What should licensees do if they wish to change their licence type, or add or remove payment services in relation to their business?
Licensees who wish to change or vary their licence must apply to MAS by submitting Form 2 online.
Licensees should ensure that they are able to comply with the requirements of any new payment service or the new licence type at the point of application. A person who does not currently hold a licence under the PS Act and intends to apply for a licence must submit an application in Form 1. Applicants who wish to change their entity type between a sole-proprietorship, partnership, or company/corporation should also apply in Form 1.
Licensees should ensure that they are able to comply with the requirements of any new payment service or the new licence type at the point of application. A person who does not currently hold a licence under the PS Act and intends to apply for a licence must submit an application in Form 1. Applicants who wish to change their entity type between a sole-proprietorship, partnership, or company/corporation should also apply in Form 1.
This information is sourced from MAS
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