Sending cross-border payments from Singapore: the stack
Sending money abroad from Singapore requires a MAS licence under the Payment Services Act 2019 for cross-border money transfer service: a Standard Payment Institution licence while monthly transactions stay below S$3 million for one service (S$6 million for two or more), or a Major Payment Institution licence above that, and a Major Payment Institution must safeguard relevant money no later than the next business day through a bank undertaking, a bank guarantee or a trust account. The typical stack pairs a Singapore bank for virtual accounts, such as DBS, with FAST and PayNow collections (24x7, up to S$200,000 per FAST transaction), MAS-licensed collection and FX providers such as HitPay and Nium, and MPI-licensed stablecoin ramps such as StraitsX.
| Currency | SGD |
| Collection and funding rails | FAST, PayNow, MEPS+, Interbank GIRO, PayNow cross-border linkages (PromptPay, UPI, DuitNow) |
| Holiday calendar | Singapore bank holidays 2026 and 2027 |
The Singapore market
- Singapore's foreign exchange average daily trading volume was US$1.485 trillion in April 2025, up 60% from April 2022, making it the third largest FX centre after the UK and the US with 11.8% of global volume (BIS Triennial Survey, MAS release of 1 October 2025). source
- FAST processed 642 million transactions worth S$797.7 billion in 2025, up from 500 million transactions worth S$661.7 billion in 2024; the average FAST payment in 2025 was S$1,242. source
- Interbank GIRO carried 123 million transactions worth S$707.7 billion in 2025, and SGD cheque clearing fell to 5.5 million cheques from 8.4 million in 2024. source
- PayNow is linked to Thailand's PromptPay (since April 2021, for customers of participating banks), India's UPI and Malaysia's DuitNow (for customers of participating banks and Major Payment Institutions), so senders can make cross-border transfers using a mobile number or virtual payment address. source
- Nexus Global Payments, in which MAS, Bank Negara Malaysia, Bangko Sentral ng Pilipinas, the Bank of Thailand and Bank Indonesia take part, is targeted to go live in 2027, with a joint venture of PayNet and NETS appointed as Nexus Technical Operator. source
- The Singapore Payments Network (SPaN), set up by MAS and the Association of Banks in Singapore to administer and govern the national payment schemes, appointed its first CEO and board on 28 October 2026 and will begin operations in early 2027. source
- MAS and ABS announced on 25 June 2026 a PayNow Generation 2 programme, with longer-term work on request-to-pay, structured data fields for automated reconciliation and expanded cross-border connectivity, and an implementation roadmap due by end-2026. source
Licensing: who can send money from Singapore
- Cross-border money transfer service (Activity C under the Payment Services Act) means providing inbound or outbound remittance service in Singapore, and also facilitating remittance between entities in different countries even if monies are not accepted or received in Singapore. source
- There are three licence types: a money-changing licence, a Standard Payment Institution (SPI) licence for services below the thresholds in section 6(5) of the Act, and a Major Payment Institution (MPI) licence without those limits. The thresholds are S$3 million of monthly transactions for any one activity, S$6 million for two or more activities and S$5 million of daily outstanding e-money. source
- Base capital is S$100,000 for an SPI and S$250,000 for an MPI. Before starting business an MPI must also lodge security with MAS, as a cash deposit or bank guarantee, of S$100,000 if its monthly payment transactions average no more than S$6 million for any one payment service, or S$200,000 in all other cases. source
- An applicant must be registered with ACRA and have a permanent place of business or registered office in Singapore, with at least one person present there for a minimum of 10 days a month and eight hours on each of those days (MAS Notice PSN07). source
- Since February 2021 non-bank financial institutions licensed as Major Payment Institutions can connect directly to FAST and PayNow through an API payment gateway built by the Direct FAST Working Group. source
- From 30 June 2025 digital token service providers that serve only customers outside Singapore must be licensed under the Financial Services and Markets Act 2022, and MAS has said it will generally not issue such licences; providers serving customers in Singapore are regulated under the Payment Services Act and can also serve customers abroad. source
- MAS finalised its stablecoin framework on 15 August 2023 for single-currency stablecoins pegged to the Singapore dollar or a G10 currency and issued in Singapore; issuers must return par value within five business days of a redemption request, and only issuers that meet all its requirements can apply to use the label "MAS-regulated stablecoin". source
- On 1 September 2026 MAS consulted, until 16 October 2026, on Payment Services Act amendments to put the stablecoin framework into law, including recognising a limited number of comparably regulated foreign-issued stablecoins for cross-border wholesale use and prohibiting interest on MAS-regulated stablecoins. source
This page explains the rules in general terms and is not legal or regulatory advice. Check the primary source and take advice on how the rules apply to your firm.
Holding customer funds
- A Major Payment Institution providing domestic money transfer, cross-border money transfer or merchant acquisition must, no later than the next business day after relevant money is received, safeguard it by an undertaking from a safeguarding institution to be fully liable to the customer, by a guarantee from a safeguarding institution, by depositing it in a trust account with a safeguarding institution, or in another prescribed manner (Payment Services Act, section 23(2)). source
- For e-money issuance, relevant money must be safeguarded from the time it is received rather than by the next business day (section 23(4)). source
- For a cross-border money transfer business, relevant money is money the institution still holds at the end of each business day; it excludes fees and money already paid out on the customer's instructions, whether or not the recipient has received it (section 23(14)). source
- A safeguarding institution for undertakings and guarantees is a bank in Singapore or another prescribed financial institution, and a business day is any day other than a Saturday, Sunday, public holiday or bank holiday (section 23(14)). source
- MAS can approve, on application and subject to conditions, the use of two or more safeguarding methods at the same time (section 23(8)). source
- MAS has proposed that MAS-regulated stablecoin issuers safeguard customer money received before stablecoins are issued, in line with existing Payment Services Act licensees. source
Collection and funding rails
| Rail | Operator | What matters | Source |
|---|---|---|---|
| FAST | Banking Computer Services (BCS), governed by the Singapore Clearing House Association | SGD transfers between participating banks and non-bank financial institutions, available 24x7 at most participants, up to S$200,000 per transaction subject to each institution's own limits; launched on 17 March 2014 and opened to selected non-banks on 8 February 2021. | source |
| PayNow | BCS (overlay on FAST), governed by ABS | Overlay central addressing service on FAST that lets consumers and businesses pay across accounts using a mobile number, NRIC/FIN or Unique Entity Number as a proxy, available 24/7, 365 days a year. | source |
| MEPS+ | Monetary Authority of Singapore | Singapore's RTGS system; it runs on business days, Monday to Friday excluding public and bank holidays, and any balance left in a participant's RTGS account at the end of MEPS+ operating hours is moved back to its current account with MAS. | source |
| Interbank GIRO | Participating banks | Batch transfers that reach the recipient in up to 3 working days; still used for transfers to institutions that are not FAST participants. | source |
| PayNow cross-border linkages (PromptPay, UPI, DuitNow) | BCS with the partner country operators | Transfers to Thailand's PromptPay for customers of participating banks, and to India's UPI and Malaysia's DuitNow for customers of participating banks and Major Payment Institutions; UPI and DuitNow transfers run 24/7 in near real time or real time, and PromptPay transfers arrive within minutes. | source |
The send-side stack, layer by layer
A starting shortlist for each layer, described from each provider's own documentation. Confirm terms, coverage and licences with each provider.
Sponsor banks and safeguarding accounts
| Provider | What it does | Source |
|---|---|---|
| DBS Platform Services | Virtual accounts with real-time ledgering for on-behalf-of collections from multiple parties, each identified by a unique virtual account, with payments made directly from the virtual accounts. | source |
Collections and pay-ins
| Provider | What it does | Source |
|---|---|---|
| HitPay | Licensed as a Major Payment Institution (PS20200643) for domestic money transfer, cross-border money transfer and merchant acquisition services; offers PayNow, GrabPay and other local methods through one REST API and e-commerce plugins. | source |
| Stripe (PayNow) | Accepts PayNow for Singapore-based accounts in SGD, for B2B and B2C businesses and Connect platforms; funds become available in the Stripe balance 1 day after the transaction and then follow the account's payout schedule. | source |
| Adyen (PayNow) | PayNow acceptance through QR code payments in SGD, with refunds and multiple partial refunds supported. | source |
Stablecoin ramps
| Provider | What it does | Source |
|---|---|---|
| StraitsX | Licensed and regulated by MAS as a Major Payment Institution (licences PS20200475, PS20200656, PS20200657, PS20200658); issues XSGD and XUSD, converts between fiat and stablecoins through bank or blockchain transfers and runs an OTC desk for larger volumes. | source |
| Independent Reserve Singapore | Holds an MAS Major Payment Institution licence; trades against SGD and USD, including USDC and USDT, with FAST bank transfers and an OTC desk for businesses and institutions. | source |
FX and liquidity
| Provider | What it does | Source |
|---|---|---|
| Nium | Regulated by MAS as a Major Payment Institution (licence PS20200276); pays out to 190+ countries, holds and collects in 100+ currencies and converts across 2,000+ currency pairs. | source |
KYC and KYB providers
| Provider | What it does | Source |
|---|---|---|
| Myinfo (Singpass) | Government service that lets Singapore citizens and residents share verified personal data to pre-fill forms, used by banks and service providers for faster identity verification and KYC. | source |
| ACRA Bizfile | Sells official business information products such as Business Profiles and certificates through Bizfile, and offers an API Marketplace for business information. | source |
Bank data and open banking
| Provider | What it does | Source |
|---|---|---|
| SGFinDex | Digital public infrastructure that uses national digital identity and a centrally managed online consent system to give access to financial data from public and private sector sources. | source |
| Finverse | Bank data API with real-time account information, with user consent, from over 40 Asian banks, plus recurring bank and card payment collection in Hong Kong and Singapore. | source |
When money can leave Singapore
- FAST runs 24x7 at most participants, but some banks give a FAST transaction the next business day as value date if it is made after a cut-off time or on a non-business day. source
- A single FAST transfer is capped at S$200,000, so larger SGD movements go through MEPS+, which settles only on business days (Monday to Friday, excluding public and bank holidays). source
- Singapore public holidays that fall next to a weekend include Deepavali, whose public holiday is Monday 9 November 2026 because 8 November is a Sunday, Christmas Day on Friday 25 December 2026, New Year's Day on Friday 1 January 2027 and Good Friday on 26 March 2027, each creating a three-day break in MEPS+ business days. source
- Other 2027 holidays that close MEPS+ on a weekday are Chinese New Year (Monday 8 February, as 6 and 7 February fall on a weekend), Hari Raya Puasa (Wednesday 10 March), Hari Raya Haji (Monday 17 May), Vesak Day (Thursday 20 May), National Day (Monday 9 August) and Deepavali (Thursday 28 October). source
- Because safeguarding for transfer businesses is due by the next business day, money received on a Friday before a public holiday weekend has to be safeguarded by the next day that is not a Saturday, Sunday, public holiday or bank holiday. source
Corridors from here
Frequently asked questions
Which MAS licence do I need to send money abroad from Singapore?
A licence under the Payment Services Act covering cross-border money transfer service. A Standard Payment Institution licence works while monthly transactions stay below S$3 million for one service or S$6 million for two or more; above that you need a Major Payment Institution licence.
How much capital does a Singapore payment institution need?
Base capital is S$100,000 for a Standard Payment Institution and S$250,000 for a Major Payment Institution. An MPI also lodges S$100,000 or S$200,000 of security with MAS, as cash or a bank guarantee, depending on its monthly transaction volume.
How must customer money be safeguarded?
A Major Payment Institution offering cross-border transfers must safeguard relevant money no later than the next business day, through an undertaking or guarantee from a bank in Singapore or by depositing it in a trust account with a safeguarding institution.
Can a non-bank connect directly to FAST and PayNow?
Yes. Since February 2021 Major Payment Institutions can connect directly to FAST and PayNow through an API payment gateway.
When can SGD move on weekends?
FAST and PayNow run 24x7 at most participants for transfers up to S$200,000, though some banks value-date weekend transfers to the next business day. MEPS+ settles only Monday to Friday, excluding public and bank holidays.
Are stablecoins regulated in Singapore?
Single-currency stablecoins pegged to the SGD or a G10 currency and issued in Singapore are covered by the stablecoin framework MAS finalised in August 2023, which requires redemption at par within five business days. On 1 September 2026 MAS consulted, until 16 October 2026, on the Payment Services Act amendments to put it into law.
Sources
- www.mas.gov.sg/news/media-releases/2025/singapore-strengthens-position-as-third-largest-global-fx-centre
- www.mas.gov.sg/-/media/mas-media-library/statistics/payment-statistics/semi-annual-retail-payment-statistics/retail-payment-statistics-h2-2025.pdf
- www.abs.org.sg/consumer-banking/pay-now
- www.mas.gov.sg/publications/annual-report/2026/annual-report-2025-2026/innovative-and-inclusive-financial-centre/payment-innovation
- www.mas.gov.sg/news/media-releases/2026/singapore-payments-network-appoints-key-leadership-team
- www.mas.gov.sg/news/media-releases/2026/mas-and-abs-chart-instant-payments-enhancements-with-paynow-generation-2-study
- www.mas.gov.sg/-/media/mas-media-library/regulation/guidelines/pso/ps-g01-guidelines-on-licensing-for-payment-service-providers/guidelines-on-licensing-for-payment-service-providers-psg01-amendment-updated-8-oct-2025.pdf
- www.mas.gov.sg/news/media-releases/2020/non-bank-financial-institutions-to-have-access-to-fast-and-paynow
- www.mas.gov.sg/news/media-releases/2025/mas-clarifies-regulatory-regime-for-digital-token-service-providers
- www.mas.gov.sg/news/media-releases/2023/mas-finalises-stablecoin-regulatory-framework
- www.mas.gov.sg/news/media-releases/2026/mas-consults-on-legislative-amendments-to-implement-stablecoin-regulatory-framework
- sso.agc.gov.sg/Act/PSA2019
- abs.org.sg/docs/library/fast-faq---23-jul-2026.pdf
- www.mas.gov.sg/-/media/mas/singapore-financial-centre/why-singapore/meps/agreements/current-account-tcs_-specified-institution_21july2025_clean.pdf
- www.mom.gov.sg/employment-practices/public-holidays
- www.dbs.com.sg/corporate/solutions/platform-services
- www.hitpayapp.com/license-registrations
- docs.stripe.com/payments/paynow
- docs.adyen.com/payment-methods/paynow
- www.straitsx.com
- www.independentreserve.com/sg
- www.nium.com/licenses
- developer.tech.gov.sg/products/categories/digital-identity/myinfo/overview
- www.acra.gov.sg/how-to-guides/buying-information
- www.mas.gov.sg/development/fintech/sgfindex
- www.finverse.com
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About Polynopsis
Polynopsis is liquidity management software for cross-border payment companies. The name joins poly, many, and synopsis, a seeing together: one live view of money spread across many banks, payout partners, exchanges and stablecoin wallets, including money in flight, with a warning before any corridor runs dry.
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