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

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 the Payment Services Act by MAS?

The Payment Services Act 2019 (“PS Act”), which commenced on 28 January 2020, provides for the licensing and regulation of payment service providers and the oversight of payment systems in Singapore.