Pillar 02
Licence readiness
Choose the right MAS licence and go into your application knowing exactly what MAS will ask for.
01 / 07The three PS Act licence classes
What this pillar covers
The three PS Act licence classes, when you can lean on an exclusion or exemption, the full application prep list MAS expects, extras specific to DPT applicants, and the ongoing obligations once your licence is granted. Sourced from the SFA Front Door Welcome Pack.
Pillar 02 · 7 sections
MC
Money-changing licence
If you only undertake money-changing services (physical notes and coins).
- Money-changing services only
SPI
Standard Payment Institution (SPIL)
If you undertake one or more payment services and stay inside the SPI Thresholds.
- Average monthly transaction volume < S$3m per payment service
- Average monthly transaction volume < S$6m across two or more payment services
- Average daily float of e-money held < S$5m
MPI
Major Payment Institution (MPIL)
If you undertake one or more payment services and cannot meet the SPI Thresholds.
- Above SPI Thresholds
- Larger safeguarding and capital obligations