Overview of MAS Licence Types and Regulated Activities

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:

1. Account issuance

2. Domestic and cross-border money transfer

3. Merchant acquisition

4. E-money issuance

5. Digital payment token services

6. 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.