Money-Changing Licence: Application and Ongoing Compliance (MAS)
If your business buys or sells foreign currency notes in Singapore, you need a money-changing licence from the Monetary Authority of Singapore (MAS), issued under the Payment Services Act 2019 (PSA).
Money-changing is one of seven payment services regulated under the PSA — it is not a separate standalone regime. Money-changing licensees are restricted to that one activity only; a business that wants to offer other payment services (such as remittance) needs a Standard Payment Institution (SPI) or Major Payment Institution (MPI) licence instead.
Who Needs It
Any individual, partnership, or company operating a money-changing business — whether a shopfront currency exchange or an online service — must be licensed before commencing operations. Operating without a licence is an offence under the PSA.
What MAS Looks At
When assessing an application, MAS considers factors including:
- Fitness and propriety of the applicant, and of directors/partners for companies and partnerships
- Financial condition and track record
- Business plan, including currencies traded, sources of foreign currency, and pricing model
- Anti-Money Laundering / Countering the Financing of Terrorism (AML/CFT) policies and procedures
- Relevant working experience — generally at least one year for individual applicants, directors, or partners
No minimum base capital: Unlike Standard or Major Payment Institution licensees, who must hold S$100,000 and S$250,000 in base capital respectively, money-changers are not required to maintain a minimum base capital.
Fees
| Item | Fee |
|---|---|
| Application fee | S$500 |
| Annual licence fee | S$1,500 |
No Fixed Renewal — But Ongoing Obligations Apply
Unlike the old money-changer's licence, a PSA money-changing licence has no fixed validity period and there is no renewal application to file. The licence remains valid until MAS revokes it, the licensee surrenders it, or it lapses under the Payment Services Regulations 2019 — for example if the business has not commenced operations within 6 months of grant, or ceases operating for a continuous 6 months. Otherwise, it simply continues subject to payment of the annual fee each year.
Licensees must still appoint an auditor annually and submit an auditor's report and financial statements to MAS (Form 4) within the stipulated deadline, alongside other ongoing PSA obligations such as AML/CFT compliance, regulatory returns, and cyber hygiene requirements.
Applying for a money-changing licence?
Adpeco handles the application paperwork, prepares the required business plan and AML/CFT documentation, coordinates your annual audit submission, and keeps track of your ongoing PSA obligations — liaising with MAS on your behalf throughout.