Singapore is a leading international financial centre with a single integrated regulator, the Monetary Authority of Singapore (MAS), which supervises banks, payment firms, capital markets intermediaries, insurers and digital token businesses. It is known for wealth and asset management, foreign exchange trading and a payments regime that covers e-money, cross-border transfers and digital payment tokens under one Act.
Risk flagStandard
FATFNot listed
EU AML high-risk listNot listed
EU tax listNot listed
Licence regimes12
CurrencySGD
S&P ratingAAA
Next electiondue by 2030
Not on the FATF grey or black lists after the June 2026 plenary, not on the EU high-risk third country list (Delegated Regulation (EU) 2016/1675 as amended, latest by Delegated Regulation (EU) 2026/46), and not on Annex I of the EU tax list updated 17 February 2026. Checked 7 October 2026.
Government and politics
Government
Parliamentary republic
President
Tharman Shanmugaratnam · since September 2023
Prime Minister
Lawrence Wong (People's Action Party)
Governing parties
People's Action Party
Last election
General election, 3 May 2025
Next election
General election, due by 2030. Presidential election due 2029
Legislature
Parliament (unicameral; 97 elected seats plus non-constituency and nominated members)
Legal system
English common law
Economy and finance
Population
6.1m (2025)
GDP
USD 603.9bn (2025)
GDP per person
USD 99,365 (2025)
Currency
Singapore dollar (SGD), managed float against an undisclosed trade-weighted basket (S$NEER policy band)
Central bank
Monetary Authority of Singapore
Credit rating
S&P AAA (stable) · Moody's Aaa (stable) · Fitch AAA (stable) (as of May 2026)
Singapore is a global financial, wealth management and trading hub with advanced electronics and petrochemical manufacturing, and the Monetary Authority of Singapore acts as both central bank and integrated financial regulator.
Bank
Full bank licence
Minimum capitalNot published
TimelineMAS states processing typically takes about three to four months once the application is complete
AuthorityMAS
Law
Banking Act 1970
Fees
Non-refundable application fee of SGD 20,000 (MAS banking licensing page)
Passporting
No passporting; licence is valid for Singapore only
Key requirements
Financial soundness, track record, world ranking and reputation of the applicant, parent and major shareholders
Written consent from the home country supervisor and strong home supervision
Sound business plan and risk management systems commensurate with the proposed business
MAS currently awards new full bank licences to foreign banks only under free trade agreements
TimelineAbout three to four months once the application is complete
AuthorityMAS
SGD 100 million minimum paid-up capital for a Singapore-incorporated wholesale bank, as stated by MAS for existing wholesale banks in its digital bank requirements
Law
Banking Act 1970
Fees
Non-refundable application fee of SGD 20,000
Passporting
No passporting
Key requirements
Home supervisor consent and cooperation with MAS
Financial soundness and reputation of the applicant group
SGD 15 million paid-up capital at entry as a restricted digital full bank (aggregate deposit cap SGD 50 million, SGD 75,000 per individual), rising to SGD 1.5 billion when fully functioning
Law
Banking Act 1970; MAS digital bank framework
Passporting
No passporting
Key requirements
Applicant must be anchored in Singapore, controlled by Singaporeans and headquartered in Singapore
Commitment of funds or concrete fundraising plan to reach SGD 1.5 billion paid-up capital
Risk-based capital rules on par with domestic systemically important banks
Membership of the Deposit Insurance Scheme
One physical place of business; no access to ATM or cash deposit machine networks
SGD 250,000 minimum base capital, plus security of SGD 100,000 or SGD 200,000 (cash deposit with MAS or bank guarantee)
Law
Payment Services Act 2019, s 6
Passporting
No passporting
Key requirements
Singapore-incorporated company or Singapore branch of a foreign corporation
Permanent place of business or registered office in Singapore
At least one executive director who is a Singapore Citizen or PR, or an EP holder plus one Citizen or PR director
Fit and proper controllers and directors; compliance and audit arrangements
Penetration test of online services before licensing
No caps on transaction volume or e-money float (required above SGD 3 million monthly for one service, SGD 6 million for two or more, or SGD 5 million daily e-money)
No separate e-money licence; an issuer above SGD 5 million daily outstanding e-money needs an MPI licence (SGD 250,000 base capital), below that an SPI licence (SGD 100,000)
Law
Payment Services Act 2019 (e-money issuance is a regulated payment service)
Passporting
No passporting
Key requirements
Same eligibility and assessment criteria as the MPI or SPI licence
Daily outstanding e-money threshold of SGD 5 million decides MPI or SPI
Capital markets services licence (CMS), dealing in capital markets products and other regulated activities
Minimum capitalUSD 39k
TimelineMAS expects up to 6 months to review a complete application; IPA holders then have up to 6 months to meet conditions
AuthorityMAS
Base capital from SGD 50,000 to SGD 5 million for broker-dealers depending on products, clients and clearing membership; SGD 250,000 for corporate finance advisers; the highest figure applies across activities
Law
Securities and Futures Act 2001; Securities and Futures (Financial and Margin Requirements for Holders of Capital Markets Services Licences) Regulations, First Schedule
Fees
Application fee SGD 1,000; annual licence fee SGD 2,000 to 8,000 depending on activities
Passporting
No passporting
Key requirements
Fit and proper applicant, shareholders and key individuals
Appointed representatives registered with MAS
Financial resources above total risk requirement on an ongoing basis
Margin collection for product financing, CFDs and leveraged FX
Monetary Authority of Singapore (MAS) · websitebanks, E-money institutions, Payment service providers, Virtual asset service providers (VASPs), Investment firms, FX brokers, Insurance
Gambling Regulatory Authority of Singapore (GRA) · websiteOnline gaming
Gambling: the Gambling Control Act 2022 and the GRA Act took effect on 1 August 2022, repealing the Remote Gambling Act; gambling is unlawful unless licensed, class-licensed or exempt, and there is no licence open to private online casino or betting operators (Singapore Pools runs the only lawful online platform). Casinos are regulated separately under the Casino Control Act. Stablecoins: MAS finalised a framework in August 2023 for single-currency stablecoins pegged to SGD or a G10 currency issued in Singapore, with reserve, capital and disclosure requirements, and has consulted on amending the PS Act to implement it; no base capital figure was verified from the page opened. Qualifying full bank (QFB) status is a privilege granted to selected foreign full banks rather than a separate licence. The statutory minimum paid-up capital for a traditional full bank was not confirmed from an official page we could open (Singapore Statutes Online was unavailable); MAS documents set SGD 1.5 billion for a fully functioning digital full bank.
General information
About Singapore
Natural Earth boundaries. Map is indicative.
Status
Sovereign state
Capital
Singapore
Area
719 km²
Official languages
English, Malay, Mandarin, Tamil
Time zone
UTC+08:00
Main exports
integrated circuits
refined petroleum
machinery
vaccines
gold
financial services
Main export partners
Hong Kong
China
United States
Malaysia
South Korea
Sources for the country information(9)
Country information checked 9 October 2026. Licensing data updated 7 October 2026. Information only, not legal advice; requirements change. Regulatory notice.
