1. Licence Issuance Year: 2023
2. Validity period: indefinite (renewal documents need to be submitted to MAS every year)
3. Bank Account Status: A bank account has been opened
4. Approved service category: Cross-border remittance
Number of shareholders: 1
Number of Directors: 2
7. Number of employees: 4
8. Legal Dispute/Disciplinary Record: None
Price
2.8M USD
Account Issuance Service
Domestic and cross-border remittance services
Foreign currency exchange services
Merchant acquiring service
electronic currency issuance
Digital Payment Tokens (DPT) Services
Foreign Currency Exchange (Physical Currency)
1. High market reputation
MPI licences represent the highest compliance standards and enhance the confidence of banks, partners and investors.
2. Wide range of services
It can provide up to seven types of payment services to meet diversified business needs.
3. Regional Pass
Leveraging Singapore's Free Trade Agreement (FTA) and digital economy cooperation to connect ASEAN, South Asia and Oceania markets.
4. Robust regulatory framework
Regulated by MAS to ensure the safety of client funds and anti-money laundering/counter-terrorist financing compliance (AML/CFT).
1. Minimum capital: paid-in ≥ S $250,000, plus a reasonable working capital reserve.
2. Client funds must be kept separately in a trust account or a protected account and comply with the Payment Services Regulations 2019 (PSR).
3. Local Director Requirements: At least one executive director is a Singapore citizen/permanent resident/EP holder, and one local director is required to be a citizen or permanent resident.
4. Registered address and premises: must have a physical office address in Singapore and have staff to handle customer inquiries and regulatory inspections.
5. AML/CFT and Technology Risk Management: Internal systems must comply with MAS's PSN01 Anti-Money Laundering Notice and Technology Risk Guidelines and be independently audited.
6. Ongoing reporting obligations: quarterly/annual submission of regulatory statements, audit reports and notifications of unusual or fraudulent events to MAS. Compliance requirements: MSBs must report suspicious transactions to the FINTRAC as soon as possible, and if there is reason to suspect that the transaction involves money laundering or terrorist financing.
Step 1: Collect information
Step 2: Submit the deposit
Step 3: Accept company documents for due diligence
Step 4: Submit Remaining Money
Step 5: Change Company Name
Step 6: Change of Directors and Ultimate Beneficiaries
1. Document preparation and MAS docking
We are responsible for drafting and submitting all transfer documents, change requests and compliance materials until MAS approval.
2. Local Directors and Compliance Team
Provide or assist in the search for local executive directors, compliance officers and auditors.
3. Bank account opening assistance
The whole process assists in opening new dollar and multi-currency bank accounts, with the option of traditional banks or banks that support cryptocurrency business.
4. Follow-up compliance maintenance
Provide ongoing AML/CFT monitoring, regular regulatory reporting, technology risk assessment and annual audit coordination services.
Customer Witness
