Singapore — Major Payment Institution (MPI) License (MAS) 2026
The Singapore Major Payment Institution (MPI) license from MAS under the Payment Services Act 2019 is the premier payment authorization in Asia — no transaction volume limits, cryptocurrency exchange permitted, access to Singapore's world-class financial infrastructure, and recognition by institutional counterparties globally. Notable holders include Grab Financial Group, Revolut, Wise, and MatchMove.
Last updated: April 2026 · 10 min read
Why Singapore for Payment Services?
Singapore is one of the world's most advanced financial hubs — consistently ranked among the top three global financial centres alongside New York and London. The Monetary Authority of Singapore (MAS) operates a clear and robust framework for payment service providers under the Payment Services Act 2019 (PSA) — creating one of the most credible and commercially powerful payment licensing regimes in Asia.
For companies planning to provide large-scale payment services — including digital payment token (cryptocurrency) services, cross-border transfers, e-money issuance, or merchant acquiring at scale — the Major Payment Institution (MPI) license is the mandatory MAS authorization. It is the license that separates serious regulated payment operators from smaller or restricted alternatives.
Unlimited Transaction Volumes
Unlike the Standard Payment Institution (SPI) license capped at SGD $3M monthly per service, the MPI license has no transaction volume limits. This makes it the only viable MAS authorization for payment companies operating at meaningful scale.
Digital Payment Token Services
Cryptocurrency exchange platforms and digital payment token services are one of the seven MPI-permitted activities — making Singapore MPI one of the most significant regulated pathways for crypto businesses seeking Asian institutional credibility.
World-Class Regulatory Recognition
MAS is consistently recognized as one of the world's most credible financial regulators. An MPI license is accepted by institutional banks, prime brokers, card schemes, and corporate clients at a level that no Asian offshore alternative can match.
ASEAN Market Access
Singapore's geographic position as ASEAN's financial hub, combined with its extensive network of bilateral agreements, positions MPI-licensed entities for commercial relationships across Southeast Asia's 670 million consumer market.
Premier Banking Access
Singapore hosts over 200 banks and financial institutions. MPI-licensed entities gain access to sophisticated banking relationships, safeguarding account partners, and correspondent banking infrastructure unavailable to offshore-licensed operators.
Global FinTech Hub
Singapore's award-winning FinTech Festival, MAS's regulatory sandbox, and government-backed innovation programmes create an ecosystem that attracts the world's leading payment and fintech companies — many of which hold MPI licenses.
MPI vs SPI: The Key Distinction
The Payment Services Act 2019 creates two tiers of payment institution licensing. Choosing the right tier is the first critical decision.
| Feature | MPI License | SPI License |
|---|---|---|
| Transaction limit | None | SGD $3M per month per service |
| E-money float limit | None | SGD $5M outstanding at any time |
| Permitted services | All 7 PSA payment activities | Same 7 activities (within caps) |
| Safeguarding | Mandatory (trust account, guarantee, or undertaking) | Required for applicable services |
| Annual MAS fees | Higher | Lower |
| Capital requirement | SGD $250,000 | SGD $100,000 |
| Best for | Large-scale operators, crypto exchanges, institutional | Startups testing market, limited volume operators |
SPI as stepping stone: The SPI license is commonly used as a stepping stone — allowing startups to launch with lower capital (SGD $100,000) and limited transaction volumes before upgrading to MPI as operations scale. Zitadelle AG advises on the appropriate license tier for your business model and projected volumes.
Seven Permitted MPI Activities
Under the Payment Services Act 2019, an MPI license covers seven defined payment service categories. Each activity requires separate MAS designation within the MPI license application.
Account Issuance Services
Offering e-wallets, stored-value accounts, and payment accounts to users. Covers digital wallet provision (consumer and business), stored-value card issuance, and multi-currency account services.
Domestic Money Transfer Services
Providing payment transfers and payment gateways for local Singapore transactions. Includes payment gateway services for local merchants and peer-to-peer transfer services within Singapore.
Cross-Border Money Transfer Services
Inbound and outbound international remittances. Covers cross-border fund transfers, international wire services, and foreign worker remittance platforms. One of the most commercially significant MPI activities for remittance-focused operators.
Merchant Acquisition Services
Providing merchants with the ability to accept card and electronic payments. Covers POS terminal deployment, online payment gateway services, card transaction acquiring, and e-commerce payment integration for Visa, Mastercard, and domestic payment schemes.
E-Money Issuance Services
Issuing digital money usable for payments and transfers. Covers e-wallet funds, prepaid value stored in digital accounts, and digital tokens redeemable for equivalent fiat currency.
Digital Payment Token (DPT) Services
Cryptocurrency exchange services and digital payment token trading platforms. Covers buying and selling of Bitcoin, Ethereum, and other MAS-recognized digital payment tokens; crypto exchange operations; and digital asset OTC services. This is the activity that makes Singapore MPI the premier regulated crypto exchange license in Southeast Asia.
Money-Changing Services
Foreign exchange conversion services. Physical and digital forex exchange, multi-currency conversion, and FX services linked to payment transactions.
Full MAS Licensing Requirements (2026)
| Requirement | Details |
|---|---|
| Corporate structure | Singapore-incorporated entity (Pte Ltd) |
| Registered office | Permanent Singapore registered office mandatory |
| Min. paid-up capital | SGD $250,000 |
| Executive Director | At least 1 ED who is Singapore citizen, PR, or Employment Pass holder |
| Fit and proper | All directors, shareholders, CEO, and employees meet MAS criteria |
| Chief Compliance Officer | Mandatory appointment |
| CIO / CTO | Required |
| Chief Information Security Officer | Required |
| AML/CFT framework | Full MAS-aligned programme mandatory |
| Safeguarding of client funds | Trust account, bank guarantee, or safeguarding institution undertaking |
| Annual audit | Independent external audit required |
| Periodic MAS reporting | Quarterly and annual regulatory submissions |
| Government fees | Starting from SGD $1,500 per activity |
Safeguarding Requirements
Client funds must be safeguarded through one of three MAS-approved methods: (1) trust account at a Singapore bank or MAS-approved institution; (2) bank guarantee or insurance from an approved institution; or (3) an undertaking by a safeguarding institution. The safeguarding method must be established and operational before commencing regulated payment services.
Executive Director requirement: At least one Executive Director (ED) of the MPI-licensed entity must be a Singapore citizen, permanent resident, or Employment Pass (EP) holder. This is a significant requirement for non-Singapore-based operators — requiring either recruitment of a Singapore-based ED or an EP application for a foreign national. Zitadelle AG advises on ED placement and EP applications through our Singapore network.
Digital Payment Token (DPT) Services — Crypto Exchange Licensing
Singapore's MPI licensing of Digital Payment Token (DPT) services makes it one of the world's most significant regulated pathways for cryptocurrency exchanges and digital asset businesses targeting Asian and global institutional clients.
What DPT Services Cover
- •Buying and selling digital payment tokens (Bitcoin, Ethereum, and MAS-recognized DPTs)
- •Facilitating the exchange of digital payment tokens for fiat currency or other DPTs
- •Operating cryptocurrency exchange platforms (spot trading, OTC)
- •Digital asset custody services combined with dealing (requires careful structuring)
- •DPT intermediary services
MAS DPT regulatory stance: MAS applies rigorous fit-and-proper and AML/CFT standards to DPT service providers. The DPT licensing regime has become significantly more demanding since 2023, with MAS increasing scrutiny of crypto operator risk management, governance, and consumer protection frameworks. Only operators with robust compliance infrastructure and genuine operational substance in Singapore are likely to receive MPI DPT authorization. Zitadelle AG advises on whether your specific crypto business model meets current MAS DPT approval standards.
The Singapore MPI DPT license is held by internationally recognized crypto operators demonstrating MAS's acceptance of well-governed cryptocurrency businesses as legitimate regulated entities in Singapore's financial ecosystem.
Step-by-Step Application Process
Company Incorporation and Singapore Setup (2–4 weeks)
Incorporate a Singapore Pte Ltd with the correct corporate purpose covering payment services. Appoint the Executive Director (Singapore citizen, PR, or EP holder), establish the registered office, and begin building the operational infrastructure — compliance systems, IT framework, AML programme.
Application Preparation (2–4 months)
Compile the comprehensive application package — detailed business plan covering all target MPI activities, financial model and projections, AML/CFT compliance framework (MAS-aligned), technology risk management documentation (including MAS TRM guidelines compliance), safeguarding arrangement details, governance policies, and fit-and-proper documentation for all directors, shareholders, CEO, and key personnel.
MAS Submission and Fee Payment (1–2 weeks)
Submit the complete MPI application to MAS via the MAS application portal. Pay the government application fees (starting from SGD $1,500 per activity — total fees depend on number of activities applied for). MAS may request additional information during review.
MAS Review and Assessment (6–9 months)
MAS conducts a thorough evaluation — assessing financial stability, business model viability, AML/CFT robustness, technology risk management, and management fitness and propriety. This is the most time-intensive phase. Quality of the original application submission directly determines the number of MAS clarification rounds required.
License Grant and Operational Launch (2–4 weeks)
Upon MAS approval, the MPI license is issued and the firm listed on MAS's public register of licensed payment service providers. Establish safeguarding accounts, complete card scheme agreements (if applicable), and commence regulated operations.
Timeline note: Approximately 12 months total from company incorporation to MPI license grant, depending on MAS review workload and application completeness.
Ongoing Compliance Obligations
- •Annual MAS audit — independent external audit of MPI financials and compliance
- •Periodic MAS regulatory reporting — quarterly transaction volumes and annual compliance submissions
- •Safeguarding compliance — ongoing maintenance of client fund protection arrangements
- •AML/CFT programme maintenance — continuous transaction monitoring, STR reporting, periodic policy reviews
- •MAS Technology Risk Management (TRM) guidelines compliance — ongoing ICT risk management
- •Material change notifications — MAS approval required for changes in directors, shareholders, business activities, or payment services offered
- •Annual government supervision fee — assessed on MPI activities
- •Individual MAS approvals — Executive Director and key personnel must maintain individual MAS approval status
Notable MPI License Holders
The MPI license is held by some of the world's most recognized fintech and payment companies — demonstrating Singapore's role as the premier regulated payment jurisdiction in Asia.
| Company | MPI Services | Notes |
|---|---|---|
| Grab Financial Group | E-wallets, domestic transfer, merchant acquiring | ASEAN's largest super-app payment arm |
| Revolut Technologies Singapore Pte Ltd | E-money, cross-border, DPT | Singapore arm of EU neobank — MPI for ASEAN |
| Wise Asia-Pacific Pte Ltd | Cross-border money transfer | ASEAN arm of the global remittance platform |
| MatchMove Pay Pte Ltd | Account issuance, e-wallets, embedded finance | Singapore-headquartered embedded payments platform |
| Liquid Group Pte Ltd | Cross-border, merchant acquiring | Pan-Asian digital payments network |
Singapore MPI vs. Other Asian Payment Licenses
| Feature | Singapore MPI (MAS) | Labuan PSO (LFSA) | Mauritius PIS (FSC) | EU EMI (Lithuania) |
|---|---|---|---|---|
| Regulatory prestige | Very High | Moderate | High | Very High |
| Min. capital | SGD $250,000 (~USD $190K) | MYR 500,000 (~USD $110K) | USD $45,000 | €350,000 |
| Transaction limit | None | None | None | None |
| Crypto permitted | Yes (DPT — MPI) | Limited | Via VASP license | Limited |
| ASEAN access | Strong | ASEAN (offshore) | Africa/Asia | EU (no ASEAN) |
| Banking access | Institutional-grade | Moderate | Moderate | Institutional (EU) |
| Timeline | ~12 months | 3–6 months | 6–9 months | 6–12 months |
| Best for | ASEAN institutional, crypto | ASEAN offshore | Africa/Asia offshore | EU market access |
For payment operators specifically targeting Southeast Asian institutional clients, card scheme partnerships, or regulated cryptocurrency exchange services in Asia, Singapore MPI is the definitive standard. The higher capital requirement and longer timeline reflect Singapore's standing as the most credible payment licensing jurisdiction in Asia. Labuan or Mauritius are appropriate for operators needing lower-cost offshore Asian payment structures.
How Zitadelle AG Assists
- •Singapore Pte Ltd incorporation with correct payment services corporate purpose
- •Executive Director placement — Singapore citizens, PR, and EP holders via our Singapore network
- •Full MAS MPI application preparation — business plan, AML/CFT framework, TRM documentation, safeguarding arrangements
- •MAS submission and regulatory liaison — managing all MAS correspondence throughout the review
- •DPT services advisory — assessment of whether your specific crypto business model meets current MAS DPT standards
- •Safeguarding account establishment — banking introductions for trust account arrangements
- •Card scheme access advisory — Visa, Mastercard, and UnionPay membership introductions
- •Ongoing annual compliance support — MAS reporting, audit coordination, license renewal
- •SPI to MPI upgrade — for operators currently holding SPI who need to upgrade for volume reasons
Frequently Asked Questions
The Standard Payment Institution (SPI) license is capped at SGD $3M monthly transactions per service and SGD $5M e-money float — suitable for startups and limited-volume operators, with SGD $100,000 minimum capital. The Major Payment Institution (MPI) license has no transaction or float limits, requires SGD $250,000 capital, and is the appropriate license for large-scale payment operators, crypto exchanges, and institutional payment businesses.
Related Licenses
EU EMI License
EU Electronic Money Institution — €350,000 capital, 30 EEA passporting, Lithuania preferred route. PSD3 incoming.
Mauritius PIS License
FSC Mauritius PIS — USD $45,000 capital, ~3% tax, 6–9 months. Cost-efficient offshore alternative for non-EU markets.
Labuan Payment System
LFSA Payment System Operator — MYR 500,000 capital, 3% flat tax, offshore ASEAN payment gateway.
Kazakhstan AIFC MSP
AFSA Money Service Provider — 0% tax, digital asset payment services, English common law. CIS market access.
Ready to Apply for a Singapore MPI License?
Zitadelle AG provides end-to-end Singapore MPI licensing support — from Singapore Pte Ltd incorporation and Executive Director placement through MAS application preparation, regulatory liaison, and post-licensing compliance setup.
Disclaimer: This page is provided for informational purposes only and does not constitute legal or regulatory advice. Singapore regulatory requirements under the Payment Services Act 2019 may change. Always consult a qualified advisor before initiating a licensing process. Last updated: April 2026.