Demystified: the Major Payment Institution Licence
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
| Learn About the Major Payment Institution Licence |
No thank you, I'm not interested
We hope that you will find this e-newsletter useful. As always, if you need legal advice on business law-related issues, our Find a Lawyer service will help you find the corporate lawyer you need.
Cheers,
Yuk Lun
Founder
SingaporeLegalAdvice.com
Services: Find a Lawyer | Call a Lawyer | WillMaker
We publish new content weekly! Connect with us on Instagram and Facebook
SingaporeLegalAdvice
Singapore's leading legal platform for individuals and businesses.
Committing GST evasion: what are the consequences? The penalties and sentences for GST evaders in Singapore are serious. Recently, the sole-proprietor of Sin Metal Industries, Khoo Chin Huat, was sentenced to 54 weeks of imprisonment and was ordered to pay fines and penalties of $1,784,451, after being convicted for Goods and Services Tax (“GST”) evasion and other offences. GST is a broad-based consumption tax levied on the import of goods and almost all supplies of locally consumed goods and...
As an employer, you are responsible for workplace safety What does that mean? A few weeks ago, it was reported that a Director and his company had been fined $60,000 and $250,000 respectively after pleading guilty to a charge under the Workplace Safety and Health Act over a worker's fall that led to his death. His company was fined for its role in the offence. More recently, Singapore reported its 40th workplace fatality this year when a Grab driver passed away in a traffic accident involving...
Winding up made easier A simplified programme to wind up your company effectively, if you ever need it. If your Limited Liability Company (LLC) faces insolvency as a result of Singapore’s economy slowing down and you decide to wind up, you may worry about the actions that need to be taken in order to wind up the company. Fortunately, Singapore has introduced a Simplified Winding Up Programme (SWUP) for small medium enterprises to aid in the winding up of companies. It serves as a route that...