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Benefits of applying for a PI license in this jurisdiction:
The situation with the provision of payment services in Singapore changed after the PSA was entered into force in 2020. PSA provides licensing and regulation of PSPs, as well as supervision of Singapore payment institutions. In accordance with Section 5, PSA, any person who intends to provide payment services, as defined in the law, must obtain a PSP license in Singapore, which can also be called a PI license.
Further, in the article, we will consider in detail the necessary requirements for obtaining a PI license in Singapore, determine the necessary package of documents, and answer some frequently asked questions.
The MAS issued a special form for applying for obtaining a PSP license. The applicant company must fill in this form, and then, along with the prepared package of documents, submit it to the MAS in order to obtain a Singapore PI license.
Also, it must be stressed that the MAS has published a special Guidelines on Licensing, which contains all the conditions and criteria by which the company is evaluated, and, in fact, a description of the application process itself.
Before applying for a PSP license in Singapore, the company must ensure that it fulfills all the requirements outlined in the PSA. Inter alia, the applicant must:
The application must be completely filled out, checked for errors, and supplemented with the necessary documents specified in the special form.
In particular, to apply for a PI license in Singapore, you will need to prepare a detailed business plan. In it, you must:
MAS individually considers each application for obtaining a license for payment services in Singapore, so it should be understood that in each specific case of licensing, many other factors are taken into account, which may not be mentioned in the regulations.
The company must also understand that after obtaining of a Singapore PSP license, it will have to comply with all the requirements set forth in the PSA. This also includes the requirement to comply with the AML/CFT rules outlined in PSN01 and PSN02. In addition, the licensee must comply with the requirements of Cyber Hygiene, and take certain measures to protect customer data. He must also comply with liabilities to protect client's funds, keep records of transactions and issue receipts.
Regarding the disclosure of information, in accordance with PSN08 the licensee must (where necessary) disclose the scope of the license, and ensure that customers receive all information about any changes.
After obtaining of a Singapore PI license, you will need to audit your accounts and transactions annually, as well as comply with certain rules and requirements. For example, the license holder should make sure that the auditor provides a report on the work done to the MAS.
Please, take into account that this article is presented to the reader for informative purposes, and should not be construed as legal advice or recommendations.
Since, obtaining a license for E-payment services in Singapore is a rather complicated process requiring responsibility and careful preparation in order to minimize the risks associated with licensing, it would be advisable to take care of reliable legal support at an early stage.
If you have any questions regarding licensing, we draw your attention to the fact that IQD Consulting experts provide comprehensive legal advice on licensing of payment institutions, and are ready to:
To order personal legal advice on licensing a payment institution in Singapore, or to obtain detailed information about the services of our company, please, fill out the feedback form, or call our office right now through the contacts specified below.
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