Payments · MAS licensing

How to Check if a Payment Provider Is MAS Licensed

How to check a payment provider's MAS licence in Singapore: find its legal entity, search the MAS directory, and confirm its licence type and listed services.

By 1 POS Pay · 5 November 2026

General information for Singapore businesses, not financial or legal advice. Fees and terms are set by each payment provider and can change. Check the provider's current terms and its licence status on the MAS Financial Institutions Directory.

What does MAS licensed mean for a payment provider?

A MAS-licensed payment provider is a company that the Monetary Authority of Singapore (MAS) has licensed under the Payment Services Act 2019 to offer regulated payment services. MAS regulates 7 types of payment services, and providers must hold a licence to offer them in Singapore unless they are exempted (MAS).

For a business that takes payments, the most relevant one is the merchant acquisition service. MAS describes it as accepting and processing payment transactions for a merchant under a contract, and notes that it usually includes a point-of-sale terminal or an online payment gateway (MAS). So if a company signs you up to accept cards on a payment terminal or through an online payment gateway, its licence is worth checking before you sign.

The 7 services are account issuance, domestic money transfer, cross-border money transfer, merchant acquisition, e-money issuance, digital payment token and money-changing services. MAS adds that a domestic money transfer service could include payment gateway services and payment kiosk services.

Which MAS licence types do payment providers hold?

Payment providers in Singapore can apply for 3 types of licence: a standard payment institution (SPI) licence, a major payment institution (MPI) licence or a money-changing licence (MAS). Which one a provider needs depends on the services it offers and its transaction volumes.

An SPI licence is for providers whose business stays within set thresholds. A provider that goes above them should hold an MPI licence instead, which MAS says lets it offer multiple payment services without those limits on transaction volume or float. A money-changing licence covers only buying or selling foreign currency notes, so it is not the licence you are looking for in a card or gateway provider.

MAS payment licence types (source: MAS, Licensing for Payment Service Providers, checked 5 November 2026)
Licence	Who it is for	Thresholds named by MAS	Minimum base capital
Standard payment institution (SPI)	Providers within the volume thresholds	S$3 million monthly transactions for any one payment service; S$6 million for two or more services; S$5 million daily outstanding e-money	S$100,000
Major payment institution (MPI)	Providers above the thresholds	Not subject to those thresholds	S$250,000, plus a S$100,000 or S$200,000 security (cash deposit with MAS or a bank guarantee)
Money-changing licence	Buying or selling foreign currency notes only	Not applicable	Not relevant for card acceptance

How do you check a payment provider's MAS licence?

You can check any payment provider for free on the MAS Financial Institutions Directory. Search for the company's legal name, open its entry, and confirm two things: the licence type (for example, Major Payment Institution) and the list of payment services it is licensed for.

Step 1: find the legal entity name. Brand names and app names are not always the licensed company. Look for the full company name (usually ending in Pte. Ltd.) in the provider's merchant agreement, terms of service or website footer.

Step 2: search the directory. Type the legal name, or the main part of it, into the search box on the MAS Financial Institutions Directory. You can also browse the full lists of major payment institutions and standard payment institutions and filter them by activity, such as Merchant Acquisition Service.

Step 3: open the entry and read the licence type. The entry shows whether the company holds an MPI, SPI or other licence, and whether it is incorporated in Singapore.

Step 4: check the licensed services. The entry lists the payment services the company is licensed for. For a terminal or gateway provider, look for Merchant Acquisition Service. Gateway providers may also list Domestic Money Transfer Service, which MAS says could include payment gateway services.

Step 5: match the contact details. The entry shows the company's website, phone number and registered address. Make sure they match the provider you are dealing with. MAS warns that scammers may impersonate MAS-regulated financial institutions, and asks people to verify an institution's identity and deal only through official channels (MAS).

What does a MAS directory entry look like?

A directory entry shows the licensed company's full legal name, where it is incorporated, its licence type, the payment services it is licensed for, and its website, phone number and address. MAS also adds a short note explaining what the licence type means.

As a public example, the entry for Stripe Payments Singapore Pte. Ltd. (checked 5 November 2026) lists it as a Major Payment Institution incorporated in Singapore, licensed for account issuance, domestic money transfer, cross-border money transfer, merchant acquisition and e-money issuance services. It also gives the company's Singapore address and the stripe.com/en-sg website. This example only shows what an entry contains; it is not a recommendation, and Stripe is not named here as a 1 POS Pay partner.

Which licensed services should your provider show?

The services you need to see depend on how you take payments. For most businesses that accept cards in person or online, the key entry is Merchant Acquisition Service, because MAS says that service usually includes the point-of-sale terminal or online payment gateway (MAS). Use the table below as a quick guide, then confirm with the provider.

What to look for in the directory entry, by payment set-up
How you take payments	Service to look for	Why
Card terminal at the counter, or SoftPOS on a phone	Merchant Acquisition Service	MAS says merchant acquisition usually includes a point-of-sale terminal
Online payment gateway on your website	Merchant Acquisition Service (some gateways also list Domestic Money Transfer Service)	MAS says merchant acquisition usually includes an online payment gateway, and domestic money transfer could include payment gateway services
Payment links sent by chat or email	The same entity that runs the provider's gateway	A payment link is a checkout page run by the payment provider, so check the provider's licensed company
Selling to overseas customers	Merchant Acquisition Service; Cross-border Money Transfer Service only if the provider also sends funds abroad for you	Taking card payments from overseas buyers is still merchant acquisition; MAS lists cross-border money transfer as a separate regulated service

What is the difference between a major and a standard payment institution?

The difference is scale and the depth of regulation. A standard payment institution must stay under MAS's volume thresholds, while a major payment institution can provide any combination of regulated payment services regardless of transaction volume or e-money held (MAS directory).

MAS's directory explains that major payment institutions are subject to more comprehensive regulation than standard payment institutions because the scale of their operations poses greater risks. For example, it notes that a major payment institution must comply with requirements to protect customer money.

Far more providers hold an MPI licence than an SPI licence. On 5 November 2026 the directory listed 246 major payment institutions and 13 standard payment institutions. Filtered by activity, 103 major payment institutions and 6 standard payment institutions listed Merchant Acquisition Service (MPI list, SPI list). An SPI licence is not a warning sign on its own; it simply means the provider operates within lower volume limits.

What if a payment provider is not in the MAS directory?

If you cannot find a provider, do not sign yet. Ask the provider for the exact name of its licensed entity and its licence type, then search for that name. A missing entry can have a simple cause, such as a brand name that differs from the legal name, but you should get a clear answer before you hand over business or bank details.

Common explanations include: the provider uses a trading name, and the licensed company has a different legal name; the company is a reseller or referral partner, and your merchant agreement is actually with a licensed acquirer, which is the company you should check; the acquirer is a bank, in which case search the Banking sector of the same directory; or the provider says it is exempted. MAS's licensing requirement applies unless a provider is exempted (MAS), so if you hear this, ask which exemption applies and keep the answer in writing.

You can also search the MAS Investor Alert List, which lists persons who may be wrongly perceived as being licensed or regulated by MAS. The list is not exhaustive, so not appearing on it does not prove a provider is licensed. Use the Financial Institutions Directory, not the alert list, to confirm a licence.

1 POS Pay works only with MAS-licensed payment providers. When we match your business with a provider, the merchant agreement you sign names that provider, so you can run this same check on it yourself. Learn more about 1 POS Pay.

Does a MAS licence mean the provider is the right choice?

No. A MAS licence shows that the provider is authorised and supervised for the services listed, but it says nothing about price, settlement speed, hardware or support. Treat the licence check as the first filter, then compare providers on cost and fit.

After the licence check, compare the merchant discount rate and fixed fees at your real monthly volume (see our guide to credit card processing fees in Singapore), the payment methods each provider accepts, settlement time, contract length and local support. Our pages on payment terminals, online payment gateways and payment links list the questions to ask. If you would rather not do it alone, contact 1 POS Pay and we will compare quotes from MAS-licensed providers for you.

Common questions

Is the MAS Financial Institutions Directory free to use?

Yes. The MAS Financial Institutions Directory is a public website. Anyone can search it by company name, licence type or activity without an account.

Does my shop need a MAS licence to accept card payments?

The licence requirement applies to the payment provider. MAS describes merchant acquisition as accepting and processing payment transactions for a merchant under a contract, so it is the provider offering that service that needs a licence unless exempted. If your own business also moves money for other people, check MAS's licensing guidance or ask a lawyer.

How do I know the MAS directory is current?

Each directory page shows a Last Updated date. When checked on 5 November 2026, the directory home page showed 5 November 2026. Check the provider's entry again shortly before you sign, because licence details can change.

Can a payment provider hold more than one MAS licence?

Yes. The directory notes that a financial institution may hold multiple licences, so check every licence and service listed on the provider's entry.