Singapore MAS License 2026: MPI, SPI & CMS Requirements
What it takes to obtain Payments (SPI, MPI), CMS (securities, leveraged FX, fund management) in Singapore: the regulator, minimum capital, local substance, typical timeline and how hard it is to open a corporate bank account, based on regulator publications as of October 2026.
Asia's financial centres. Reviews are strict and slow, but a licence carries strong credibility and better access to banking.
Offshore-only crypto not licensed
Key facts (October 2026)
| Regulator | Monetary Authority of Singapore |
|---|---|
| Main licences | Payments (SPI, MPI), CMS (securities, leveraged FX, fund management) |
| Minimum capital | SPI S$100k / MPI S$250k plus deposit / fund management from S$250k / leveraged FX S$1m–5m |
| Local substance | Resident director; CMS requires a Singapore-resident CEO |
| Typical timeline | Payments: MAS states a wait of over a year / CMS: up to 6 months |
| Corporate banking | DBS opens accounts for payment businesses only once MAS-licensed |
Capital and fees are taken from regulators' rules and publications (October 2026), in local currency, and are confirmed case by case before applying.
What to consider
- Since 30 June 2025, Singapore entities serving only overseas customers with crypto need a licence, which MAS says it will "generally not issue".
- MPIs lodge a S$100k or S$200k security deposit before starting business.
Serving clients in Japan
A foreign licence does not let you deal with residents of Japan in FX, securities or crypto: as a rule, Japanese registration is required. See Japan rules.
FAQ
What is the minimum capital for a financial licence in Singapore?
SPI S$100k / MPI S$250k plus deposit / fund management from S$250k / leveraged FX S$1m–5m. Requirements can rise with the activities and size of the business.
How long does licensing take in Singapore?
Payments: MAS states a wait of over a year / CMS: up to 6 months. Missing documents extend the timeline, so preparation matters.
Do I need staff or an office in Singapore?
Resident director; CMS requires a Singapore-resident CEO. Nominee-only structures are not accepted; real management and compliance are expected.
Can I open a corporate bank account in Singapore?
DBS opens accounts for payment businesses only once MAS-licensed. We recommend preparing banking in parallel with the licence application.
Ask us about Singapore
We compare jurisdictions, advise whether a new application or an acquisition fits better, and assess banking. The first 30-minute online consultation is free.
Ask us about Singapore
Hong Kong