Can foreign companies apply for a licence and are the requirements the same as those for local companies?

Foreign companies can hold a licence under the Payment Services Act (PS Act) and are governed under the same regulatory framework as local companies.

• An applicant for a licence (other than a money-changing licence) must be a company or a corporation formed or incorporated outside Singapore.
• The applicant must also have an executive director which meets certain Singapore residency requirements.
• A licensee must not carry on business of providing any type of payment service unless the licensee has a permanent place of business or registered office in Singapore.
• A licensee must appoint at least one person to be present, on such days and at such hours as MAS may specify by notice in writing, at the licensee’s permanent place of business or registered office to address queries or complaints from any payment service user or customer of the licensee.
• The licensee must also keep, or cause to be kept, at the licensee’s permanent place of business or registered office, books of all the licensee’s transactions in relation to any payment service provided by the licensee.

Find out the details on the eligibility and assessment criteria for each type of licence or refer to the Guidelines on Licensing for Payment Service Providers for more information.