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Money Changing License

Money-changing licensees are licensed and regulated under the Payment Services Act ("PS Act") to conduct only money-changing services i.e. the service of buying or selling foreign currency notes.

Note that entities that provide other payment services must hold a standard payment institution license or major payment institution license instead.

Capital US$ $100,000
Accounting Required Accounting Required
Nominee Required Nominee Required

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Money Changing License


US$ 21,000 Service Fees
  • In compliant with registered Singapore regulations
  • Fast, convenient and confidential
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The benefit of having a Money-Changing License

  • Competitive Exchange Rates

The applicant should be assured that he/she is getting one of the most competitive exchange rates across Singapore. The rates should consistently beat the traditional Money Changer rates in the whole territory of Singapore.

  • Rate Assurance

The applicant should lock in the exchange rates by booking the same online. The applicant no longer needs to be disappointed after traveling more than 30 minutes across Singapore only to have the money changer rates to be changed.

  • Utmost Convenience

The Money Changer License services are available online, and booking can be made online. The applicant can collect their currencies at their own convenience.

  • No Disputes

The applicant is having the option of making cashless payments online. This will help the applicant avoid disputes.

Activities of Money Changing License in Singapore

Activity Type Brief Description
Activity A
Account issuance service

The service of issuing a payment account or any service relating to any operation required for operating a payment account, such as an e-wallet (including certain multi-purpose stored value cards) or a non-bank issued credit card.

Activity B
Domestic money transfer service

Providing local funds transfer service in Singapore. This includes payment gateway services and payment kiosk services.

Activity C
Cross-border money transfer service

Providing inbound or outbound remittance service in Singapore.

Activity D
Merchant acquisition service

Providing merchant acquisition service in Singapore where the service provider processes payment transactions from the merchant and processes payment receipts on behalf of the merchant. Usually, the service includes providing a point-of-sale terminal or online payment gateway.

Activity E
E-money issuance service

Issuing e-money to allow the user to pay merchants or transfer to another individual.

Activity F
Digital payment token service

Buying or selling digital payment tokens (“DPTs”) (commonly known as cryptocurrencies), or providing a platform to allow persons to exchange DPTs.

Activity G
Money-changing service

Buying or selling foreign currency notes.

Who Can Apply in Singapore

The individual applicant, partners, or directors of a company applying should have a minimum of 1 year's relevant working or business experience on a full-time basis.

They will also need to meet the following governance requirements:

  • Individuals: For sole proprietors, the applicant must be a Singapore citizen.
  • Partnership and Limited liability Partnership: The majority of its partners should be Singapore citizens. If there are only two partners, only one needs to be a Singapore citizen.
  • Singapore-Owned Company: The majority of its partners should be Singapore citizens. If there are only two partners, only one needs to be a Singapore citizen.
  • Singapore-owned Company: More than 50% of the equity shareholdings should be beneficially owned and effectively controlled by Singapore citizens. A majority of the board of directors of the company should be Singapore citizens. If there are only two directors, only one of the directors needs to be a Singapore citizen.
  • Foreign-owned Company: For a Singapore incorporated wholly-owned subsidiary of a foreign bank, or a foreign company primarily engaged in money-changing, the parent company needs to:
  • Be of significant size. In case of a foreign bank, it needs to ranks among the top banks in the country where it is incorporated.
  • Possess a good track record and reputation.
  • Be adequately regulated and supervised by its home supervisory authority for AML/CFT.
Applicant requirement in Singapore

Standard Requirements in Singapore

When assessing an application for a money-changing license, MAS takes into consideration factors such as:

  • Fitness and propriety of the applicant; and in the case of a company, partnership or limited liability partnership, the fitness and propriety of its management.
  • The financial condition of the applicant, and in the case where the applicant is a company, partnership, or limited liability partnership, its track record and financial performance in previous years.
  • Ownership and shareholding structure.
  • Qualifications and experience, particularly in operating a money-changing business and in anti-money laundering and countering the financing of terrorism (AML/CFT).
  • Business plan and model, including AML/CFT policies and procedures.
  • Whether the public interest will be served by granting a license.

For more details, read the Guidelines on Licensing for Payment Service Providers.

Standard Requirements in Singapore

On-Going Requirements in Singapore

Licensees are required to comply, on an ongoing basis, with all applicable requirements set out under the PS Act, as well as other relevant legislation. Licensees are expected to put in place systems, policies, and procedures to ensure that they fulfill all ongoing obligations, including the key areas below:

  • Anti-Money Laundering and Countering the Financing of Terrorism Requirements
  • Periodic Returns
  • Cyber Hygiene
  • Business Conduct
  • Disclosures and Communications
  • Annual Audit Requirements

Licensees should also understand and apply the relevant MAS Guidelines and keep abreast of regulatory changes.

On-Going Requirements in Singapore


1. What are some of the reporting requirements for licensed financial advisers?

Licensed financial advisers are required to prepare and lodge with MAS a true and fair profit and loss account and a balance sheet made up to the last day of its financial year in accordance with the provisions of the Companies Act (Cap. 50), where applicable. The above documents are to be lodged together with an auditor‘s report in Form 17. In addition, they are required to submit Forms 14, 15, and 16, where applicable. These documents are to be lodged within 5 months, or within such extension of time as may be permitted by MAS, after the end of the financial adviser‘s financial year

2. Why does MAS regulate certain aspects of financial planning and not the full range of financial planning activities? What is the distinction between a Financial Advisor and a Financial Planner?

The types of services provided by financial planners vary widely. Some planners assess every aspect of their clients' financial profile, including savings, investments, insurance, tax, retirement, and estate planning, and help them develop detailed strategies to meet their financial objectives. Others may call themselves financial planners, but only provide advice on a limited range of products and services.

MAS regulates all financial planning activities related to securities, futures, and insurance. Tax and estate planning activities do not come under our regulatory ambit. Hence, only financial planners who conduct activities regulated under the FAA are required to be licensed as a financial adviser. A financial planner may conduct other activities such as tax planning, but these are not subject to supervision by MAS.

3. Who is exempt from holding a financial adviser's license?

Banks, merchant banks, finance companies, insurance companies, insurance brokers registered under the Insurance Act, holders of a capital markets services license under the Securities and Futures Act (Cap 289). are exempt from holding a financial adviser's license to act as a financial adviser in Singapore in respect of any financial advisory services. Nonetheless, exempt financial advisers and their appointed and provisional representatives are required to comply with the business conduct requirements stipulated in the FAA.

4. Is there a need for a licensed financial adviser to renew its license?

There is no need for a licensed financial adviser to renew its license. The license is valid until – 

  • The licensed financial adviser ceases to act as a financial adviser (pursuant to the Financial Advisers Regulations [―FAR‖], the licensed financial adviser would need to notify MAS within 14 days of its cessation by submitting Form 5); 
  • Its license is revoked by MAS; or 
  • Its license lapses in accordance with section 19 of the FAA.
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