology risk documentation, and engaged with the management team to resolve these gaps before preparing the company’s applications. A submission package containing all necessary materials was created using our Standard Payment Institution License services, and our quick SPI License approval services handled regulatory queries during the formal review period.
Outcome: The Standard Payment Institution License was obtained promptly, enabling the business to commence its payment services in Singapore in accordance with its intended commercialisation plan. No matter which three licensed payment services the client operated, he was given a thorough, documented compliance framework and guidance on the business’s future compliance support obligations as a licensed payment service.
Situation: A well-established remittance company with a Standard Payment Institution licence in Singapore needed structured support for its licence renewal, along with planned technology platform changes and an additional cross-border payment service to its existing authorisation. The renewal submission, the licence variation to add the new service, and the technology risk documentation had to be closely coordinated to capture the planned platform migration.
Action: We had reviewed the payment institution’s current compliance position and all documentation impacted by the technology changes and the addition of the new service, updated the anti-money laundering programme and risk management framework to reflect the increased activities and coordinated the submission of the Standard Payment Institution License renewal and the variation application as an integrated submission. All updated materials were checked internally for consistency and completeness before finalising and submission to the regulatory authority.
Outcome: The Standard Payment Institution License renewal is now complete, and the new cross-border payment service has been approved without disrupting the business’s current licensed activities. A comprehensive compliance package, including a forward-looking regulatory obligations calendar, was issued to the client to support the ongoing Standard Payment Institution License renewal and compliance management process.
What Clients Receive
Each Standard Payment Institution License (SPIL) agreement results in a specific suite of outputs, based on the payment services offered, the business model and the status of the license application. The following are typical deliverables of our SPI License service in Singapore:
- A Readiness Assessment Report for an applicant's position, prepared against the Singapore SPI License requirements to be submitted, is structured as follows: it lists the applicant's gaps and priority actions before submission.
- A well-structured and comprehensive Standard Payment Institution (SPI) License application with all necessary documents, compliance measures, technology evaluations, personnel disclosures, and supporting materials ready and compliant with the relevant regulatory guidelines.
- Business Plan and Operational Documentation Package specific to the payment services to be provided under the SPI License application, outlining the applicant's proposed payment activities, customer base, transaction flows, revenue model, and financial resources.
- An AML/CFT programme document, which sets out the policies, controls and governance elements necessary to meet the compliance support requirements of the SPI Licence for each licensed payment service.
- Documentation of technology infrastructure, systems controls, and cybersecurity risk management arrangements, including business continuity planning, for the applicant's technology infrastructure, as required by the Singapore SPI License.
- Post Licence guidance for SPI License compliance, including ongoing reporting requirements, licence conditions, user protection requirements and governance standards for a licensed Standard Payment Institution in Singapore.
- All standard Payment Institution License renewal documentation, such as updated compliance policies, revised personnel disclosures, technology assessments, and all materials needed to make timely and complete submissions to the relevant duration of the Payment Institution License.
- A continuous, trusted SPI License provider advises on regulatory developments, service and technology changes, licence variations, and all other compliance and licensing issues that may arise during the Standard Payment Institution authorisation.
Frequently Asked Questions
Q1. What is a Standard Payment Institution License, and what payment services does it cover?
The Standard Payment Institution License in Singapore allows the licensee to offer one or more regulated payment services within the transaction volume and stored value limits. The regulated payment services that may be covered include money-changing services, digital payment token services, e-money issuance, merchant acquisition, cross-border money transfer, domestic money transfer, and account issuance. SPI work is done under the scheme rather than the higher-tier Major Payment Institution (MPI) licensing category for businesses that fall within the thresholds for each service.
Q2. How do I apply for a Standard Payment Institution License in Singapore?
As in other jurisdictions, the application for the Standard Payment Institution License in Singapore involves preparing and submitting a full application to the relevant regulator, which must establish that the business is compliant with all the requirements for the Singapore SPI License in relation to the payment services being applied for. This includes compliance with relevant base capital requirements, the implementation of an appropriate anti-money laundering programme, evidence that technology and cybersecurity measures are appropriate, and a sound business plan. Our Standard Payment Institution License services cover all steps of the application process, from readiness through licensing.
Q3. What are the requirements for the Singapore SPI License?
The Singapore SPI License requirements are as follows: Compliance with the minimum base capital for the payment services being applied for; Compliance with fit and properness requirements of the directors and key management personnel; An adequate anti-money laundering and countering the financing of terrorism programme; Appropriate technology risk management measures and cybersecurity measures; Operation within the transaction volume and stored value limits for the Standard Payment Institution licensing tier. There are also ongoing duties to ensure compliance with regulations, maintain the compliance programme, and report material changes to the business and its activities.
Q4. What is the difference between a Standard Payment Institution License and a Major Payment Institution License?
The Standard Payment Institution License and the Major Payment Institution License allow the holder to carry out regulated payment services in Singapore, with limits on the volume and amount of stored value for each payment institution licence category. If a business’s payment transactions exceed the amounts defined for the SPI tier, the business must instead obtain a Major Payment Institution License, with more comprehensive requirements and obligations. The appropriate licensing will depend on the size of each payment service the business will use.
Q5. How long does the SPI License application process take in Singapore?
The Standard Payment Institution License registration process in Singapore may take longer depending on the timeliness and quality of the submitted application, the nature and number of payment services applied for, and the volume of applications being processed at the time of application. A complete and properly prepared application minimises the need to address inquiries or additional information requests from regulators, making professional payment institution licensing consultants and structured, fast SPI License approval services a worthwhile investment to achieve an efficient outcome.
Q6. Can we apply for multiple payment services under a single SPI License application?
Yes. There is no need to submit separate Standard Payment Institution License applications to obtain authorisation for multiple payment services. The business will be able to apply for authorisation for all the payment services it plans to undertake in Singapore through a single application. The applicant must prove that each payment service is suitable for the Singapore SPI License, and our Singapore SPI License consulting company prepares the assessment and documentation for all payment services included in the application.
Q7. What anti-money laundering obligations apply to SPI License holders?
SPI License holders in Singapore must put in place and maintain a comprehensive anti-money laundering and countering the financing of terrorism programme that includes customer due diligence, suspicious transaction reporting, transaction monitoring, and record-keeping. These obligations are to be implemented across all regulated payment services performed by the licensed entity and supported by policy and procedures, trained staff, and internal controls. We can support payment institutions in meeting their obligations under the SPI throughout the duration of their authorisation.
Q8. Do you provide Standard Payment Institution License renewal services?
Yes. Our Standard Payment Institution License renewal services help you prepare and submit your Singapore license renewal applications and give you structured assistance in updating the documents with changes in the business, technology and management since the license was first issued, and managing the renewal submission process so that payment services operations in your business can continue without disruption.
Q9. Can foreign payment businesses apply for an SPI License in Singapore?
Yes. Foreign payment businesses and overseas fintech operators may apply for a Standard Payment Institution License in Singapore if they can satisfy the relevant conditions for the Singapore SPI License and ensure that the Singapore entity is appropriately structured, capitalised, and governed. Our Standard Payment Institution License services will guide overseas applicants through the entire application process, from structuring the entity to assessing eligibility, to addressing regulatory questions at any stage, to advising on compliance after the License is granted.
Q10. How do I get started with an SPI License application?
For an initial consultation, please reach out to our team of advisors for Standard Payment Institution Licenses to discuss your proposed payment services, the Standard Payment Institution Licenses requirements for each, and how to prepare and submit a comprehensive application. We will give you an honest and actionable benchmark of your current readiness, and what needs to be done to get you started in the SPI License registration process with our professional payment institution licensing experts, providing you with a solid foundation to build from.
Discuss Your Standard Payment Institution License Requirement
We have a team of experienced Singapore licensing experts who can help you with a new Standard Payment Institution License application, a licence expansion for payment services, a licence renewal, and trusted SPI License provider support for compliance and regulatory requirements. Contact us to discuss your specific requirements and secure clear, practical guidance to confidently navigate the Standard Payment Institution License application and compliance journey in Singapore.
