The MPI (Major Payment Institution) Licence is regulated by the Monetary Authority of Singapore (MAS) under the Payment Services Act 2019.

Unlike an SPI (Standard Payment Institution), an MPI may continue to provide approved payment services after exceeding the specified transaction volume thresholds that apply to an SPI. An MPI is generally subject to more comprehensive regulatory obligations, including:

· Minimum capital requirements

· Security deposit maintained with MAS

· Customer fund safeguarding

· Anti-money laundering and counter-terrorist financing

· Technology risk management

· Cybersecurity

· Periodic regulatory reporting

· Independent audit

· Customer complaints handling

· Major incident reporting

· Ongoing fit-and-proper requirements