Standard and major payment institutions compared
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The two licence classes share the same scope of permitted services but differ in volume, capital, safeguarding and ongoing cost. The table summarises the position as at 30 June 2026.
| Feature | Standard payment institution | Major payment institution |
|---|---|---|
| Volume cap | Monthly ≤ S$ 3m (one service) / ≤ S$ 6m (two or more); e-money float ≤ S$ 5m daily | No cap |
| Base capital | S$ 100,000 | S$ 250,000 |
| Security deposit | None | S$ 100,000, rising to S$ 200,000 above the SPI thresholds for a second month |
| Safeguarding of customer money | Not required by statute | Required (trust account, bank guarantee or undertaking) |
| Segregation of customer DPTs | Required since 2024 for all DPT service providers | Required since 2024 for all DPT service providers |
| Annual fee (DPT service) | Minimum S$ 5,000 aggregate | Higher per-service fee; see Chapter X |
| Local presence | Permanent place of business; at least one Singapore-resident executive director or equivalent board composition | Same |
| Technology risk notice | PSN05 applies to DPT providers since 2024 | PSN05 applies |
The figures for base capital are prescribed in the Payment Services Regulations 2019, while the security deposit follows from s. 22 of the Act.1 The MAS website states the SPI base capital as S$ 100,000 and gives the minimum annual fee as S$ 5,000 or the aggregate of per-service fees, whichever is higher.2
The choice between the two classes is rarely open for a crypto business. An SPI that exceeds the threshold must apply to vary its licence within a short period and may be required to cease taking new volume meanwhile. In my practice the recommended course for an exchange or a stablecoin-related business has always been to apply directly for the MPI licence. The application review takes a year or more, so an SPI that grows would otherwise go through much of the process twice. The SPI remains attractive for a broker-dealer that serves a handful of institutional clients. It also suits a corporate treasury desk that provides exchange services to group companies on a small scale.
Notes
- PSA, s. 22 (security deposit for MPIs); Payment Services Regulations 2019, Part 3 (financial requirements). ↩
- MAS, "Standard Payment Institution Licence", mas.gov.sg, eligibility section (base capital S$ 100,000; annual fee "S$ 5,000 or the sum of the amounts for the payment services provided, whichever is higher"). ↩
For general information only. This article does not constitute legal or tax advice, does not replace advice on an individual case and creates no lawyer-client relationship. It reflects the legal position as of October 2026.