Are existing licensees required to renew their licence?
Licensees under the Payment Services Act (PS Act) will be listed on the MAS financial institution directory.
Existing licensees do not have to renew their licence once it is approved. All licences are valid until one of the following occurs:
- MAS revokes or suspends the licence;
- The licence lapses; or
- The licensee surrenders its licence.
Refer to Section 11 of the PS Act and Section 10 of the Payment Services Regulations for more information about licence validity lapsing, surrender, revocation, or suspension of licence.
Existing licensees do not have to renew their licence once it is approved. All licences are valid until one of the following occurs:
- MAS revokes or suspends the licence;
- The licence lapses; or
- The licensee surrenders its licence.
Refer to Section 11 of the PS Act and Section 10 of the Payment Services Regulations for more information about licence validity lapsing, surrender, revocation, or suspension of licence.
This information is sourced from MAS
Related questions
Can foreign companies apply for a licence and are the requirements the same as those for local companies?
Do existing licence holders under the Payment Systems (Oversight) Act (PS(O)A) and the Money-Changing and Remittance Businesses Act (MCRBA) have to re-apply for a payment services licence?
How will the public know which payment firms are licensees under the Payment Services Act (PS Act)?
What should licensees do if they wish to change their licence type, or add or remove payment services in relation to their business?
Need more help?
Get in touch