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.
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