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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.

Singapore Fintech:  Fintech Major Payment Institution License Service

Fintech refers to the process of running financial operations using technological solutions. It is a broad sector that features several categories where various sectors require different permits. One of the most popular sectors is the Fintech Major Payment Institution License. This permit is quite similar to the Standard Payment Institution license in its requirements and operation. However, the significant difference is that the Major Payment Institution (MPI) License has no limit. Also, it has stricter compliance requirements, and the minimum base capital requirement is higher. 

What are the features that define the Standard Payment Institution License?

Note that the Standard Payment Institutions licensing is under Singapore Payment Service Act, and some restrictions fall under this category. The three conditions that qualify a company to apply for this permit including:

  • Standard monthly transactions of s$3 million for the payment service providers excluding e-money and money-changing businesses
  • S$6 million as the monthly transactions for two or more payment services providers excluding money-changing services and e-money
  • S$5 million as the daily e-money

If your daily activities cross the limits above, you must upgrade to a Major Payment Institution licensing

Why is it important to have this license?

Suitable for Startups, FinTech, Financial services related activities

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With this license, you can provide all the payment services above

Suitable for Payment Services

The Standard Payment Licensing is essential when businesses in Singapore provide payment services.

Avoid non-compliance and business disruption

Singapore is strict with business compliance, and this licensing guarantees you an easy time with your business and customers when providing payment services.

What are the Requirements ?

When applying for the Standard Payment Institutions License applicants should take care of the following issues

Fit and Proper Requirement

The applicant must meet all the MAS requirements. You must ensure that the partners and staff satisfy the Fit and Proper Guidelines

Staff Requirement

Key individuals in the company must have adequate and impeccable experience in relevant fields and Education to match. Ensure that they have the experiences and educational background to control the company effectively.

Minimum Base Capital

An SPI (Standard Payment Institute) License applicant must meet the minimum base capital set by MAS. Note that the applicant must ensure that the business maintains the standard base capital even after acquiring the license

Physical Office

Every business under the Standard Payment Institute License must have a registered physical office where MAS can address all their notices. Also, you must have at least one employee working in the office

Compliance Program

Every M I P License applicant must adhere to a compliance program and ensure arrangements that match their operations' intensity and nature are provided. The responsibility of this rests on the shoulders of the company's key individuals even if the operatives of the program are other staff.

Technology Risk Management

: Business involves using technologies to solve financial issues, and as much as it has its advantages, it is prone to several risks. As a result, MAS requires that every applicant must have technology risk management plans to protect the customers and the business

Audit Requirements

Every applicant must submit plans on how he hopes to conduct independent auditing to assess the performance of the business

General Compliance

As you apply for this license, MAS requires you to have stable compliance arrangements to ensure that the business follows the set-up regulatory framework. Note that the key individuals in the company play a primary role in business compliance.

Annual Compliance

MAS requires every company under the SIP License to file monthly financial returns. Also, they have to submit half-yearly returns and yearly returns. If you are having trouble with compliance, you can chat with us today, and we learn the necessary guidelines.

What are the processing time for Standard Payment Institution License?

You are probably questioning how long it will take to finalize the license application process. Note that the application preparation time ranges between four to six weeks. After sending the application, MAS often takes four months to review the details and give you their feedback on the matter. However, it may take longer if your business model is challenging or if your application form is incomplete.

Therefore, as you apply for the SIP license, it is crucial to seek help from professionals. Lucky for you, our program has a team of experts who are ready to assist you if you partner with us. Also, ensure that you send a straightforward and complete application.

What are the license fees for Standard Payment Institution License?

Licensee has to pay a yearly license fee of S$0 and S$1500 for companies under account issuance and money-changing payment services. Companies under all the other services must pay license fees of S$5000.

What are the annual compliance of Standard Payment Institution License?

Singapore is among the best financial operation hub globally because of the high-class regulatory framework that guides businesses in running their daily operations. MAS requires every company under the SIP License to file monthly financial returns. Also, they have to submit half-yearly returns and yearly returns. If you are having trouble with compliance, you can chat with us today, and we learn the necessary guidelines.

What is the Application Process?

In Singapore, the Payment Services Act (PSA) regulates the provision of payment services. It requires payment service providers to obtain licenses from the Monetary Authority of Singapore (MAS) before they can operate. The Standard Payment Institution (SPI) license is one of the licenses available under the PSA and allows licensees to provide specific payment services. Here is a step-by-step breakdown of the SPI license application process :

  • Determine eligibility : The company must first determine if they meet the eligibility criteria set out by the MAS for SPI license registration. This includes requirements such as having a permanent place of business in Singapore, a competent and fit-and-proper management team, and a minimum paid-up capital of S$100,000.
  • Prepare the application documents : Have the required documents ready, including the application form, business plan, compliance manual, financial projections, and other relevant information.
  • Submit the application : Applications may be submitted through the MAS’ electronic licensing system.
  • Review by MAS : The MAS will review the application. The authority may also request additional information or clarification and conduct on-site inspections and interviews with key personnel.
  • Approval or Rejection : After reviewing the application, the MAS will either approve or reject the application. The MAS can approve or reject the application, so it is good to be open-minded. If the application is rejected, the company can appeal the decision.

Remember that the MAS may also revoke or suspend the license if the company fails to comply with its requirements or if the MAS determines the company is no longer fit and proper to operate as an SPI for whatever reason.

What is a Compliance Manual and How Do I Get It?

A compliance manual is a document that outlines the policies and procedures that a company must follow to comply with applicable laws and regulations. The manual guides how the company should conduct its business activities to avoid regulatory violations.

  • Specific to Business Needs : To get a compliance manual, a company can either develop one in-house or seek the assistance of a compliance consultant or legal professional. If the company decides to develop the manual in-house, it should ensure that it is comprehensive, up-to-date, and tailored to its business activities and risk profile. The manual should be reviewed and updated regularly to reflect changes in regulations and business practices.
  • Implementation : If the company seeks the assistance of a compliance consultant or legal professional, it will work with the company to develop one that meets the regulatory requirements. The consultant or legal professional will also provide guidance on how the company can implement the compliance manual and integrate it into its business practices.

A compliance manual is an essential document for any company operating in a regulated industry, such as financial services. The manual helps a company comply with regulatory requirements, which helps maintain the trust of its clients and stakeholders.

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    FAQs on Standard Payment Institution License

    The annual fee depends on the activities that your business is carrying out under the license. The account issuance service and money-changing service require a yearly license fee of S$0 and S$1,500, respectively. However, all the other activities require an annual fee of $5000.

    Every business that provides payment services and meets the Payment Institute Act restrictions must acquire the SPI license.

    MAS is strict with its regulatory framework and requires that every business meet the set rules. Otherwise, the individuals face harsh punishments, including imprisonment, fines, and etc.

    MAS has some requirements for the applicants, including: (a) They must be a local company or a foreign company under Singapore’s registration (b) Applicant must include a permanent physical office (c) Minimum base capital of S$100,000 and (d) One of the key individuals like executive director must be Singapore-based

    After the SIP license’s approval, it is valid unless (a) MAS revokes the license (b) Your business is bankrupt according to the PS Act (c) If the business owner notify MAS of seizing to undertake the payment services