Demystified: the Major Payment Institution Licence

Will you be offering payment services? Check if you need this licence.

It isn't just any business that can provide payment services. With payment service providers being entrusted with customer funds, they may need to undergo licensing to get the approval of the Monetary Authority of Singapore (MAS) to conduct business.

One such licence is the Major Payment Institution Licence, which is for businesses that clock millions of dollars' worth of monthly payment transactions. (We cover the specific thresholds in our article.)

Be prepared to have your application scrutinised by the MAS if you're keen on obtaining a Major Payment Institution Licence. And getting the licence isn't the end of the story: there are ongoing obligations you'll need to comply with to maintain your licence's validity.

In our new article, you'll learn:

• What your business will be able to do as a Major Payment Institution Licence holder
• When you need to apply for a Major Payment Institution Licence
• The obligations of Major Payment Institution Licence holders

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