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 years 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.

We will be happy to help you.

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