Major Payment Institution License in Singapore: Your Guide with Zitadelle AG

Major Payment Institution License in Singapore: Your Guide with Zitadelle AG

Singapore is one of the world’s most advanced financial hubs, with a clear and robust framework for payment service providers under the Payment Services Act 2019 (PSA).

Companies that plan to provide large-scale payment services - including digital payment tokens (cryptocurrency services), cross-border transfers, or e-money issuance -must obtain a Major Payment Institution (MPI) License from the Monetary Authority of Singapore (MAS).

At Zitadelle AG, we assist fintech, crypto, and payment companies in structuring, preparing, and filing MPI license applications. Our team ensures compliance with MAS requirements, prepares AML/CFT documentation, and helps you establish a fully operational presence in Singapore.

Why Choose the Major Payment Institution License?

Unlike the Standard Payment Institution (SPI) License, which is capped at lower transaction volumes, the MPI License allows companies to handle unlimited payment flows across multiple activities.

Activities permitted under the MPI License:

Account issuance services – offering e-wallets and stored-value cards.
Domestic money transfer – providing local transfers, including payment gateways.
Cross-border money transfer – inbound and outbound remittances.
Merchant acquisition – providing merchants with POS or online payment solutions.
E-money issuance – issuing digital money usable for payments and transfers.
Digital payment token services – cryptocurrency exchanges and platforms.
Money-changing services – foreign exchange services.

Key MAS Requirements for MPI Applicants

To qualify for the license, applicants must meet strict regulatory standards:

Corporate Structure:
- At least one Executive Director must be a Singapore citizen/PR or an Employment Pass holder.
- Directors, shareholders, CEO, and employees must satisfy MAS’s fit and proper criteria.
Capital Requirements:
- Minimum paid-up capital: S$250,000.
- Ongoing capital adequacy must be maintained.
Safeguarding of Client Funds:
- Funds must be safeguarded via a trust account, bank guarantee, or undertaking by a safeguarding institution.
Governance & Compliance:
- Appointment of Chief Compliance Officer, CIO/CTO, and Chief Information Security Officer.
- Annual audit and periodic regulatory reporting to MAS.
Local Presence:
- A registered office and permanent place of business in Singapore.

Timeline and Costs

Application Timeline: ~ 12 months (depending on MAS review).
Government Fees: Starting from S$1,500 per activity.
Professional Assistance provided by Zitadelle AG:
- Company registration
- MPI application support
- AML/CFT compliance package
- Security deposit & director services available on request

Examples of Licensed MPI Holders in Singapore

To better understand the business potential of the MPI License, here are some active companies that obtained it:

Grab Financial Group – operates digital wallets and payment services.
Liquid Group Pte Ltd – cross-border payments and digital payment solutions.
MatchMove Pay Pte Ltd – e-wallets and embedded finance services.
Wise Asia-Pacific Pte Ltd (formerly TransferWise) – international money transfers.
Revolut Technologies Singapore Pte Ltd – digital banking and payment token services.

These examples highlight the flexibility and scalability of the MPI License for global fintech leaders.

How Zitadelle AG Supports You

At Zitadelle AG, we provide end-to-end assistance with your MPI License application:

Company incorporation & structuring in Singapore.
Preparation of business plan & financial model for MAS review.
Drafting AML/CFT compliance frameworks (aligned with FATF standards).
Technology risk management documentation.
Recruitment of local directors and compliance officers.
Ongoing compliance and audit support after licensing.

FAQ – Major Payment Institution License in Singapore

1. What is the difference between a Standard Payment Institution (SPI) and a Major Payment Institution (MPI) License?

An SPI License is for smaller-scale operators capped at S$3 million monthly transactions, while the MPI License has no transaction limits, making it suitable for large-scale fintech and crypto businesses.

2. How much capital is required for an MPI License?

The minimum base capital requirement is S$250,000, with additional safeguarding requirements depending on activities.

3. How long does it take to obtain the license?

The approval process typically takes around 12 months, depending on MAS’s review of your documentation and compliance framework.

4. Can a foreign company apply for an MPI License?

Yes, but you must establish a Singapore-registered entity and meet MAS’s local presence and governance requirements.

5. Which services require an MPI License in Singapore?

Activities such as cross-border transfers, merchant acquiring, e-wallet issuance, and cryptocurrency exchange services all fall under the MPI regime.

6. Why should I choose Zitadelle AG as my licensing partner?

We combine regulatory expertise, legal support, and fintech knowledge to streamline your licensing process and ensure a higher chance of MAS approval.

Get started today with Zitadelle AG – Let our team guide you through every step of your Major Payment Institution License application in Singapore.