Readiness申请准备清单Readiness Checklist
申请前应先确认Before Filing
- 通常需以新加坡注册公司或在新加坡注册的外国公司作为申请主体，并持有 UEN、注册地址及真实运营安排。
- 申请人应证明控股股东、董事、高级管理人员、关键人员和代表均符合 fit and proper、胜任能力、诚信及监管记录要求。
- 支付机构需明确 SPI/MPI 阈值判断、服务类型、资金流、客户资金保护安排、技术外包、AML/CFT 控制和业务连续性。
- The applicant will usually need to be a Singapore incorporated company or a foreign company registered in Singapore, with UEN, registered address and genuine operating arrangements.
- Controllers, directors, senior management, key personnel and representatives should meet fit-and-proper, competence, integrity and regulatory track record requirements.
- Payment institutions need to define SPI/MPI threshold analysis, service type, fund flow, customer money safeguarding, technology outsourcing, AML/CFT controls and business continuity.
监管重点Regulatory Focus
- 完整 AML/CFT 框架：客户尽职调查、受益所有人识别、制裁筛查、可疑交易报告、交易监控、DPT 链上风险识别及 Travel Rule 流程。
- 支付机构需建立客户资金 safeguarding、投诉处理、技术风险管理、外包管理、业务连续性、事件通报和网络安全控制。
- CMS/FA 持牌人需落实客户分类、适当性、销售/推广材料审查、利益冲突、交易记录、代表监督、合规监测和董事会治理。
- Complete AML/CFT framework: customer due diligence, beneficial owner identification, sanctions screening, suspicious transaction reporting, transaction monitoring, DPT on-chain risk identification and Travel Rule processes.
- Payment institutions need customer money safeguarding, complaint handling, technology risk management, outsourcing management, business continuity, incident reporting and cybersecurity controls.
- CMS/FA licensees need client classification, suitability, sales and marketing material review, conflicts management, transaction records, representative supervision, compliance monitoring and board governance.
交付材料Delivery Workstream
- 业务模式与 MAS 活动边界分析，判断 SPI/MPI、Money-Changing、CMS、FA、DPT 或组合牌照路径。
- 准备监管路线图、资本/预算模型、组织架构、关键人员要求、本地实质与银行可接受性评估。
- 起草业务计划书、合规手册、AML/CFT、Travel Rule、客户资金保护、科技风险、外包和投诉处理政策。
- 协调本地顾问、公司秘书、银行开户、支付通道、关键人员招聘和监管答询支持。
- Business model and MAS activity perimeter analysis to determine SPI/MPI, Money-Changing, CMS, FA, DPT or combined licence routes.
- Regulatory roadmap, capital/budget model, organisation structure, key personnel requirements, local substance and bankability assessment.
- Drafting of business plan, compliance manual, AML/CFT, Travel Rule, customer money protection, technology risk, outsourcing and complaints policies.
- Coordination with local advisers, corporate secretary, bank account opening, payment channels, key personnel recruitment and regulatory responses.
监管机构与法律依据Regulator & Statutory Basis
- 监管机构：新加坡金融管理局（Monetary Authority of Singapore, MAS）。
- 支付业务主要依据《支付服务法》（Payment Services Act 2019, PS Act）及 MAS Notices / Guidelines；支付机构分为 Standard Payment Institution（SPI）与 Major Payment Institution（MPI），仅经营货币兑换业务另设 Money-Changing Licence。
- 证券、基金、企业融资、托管、杠杆外汇等资本市场业务主要依据《证券及期货法》（Securities and Futures Act 2001, SFA）下的 Capital Markets Services（CMS）Licence；财务建议业务依据《财务顾问法》（Financial Advisers Act 2001, FAA）下的 Financial Adviser（FA）Licence。
- Regulator: Monetary Authority of Singapore (MAS).
- Payment activities are primarily regulated under the Payment Services Act 2019 (PS Act) and MAS Notices/Guidelines. Payment institutions are categorised as Standard Payment Institution (SPI) and Major Payment Institution (MPI), with a separate Money-Changing Licence for pure money-changing business.
- Capital markets activities such as securities, funds, corporate finance, custody and leveraged FX are primarily regulated under the Securities and Futures Act 2001 (SFA) through a Capital Markets Services (CMS) Licence. Financial advisory business is regulated under the Financial Advisers Act 2001 (FAA) through a Financial Adviser (FA) Licence.
MAS 新加坡金融管理局（Monetary Authority of Singapore, MAS）；《支付服务法》（Payment Services Act 2019, PS Act）；《证券及期货法》（Securities and Futures Act 2001, SFA）；《财务顾问法》（Financial Advisers Act 2001, FAA）MAS; Payment Services Act 2019; Securities and Futures Act 2001; Financial Advisers Act 2001
适用业务范围Permitted Activities
- SPI/MPI：账户发行、境内转账、跨境转账、商户收单、电子货币发行、数字支付代币（DPT）服务等支付服务；具体活动须逐项列明在申请范围内。
- Money-Changing Licence：仅限买卖外币现钞；如同时提供汇款、电子货币、收单或 DPT 服务，应评估 SPI/MPI 路径。
- CMS Licence：可覆盖资本市场产品交易、基金管理、企业融资顾问、REIT 管理、产品融资、信用评级、证券托管等 SFA 受规管活动。
- FA Licence：可覆盖投资产品建议、研究报告、安排人寿保单、集体投资计划或其他 FAA 规管财务顾问服务；代表需按 MAS 要求被任命。
- DPT 服务申请通常需要额外说明钱包/托管安排、币种筛选、链上监控、Travel Rule、技术风险、客户资产保护和市场推广限制。
- SPI/MPI: account issuance, domestic money transfer, cross-border money transfer, merchant acquisition, e-money issuance and digital payment token (DPT) services. Each activity should be specified in the application scope.
- Money-Changing Licence: limited to buying and selling foreign currency notes. If remittance, e-money, acquiring or DPT services are also provided, the SPI/MPI route should be assessed.
- CMS Licence: can cover dealing in capital markets products, fund management, corporate finance advisory, REIT management, product financing, credit rating and securities custody.
- FA Licence: can cover investment product advice, research reports, arranging life policies, collective investment schemes or other regulated financial advisory services. Representatives must be appointed in accordance with MAS requirements.
- DPT service applications usually need additional explanation of wallet/custody arrangements, token screening, on-chain monitoring, Travel Rule, technology risk, client asset protection and marketing restrictions.
申请人资格Applicant Eligibility
- 通常需以新加坡注册公司或在新加坡注册的外国公司作为申请主体，并持有 UEN、注册地址及真实运营安排。
- 申请人应证明控股股东、董事、高级管理人员、关键人员和代表均符合 fit and proper、胜任能力、诚信及监管记录要求。
- 支付机构需明确 SPI/MPI 阈值判断、服务类型、资金流、客户资金保护安排、技术外包、AML/CFT 控制和业务连续性。
- CMS/FA 申请人需配置合格董事、CEO、代表、合规与风险职能，并按活动范围准备财务预测、内控政策、客户分类和利益冲突管理。
- The applicant will usually need to be a Singapore incorporated company or a foreign company registered in Singapore, with UEN, registered address and genuine operating arrangements.
- Controllers, directors, senior management, key personnel and representatives should meet fit-and-proper, competence, integrity and regulatory track record requirements.
- Payment institutions need to define SPI/MPI threshold analysis, service type, fund flow, customer money safeguarding, technology outsourcing, AML/CFT controls and business continuity.
- CMS/FA applicants need qualified directors, CEO, representatives, compliance and risk functions, and should prepare financial projections, internal controls, client classification and conflicts management according to activity scope.
资本要求Capital Requirements
- PS Act 路径：SPI 通常需维持 SGD 100,000 基础资本；MPI 通常需维持 SGD 250,000 基础资本，并视活动承担客户资金 safeguarding 等更高要求。
- CMS Licence：资本、财务资源及专业弥偿保险要求取决于具体活动、是否持有客户资产、客户类型和业务规模；基金管理、经纪、托管、杠杆外汇等路径应分别建模。
- FA Licence：资本及保险要求视业务模式和代表人数等因素确定；如同时持有 CMS 或其他 MAS 许可，需合并评估监管资本与财务资源。
- 正式递交前应以 MAS 最新表格、Notice、Guideline 与申请活动类别逐项核验。
- PS Act route: SPI generally requires SGD 100,000 base capital. MPI generally requires SGD 250,000 base capital and may have higher safeguarding requirements depending on activity.
- CMS Licence: capital, financial resources and professional indemnity insurance depend on activity, client asset holding, client type and business scale. Fund management, brokerage, custody and leveraged FX routes should be modelled separately.
- FA Licence: capital and insurance requirements depend on the business model and representative headcount. If held together with CMS or other MAS permissions, regulatory capital and financial resources should be assessed on a consolidated basis.
- Before formal filing, the latest MAS forms, Notices, Guidelines and activity category requirements should be checked item by item.
关键合规要求Key Compliance Obligations
- 完整 AML/CFT 框架：客户尽职调查、受益所有人识别、制裁筛查、可疑交易报告、交易监控、DPT 链上风险识别及 Travel Rule 流程。
- 支付机构需建立客户资金 safeguarding、投诉处理、技术风险管理、外包管理、业务连续性、事件通报和网络安全控制。
- CMS/FA 持牌人需落实客户分类、适当性、销售/推广材料审查、利益冲突、交易记录、代表监督、合规监测和董事会治理。
- DPT 业务需特别关注零售客户接触、代币筛选、钱包/托管、市场操纵风险、科技风险和跨境服务边界。
- Complete AML/CFT framework: customer due diligence, beneficial owner identification, sanctions screening, suspicious transaction reporting, transaction monitoring, DPT on-chain risk identification and Travel Rule processes.
- Payment institutions need customer money safeguarding, complaint handling, technology risk management, outsourcing management, business continuity, incident reporting and cybersecurity controls.
- CMS/FA licensees need client classification, suitability, sales and marketing material review, conflicts management, transaction records, representative supervision, compliance monitoring and board governance.
- DPT business should pay particular attention to retail client access, token screening, wallet/custody, market manipulation risk, technology risk and cross-border service boundaries.
时间表Timeline
- 牌照路径评估与预申请准备：4 - 8 周，包括活动映射、SPI/MPI/CMS/FA 路径选择、资金流、组织图、系统与合规差距分析。
- PSA SPI/MPI 或 DPT 服务申请：通常 6 - 12 个月或更长，取决于 DPT 风险、文件质量、监管问询和本地团队准备度。
- CMS/FA 申请：通常 4 - 9 个月；复杂经纪、托管、基金管理或多活动组合可能需要更长监管沟通。
- 银行开户、支付通道、关键人员招聘和本地办公室应与牌照申请并行推进。
- Licensing route assessment and pre-application preparation: 4-8 weeks, including activity mapping, SPI/MPI/CMS/FA route selection, fund flow, organisation chart, systems and compliance gap analysis.
- PSA SPI/MPI or DPT service application: usually 6-12 months or longer, depending on DPT risk, document quality, regulator questions and local team readiness.
- CMS/FA application: usually 4-9 months. Complex brokerage, custody, fund management or multi-activity combinations may require longer regulatory dialogue.
- Bank account opening, payment channels, key personnel recruitment and local office should be advanced in parallel with the licence application.
政府收费Government Fees
- 申请费、年费和活动费按 MAS / GoBusiness 最新公布及具体 licence type 计算；SPI、MPI、Money-Changing、CMS、FA 费用口径不同。
- DPT、CMS 多活动、代表任命、豁免/变更申请及年度维护费用应在项目预算中单独列示。
- Application fees, annual fees and activity fees are calculated according to MAS/GoBusiness publications and licence type. SPI, MPI, Money-Changing, CMS and FA use different fee bases.
- DPT, multi-activity CMS, representative appointments, exemptions/variations and annual maintenance fees should be budgeted separately.
持续合规义务Ongoing Obligations
- 年度/定期监管申报、财务报表、审计、AML/CFT 审查、重大事项通知、董事/股东/关键人员变更通知。
- 持续维护客户资金保护、技术风险、外包、BCP、投诉处理、记录保存、代表培训与合规监测。
- DPT 服务需持续维护链上监控、代币审查、钱包/托管安排、Travel Rule 和跨境客户限制。
- Annual or periodic regulatory filings, financial statements, audit, AML/CFT review, material event notification, and notification of directors, shareholders or key personnel changes.
- Continuous maintenance of customer money protection, technology risk, outsourcing, BCP, complaint handling, record retention, representative training and compliance monitoring.
- DPT services need ongoing on-chain monitoring, token review, wallet/custody arrangements, Travel Rule and cross-border client restrictions.
典型申请人画像Typical Applicant Profile
- 希望覆盖东南亚市场的支付机构、跨境汇款平台、收单机构、电子钱包、EMI/PSP 集团。
- 计划在新加坡建立受监管 DPT 交易、经纪、托管、钱包或结算业务的虚拟资产机构。
- 面向机构或专业投资者的基金管理人、证券经纪、企业融资顾问、投研/财务顾问平台。
- 已有香港、迪拜、欧盟或离岸实体，需要新加坡作为区域监管节点的跨境集团。
- Payment institutions, cross-border remittance platforms, acquirers, e-wallets and EMI/PSP groups covering Southeast Asia.
- Virtual asset institutions planning regulated DPT trading, brokerage, custody, wallet or settlement business in Singapore.
- Fund managers, securities brokers, corporate finance advisers and research or financial advisory platforms serving institutional or professional investors.
- Groups with Hong Kong, Dubai, EU or offshore entities needing Singapore as a regional regulatory node.
Spark Advisory 服务范围Our Engagement Scope
- 业务模式与 MAS 活动边界分析，判断 SPI/MPI、Money-Changing、CMS、FA、DPT 或组合牌照路径。
- 准备监管路线图、资本/预算模型、组织架构、关键人员要求、本地实质与银行可接受性评估。
- 起草业务计划书、合规手册、AML/CFT、Travel Rule、客户资金保护、科技风险、外包和投诉处理政策。
- 协调本地顾问、公司秘书、银行开户、支付通道、关键人员招聘和监管答询支持。
- 获牌后支持年度申报、政策更新、代表变更、合规培训、内部审查和重大事项通知。
- Business model and MAS activity perimeter analysis to determine SPI/MPI, Money-Changing, CMS, FA, DPT or combined licence routes.
- Regulatory roadmap, capital/budget model, organisation structure, key personnel requirements, local substance and bankability assessment.
- Drafting of business plan, compliance manual, AML/CFT, Travel Rule, customer money protection, technology risk, outsourcing and complaints policies.
- Coordination with local advisers, corporate secretary, bank account opening, payment channels, key personnel recruitment and regulatory responses.
- Post-licence support for annual filings, policy updates, representative changes, compliance training, internal review and material event notifications.