Singapore legislation

Regulation 12

Financial requirements while licence is in force

For the purposes of section 6(12)(a) of the Act —

(a)

the prescribed financial requirements for a standard payment institution, while its licence is in force, are —

(i)

if the standard payment institution is incorporated in Singapore — a base capital of at least $100,000; or

(ii)

if the standard payment institution is a foreign company — net head office funds of at least $100,000; and

(b)

the prescribed financial requirements for a major payment institution, while its licence is in force, are —

(i)

if the major payment institution is incorporated in Singapore — a base capital of at least $250,000; or

(ii)

if the major payment institution is a foreign company — net head office funds of at least $250,000.