PSP license in Singapore
If you decide to start your own payment system, then why not register a PSP in Singapore?
What is interesting about Singapore when registering payment systems?
Singapore is one of the largest financial centers in Asia and stays at a leading position in the World Bank Doing Business ranking in various areas. Payment systems registered in Singapore can apply for various tax benefits. At the same time, the activity is not limited to the Asian market, Europe is no less convenient for the activities of a PSP with a Singapore license.
Do I need a license to register a payment system in Singapore?
According to the Singapore legislation, registration and operation as a provider of payment services and issuing electronic money requires obtaining of a Singapore payment license – the Stored Value Facility (SVF). Singapore’s SVF license is analogous to the European EMI license. The Monetary Authority of Singapore – MAS, is responsible for regulating Singapore’s payment systems.
What is the SVF license for in Singapore?
Multi-purpose SVF license allows you to provide a wide range of payment services, including opening electronic/mobile wallets and merchant accounts, issuing electronic money and plastic cards.
What are the conditions for obtaining a PSP license in Singapore?
A company willing to get a SVF license in Singapore must be registered in Singapore. Directors and shareholders must be residents of Singapore or have a residence permit in Singapore.
When applying for a SVF license from Singapore, you must file a business plan. Also, a prerequisite is the appointment of an AML officer who is responsible for complying with a PSP-licensed company to counter money laundering requirements.
A team of SBSB professionals will help you to register a company in Singapore, prepare and submit a set of documents required for obtaining a PSP license in Singapore, prepare AML/KYC policies.
For over five year we have been advising our clients in the field of corporative law, international tax planning, finances, international licensing and comprehensive business support in more than 40 countries.
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