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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
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