Welcome to
Singapore.

Payment Services Act

• ·PS Act amendments in force from 4 April 2024.
• ·Enhanced user protection provisions for DPT service providers.
• ·Revised DPT scope: custody, cross-border transfers, brokering added.
• ·Refined conduct and disclosure requirements for all licensees.
• ·MCRBA and PS(O)A formally repealed.

Licence framework

• ·Three tiers: Money-Changing, Standard Payment Institution, Major Payment Institution.
• ·Seven regulated activities including DPT services.
• ·New DPT sub-categories: custody, transfer, brokering.
• ·Application fees and capital thresholds published by MAS.

Compliance obligations

• ·AML/CFT programme aligned to MAS Notice PSN01 and PSN02.
• ·Segregation of customer monies with approved safeguarding institutions.
• ·Technology risk management under MAS TRM Guidelines 2021.
• ·Expanded incident reporting: 1-hour notification for material incidents.
• ·Annual audit and compliance attestation to MAS.

Government support

• ·EDB: pioneer and development incentives for anchor fintechs.
• ·Enterprise Singapore: market-access and internationalisation grants.
• ·MAS Financial Sector Development Fund co-funding.
• ·IMDA digital-economy programmes for platform players.

Grants

• ·Financial Sector Technology and Innovation (FSTI 3.0) scheme active.
• ·Proof-of-Concept grant up to S$500,000.
• ·Industry-wide projects up to S$3 million co-funding.
• ·Talent development grants under FSTI Talent track.

MAS FSTI programme

• ·FSTI 3.0 commitment of S$150 million over three years.
• ·Focus tracks: AI, Regtech, ESG fintech, Web3 infrastructure.
• ·Enhanced Centre of Excellence support up to S$3 million.
• ·Innovation Acceleration track for early-stage adoption.

SFA support

• ·500+ member ecosystem across corporates, startups and enablers.
• ·New membership tiers: General, Corporate, Institutional, FI, Ecosystem Partner.
• ·Nine service pillars: capital, talent, market access, policy, community, capability, comms, credibility, connectivity.
• ·13 sub-committees covering payments, digital assets, RegTech, ESG and more.

Setup checklist

• ·Incorporate a Singapore private limited company via ACRA BizFile+.
• ·Open a corporate bank account with a domestic or DPT-approved bank.
• ·Appoint at least one resident director and a company secretary.
• ·Register for CorpPass and MAS MASNET where required.
• ·Prepare and submit the relevant PS Act licence application.