10 Collyer Quay, #10-01, Singapore 049315

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Frequently Asked Questions

MAS Licensing Questions

Common questions about registering and obtaining licences with the Monetary Authority of Singapore

What types of MAS licences do you help businesses obtain?

We assist with MAS licences (PSA, CMS, FAA, Insurance Act), PDPA data protection compliance, ACRA corporate registration, family office schemes, trust company licensing, and representative registration. Our team assesses your business model and recommends the appropriate regulatory pathway.

How long does a MAS licence application typically take?

Timelines vary by licence type and application completeness. Payment Services Act applications typically take 4–9 months, while CMS licence applications may take 6–12 months. We help expedite the process by ensuring your documentation and compliance frameworks meet MAS requirements from the outset.

What are the key requirements for a MAS licence application?

MAS typically requires a viable business plan, fit-and-proper key individuals, adequate capital and financial resources, robust compliance and risk management frameworks, AML/CFT policies, and appropriate technology and operational controls. We guide you through each requirement systematically.

Do you provide ongoing compliance support after licensing?

Yes. Obtaining a licence is only the beginning. We offer ongoing compliance monitoring, regulatory reporting assistance, policy updates, internal audit support, and annual compliance reviews to ensure you remain in good standing with MAS throughout your licence lifecycle.

Do you help with PDPA and ACRA compliance as well as MAS licences?

Yes. We provide PDPA compliance programmes and Data Protection Officer support under the Personal Data Protection Commission (PDPC), as well as ACRA corporate services including company incorporation, annual returns, and corporate secretarial compliance. Many clients engage us for integrated support across MAS, PDPC, and ACRA.

Can foreign companies apply for a MAS licence through you?

Absolutely. We regularly assist overseas fintech firms, fund managers, and financial institutions entering the Singapore market. We help with entity structuring, local presence requirements, regulatory gap analysis, and the full MAS application process for foreign-incorporated businesses.

Compliance & Regulatory FAQ's

Answers to common questions about ongoing MAS compliance obligations

What AML/CFT obligations apply to MAS-licensed entities?

MAS-licensed entities must implement customer due diligence (CDD), ongoing monitoring, suspicious transaction reporting, record-keeping, and regular AML/CFT training. We help design and maintain AML/CFT programmes aligned with MAS Notice requirements.

What are the capital requirements for a Payment Services licence?

Capital requirements depend on the licence class. Standard Payment Institutions require S$100,000 base capital, while Major Payment Institutions require S$250,000 or higher depending on average monthly transactions. We advise on capital structuring and safeguarding arrangements.

How often must licensed entities report to MAS?

Reporting frequency varies by licence type — from monthly transaction reports for payment institutions to quarterly and annual returns for fund managers. We manage your regulatory reporting calendar and ensure timely, accurate submissions to MAS.

What are the PDPA obligations for financial services firms in Singapore?

Financial firms must appoint a Data Protection Officer, implement consent and notification obligations, maintain data inventory maps, conduct DPIAs for high-risk processing, and report notifiable data breaches to PDPC within 72 hours. We help design PDPA programmes that complement your MAS compliance framework.

What ACRA filing obligations apply after company incorporation?

ACRA requires annual general meetings, annual returns within prescribed deadlines, updates to director and shareholder registers, and timely filing of changes to company particulars. We provide corporate secretarial support to ensure your entity remains in good standing with ACRA while you focus on obtaining and maintaining your MAS licence.

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