Robust compliance for FinTech organizations in Singapore
The Payment Service Act (PSA) entered into force on January 28, 2020 introducing new rules for establishing and licensing a business for digital payment services. Our team of FinTech lawyers will help you navigate your way through the regulations and achieve full compliance with the newest statutory requirements.
Recognized Payment Services in Singapore
The PSA recognizes seven different types of services and introduces specific rules for the provision of any of these activities.
If you want to establish and develop a business focused on any of the these services you will need to comply with the new regulations.
Account issuance services
Domestic money transfer services
Cross-border money transfer services
Electronic money issuance
Digital payment token services
Requirements for operating a FinTech business
In order to apply for at least Standard Payment Institution License your company must cover the following criteria:
A company registered in Singapore or a corporation registered outside Singapore with a permanent place of business in the country.
An executive director who is a Singapore citizen or a Permanent resident of Singapore.
The satisfaction of certain prescribed financial and operational criteria.
Minimum base capital of S$100,000.
These are the most important basic requirements for starting a FinTech business in Singapore. Furthermore each new payment service provider is reviewed by the Monetary Authority of Singapore which takes into account factors like financial condition and track record of the applicant, qualification and experience, ability to comply with obligations under the PS Act, etc.
Featured FinTech Lawyers
How can we assist you?
At Advomi we have a team of expert lawyers specializing in the FinTech industry. We can help you with everything including:
- Legal Opinions on any matters regarding the FinTech industry in Singapore;
- Structuring & Establishing of Singapore companies;
- Statutory compliance with the regulation governing payment services, AML/CFT measures, ICO/STOs;
- Obtaining a license for payment institution;
- Drafting legal documents like corporate documents, prospectuses, white papers and commercial agreements.
and get a free quote on your matter within one business day.
We offer transparent pricing and flat-fee services only.