Payment Service providers: Licence application

Forms relevant to payment service providers can be found here.

Application for PS licence/variation of PS licence can be found in Form 1 and Form 2 respectively.

Form for applicants to apply for a payment service provider licence or to apply to change their entity type between a sole-proprietorship, partnership, or company/corporation under the Payment Services Act 2019.

Form for entities to apply for the variation or change of a payment service provider licence under the Payment Services Act 2019.

According to MAS (Pages - Application for a Payment Service Provider Licence)

All applicants are required to pay a non-refundable application fee. The applicable fees depend on the licence type and payment services applied for and are prescribed in the Schedule to the PSR. Instructions on the amount and manner of payment will be provided after you have submitted Form 1.

The application fees are, in summary:

For a money-changing licence, S$500.
For a standard payment institution, S$1,000 or the sum of the amounts below for the payment services applied for, whichever is higher.
For a major payment institution, S$1,500 or the sum of the amounts below for the payment services applied for, whichever is higher.

Activity type	Standard Payment Institution	Major Payment Institution
Account issuance service	S$0	S$0
Domestic money transfer service	S$1,000	S$1,500
Cross-border money transfer service	S$1,000	S$1,500
Merchant acquisition service	S$1,000	S$1,500
E-money issuance service	S$1,000	S$1,500
Digital payment token service	S$1,000	S$1,500
Money-changing service	S$500	S$500