Overview of licences for financial institutions in Singapore
Licensing requirement - Money Transfer Service
Processing domestic payments as well as cross-border payments or remittances from or to Singapore require a licence for the respective payment service under the Payment Services Act. It must be noted that the payment institution providing these services may in addition require a licence for account issuance service and/or e-money issuance service, if it maintains a balance dedicated to customers on its books. Processing payments or arranging payments for a merchant also requires a license under the Payment Services Act.