Singapore legislation

Regulation 8

Prescribed financial requirements under section 6(9)(d) of Act

For the purposes of section 6(9)(d) of the Act, the prescribed financial requirements are —

(a)

where the applicant applies for a standard payment institution licence —

(i)

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

(ii)

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

(b)

where the applicant applies for a major payment institution licence —

(i)

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

(ii)

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