major payment institution license

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

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In reality, both these licenses are quite similar in terms of nature and requirements. The only difference is for a Major Payment institution, there is no threshold for remittance or for deposit holding. Also the base capital requirements for a Major payment Institution is higher and the compliance requirements are stringent.

What is a major payment institution?

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Major payment institutions are licensed and regulated under the Payment Services Act (“PS Act”) to provide payment services without being subject to the specified thresholds. In Singapore, payment service providers are classified into several categories under the PSA, including: Money-Changers: These entities are licensed to provide services such as currency exchange. Standard Payment Institutions (SPIs): … Read more