Singapore Major Payment Institution License (MPI)

Pricing

USD 2.8 million

About the License

A Major Payment Institution (MPI) License places your company at the top tier of Singapore’s payment-services framework. Issued by the Monetary Authority of Singapore under the Payment Services Act 2019, the MPI license allows the provision of up to seven regulated payment services without transaction volume caps.

This makes it ideal for high-growth payment processors, remittance networks, e-money issuers, and digital-asset platforms that have exceeded the limits of an SPI license.

MPI Permitted Activities

• Account issuance services

• Domestic money transfer services

• Cross-border money transfer services

• Merchant acquisition

• E-money issuance

• Digital payment token services

• Money-changing services

Advantages of the MPI License

1. Market Prestige
   MPI status reflects top-tier regulatory compliance, enhancing trust with banks, partners, and investors.

2. Comprehensive Service Offering
   Ability to provide up to seven regulated payment services under a single license.

3. Regional Gateway
   Strategic access to ASEAN, South Asia, and Oceania through Singapore’s FTAs and digital-economy agreements.

4. Robust Regulatory Framework
   Operate under MAS supervision, ensuring strong AML/CFT standards and consumer protection.

Key MPI Requirements

1. Base Capital
   Minimum paid-up capital of SGD 250,000, plus a prudent operating buffer.

2. Safeguarding of Customer Funds
   Segregation of customer monies in trust accounts or via guarantees, in compliance with MAS PSR 2019.

3. Local Directors

   • At least one executive director (Singapore Citizen / PR / EP holder)

   • At least one additional director who is a Singapore Citizen or PR

4. Permanent Office
   Registered Singapore office with staff to handle customer support and regulatory inspections.

5. AML/CFT & Technology Risk Management
   Policies aligned with MAS Notice PSN01 and MAS Technology Risk Management Guidelines, including independent audits.

6. Ongoing Regulatory Reporting
   Quarterly and annual filings, audits, and incident/fraud reporting to MAS.

Steps to Purchase an MPI License

1. Data collection

2. Deposit submission

3. Receipt of company documents for due diligence

4. Submission of remaining payment

5. Company name change

6. Change of directors and UBOs

Our Services

1. Documentation & MAS Liaison
   Preparation and submission of all transfer documents, variation applications, and compliance filings through MAS approval.

2. Local Directors & Compliance Team
   Provision or sourcing of resident executive directors, compliance officers, and MAS-approved auditors.

3. Bank Account Assistance
   Full support for opening SGD and multi-currency accounts with tier-one or crypto-friendly banks.

4. Post-Licensing Maintenance
   Ongoing AML/CFT monitoring, regulatory reporting, technology-risk assessments, and annual audit coordination.