Payment Institution license in Singapore
PIL Singapore is divided into two types, standard and major. The only difference is that the standard license has a limit on the annual number of transactions and has lower requirements for the authorized capital.
This license allows you to issue electronic money, provide electronic wallet services to customers, as well as make transfers and payments.
The capital requirements for a standard license are SG$ 100,000, and for a major license SG$ 250,000.
What are the requirements for obtaining a license?
For both types of license, you must meet the following requirements:
- The application must be made by a company incorporated in Singapore.
- The company must have a local registered office address or physical office.
- The minimum statutory capital for a standard payment institution license is SG$ 100,000, while the statutory capital for a Major license is SG$ 250,000.
- The board of directors must include either: 1 executive director resident in Singapore or 1 non-executive director resident in Singapore and at least 1 executive director who is authorized to work in Singapore.
- Appoint an external auditor annually to audit transactions related to payment services and submit an audited report to the Regulator.
- Prepare a package of documents for obtaining a license, which includes AML / KYC, technology risk management policies and cybersecurity protocols.
- The rest of the requirements are standard with other payment licenses. It will be necessary to provide a business plan, management structure, proof of management experience and other documents.
Terms of obtaining a payment license in Singapore:
- Company registration in Singapore (1 week)
- Bank account opening (up to 6 weeks)
- Finding a local director (2-4 weeks)
- Preparation of AML / KYC documentation (2-3 weeks)
- Application for a license and consideration of the application (3-5 months)
The Legarithm team will relieve you of unnecessary worries and provide a turnkey solution for obtaining payment licenses.