Regulation 8
Prescribed financial requirements under section 6(9)(d) of Act
of Payment Services Regulations 2019
Subsidiary LegislationIn forceProvision 7 of 47
Regulation 8
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.