What are the activities that fall under the Standard Payment Institution License?
Fintech means financial operations using technologies. This sector is broad and houses many categories, including the Standard Payment Institution. It is also a general area that requires the Singapore Fintech Payment Institute License. Some of the activities that require this permit include
- 1. Domestic money transfer service providers
- 2. Cross-border money transfer providers, including the outbound and inbound remittance services
- 3. Payment account services
- 4. Merchant-acquisition payment transactions providers
- 5. E-money service providers
- 6. Cryptocurrency
- 7. Money-changing service providers
You should ensure that you have the standard Payment Institute license if your business deals with any of the activities above.