by jiawen
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by jiawen
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The Monetary Authority of Singapore (MAS), as Singapore’s central bank and financial regulator, oversees the licensing and supervision of financial institutions (FIs) under five main sectors — Banking, Capital Markets, Financial Advisory, Insurance, and Payments.
1. Banking
Banking activities such as deposit-taking and lending require a banking licence under the Banking Act.
Key entity types include:
Local, Full, Qualifying Full, and Wholesale Banks
Merchant Banks and Finance Companies
Representative Offices and Financial Holding Companies
SGS Primary Dealers
MAS has also introduced digital bank licences to enhance competition and innovation in the sector.
2. Capital Markets
Entities in the capital markets are licensed under the Securities and Futures Act (SFA). They may conduct regulated activities such as:
Dealing in securities or futures
Fund management and corporate finance advisory
REIT management and custodial services
Clearing, settlement, or credit rating services
These intermediaries play a key role in strengthening Singapore’s position as a regional financial hub.
3. Financial Advisory
Financial advisers, regulated under the Financial Advisers Act (FAA), provide investment and insurance advisory services.
MAS licenses:
Licensed Financial Advisers
Exempt Financial Advisers
These advisers ensure clients receive qualified and transparent financial guidance.
4. Insurance
Insurers and brokers are licensed under the Insurance Act. Main categories include:
Direct Insurers (Life, General, or Composite)
Reinsurers and Captive Insurers
Registered or Approved Insurance Brokers
Entities under the Lloyd’s Asia Scheme
This framework ensures sound insurance practices and policyholder protection.
5. Payments
Payment service providers are regulated under the Payment Services Act.
Licences are issued according to seven key activity types:
Account issuance
Domestic and cross-border money transfer
Merchant acquisition
E-money issuance
Digital payment token services
Money-changing services
This flexible structure supports innovation while maintaining financial stability and consumer protection.
The full list of licensed financial institutions is available on the MAS Financial Institutions Directory.
A surprising number of Capital Markets Services (CMS) licensees in Singapore are still operating on the compliance policy manual they drafted at the point of licensing — sometimes years earlier, with no formal review in between. Keeping policies current is not a bureaucratic nicety; it is one of the more common gaps that surfaces during
The Monetary Authority of Singapore (MAS) can take a range of enforcement actions for breaches of the laws it administers — reprimands, composition penalties, prohibition orders, civil penalties, and referrals for criminal prosecution. MAS’s own stated enforcement priorities for 2025–26 centre on market misconduct, AML/CFT failures, and technology risk. A review of MAS’s recent
The Monetary Authority of Singapore (MAS) published a consultation paper on 10 June 2026 proposing amendments to the MAS Notices on Technology Risk Management. The consultation closes at 11.30 PM on 31 July 2026—giving MAS-regulated firms just under two months to assess the proposed changes and, where warranted, submit a formal response. This article explains
About the Author: jiawen
A surprising number of Capital Markets Services (CMS) licensees in Singapore are still operating on the compliance policy manual they drafted at the point of licensing — sometimes years earlier, with no formal review in between. Keeping policies current is not a bureaucratic nicety; it is one of the more common gaps that surfaces during
The Monetary Authority of Singapore (MAS) can take a range of enforcement actions for breaches of the laws it administers — reprimands, composition penalties, prohibition orders, civil penalties, and referrals for criminal prosecution. MAS’s own stated enforcement priorities for 2025–26 centre on market misconduct, AML/CFT failures, and technology risk. A review of MAS’s recent
The Monetary Authority of Singapore (MAS) published a consultation paper on 10 June 2026 proposing amendments to the MAS Notices on Technology Risk Management. The consultation closes at 11.30 PM on 31 July 2026—giving MAS-regulated firms just under two months to assess the proposed changes and, where warranted, submit a formal response. This article explains
