MAS data confirms sustained growth in licensed entities despite tighter regulatory guidelines effective August 2024.

The Monetary Authority of Singapore (MAS) recorded over 50 licensed payment service providers and more than 100 registered fund management companies operating in Singapore as of 2024, according to industry listings and regulatory directories. These figures, drawn from MAS licensing data and industry associations, signal that Singapore's financial centre strategy continues to attract and retain regulated financial firms even as the regulator tightens oversight on both payments and asset management sectors.

Payment Service Provider Licensing Hits 50+ in 2024

Singapore's Payment Services Act (PSA) framework now covers more than 50 licensed entities, encompassing both Standard Payment Institutions (SPIs) and Major Payment Institutions (MPIs). The count, derived from MAS's Financial Institutions Directory, represents firms that have completed the full licensing process under the PSA, which came into effect in 2020 and transitioned entities from a transitional exemption regime.

The milestone comes against a backdrop of regulatory tightening. On 26 July 2024, MAS announced updated Guidelines on Licensing for Payment Service Providers, effective 26 August 2024. These revisions introduced a more structured application process, including mandatory submission of a legal opinion from a qualified law firm detailing the applicant's business model and assessing whether proposed services fall under the PSA's regulatory scope. Applicants must also submit an independent external auditor assessment as a prerequisite for all new license applications and for those seeking to provide digital payment token (DPT) services.

The guidelines place enhanced emphasis on fit-and-proper criteria for directors, senior executives, shareholders, and relevant staff. MAS requires applicants to demonstrate integrity, financial stability, and management of potential conflicts of interest or competing commitments. The responsibility to prove these qualities lies with the applicant rather than MAS needing to disprove suitability, a shift that raises the bar for new entrants.

MAS has also introduced a structured review process for applications, including an opening meeting to discuss the application and a case-on-hold procedure that allows the regulator to pause the review if significant issues arise. These changes apply to SPIs, MPIs, and exempt payment service providers, who remain subject to the same regulatory framework despite not holding a full license.

Number of entities (count)Source: Orionmano Industries

Fund Management Sector Surpasses 100 Registered Firms

Singapore's asset management industry has also crossed a significant threshold, with more than 100 registered fund management companies operating in the city-state as of 2024. The count includes both MAS-licensed fund managers and registered firms operating under the Securities and Futures Act.

The Investment Management Association of Singapore (IMAS) members list includes over 70 prominent fund managers, encompassing sovereign wealth funds, institutional asset managers, and retail fund houses. Names on the roster include GIC Pte. Ltd., Fullerton Fund Management Company Ltd., JPMorgan Asset Management (Singapore) Limited, HSBC Global Asset Management (Singapore) Limited, Goldman Sachs Asset Management (Singapore) Pte. Ltd., and Lion Global Investors Limited. The IMAS directory also reflects the breadth of Singapore's fund management ecosystem, spanning global and regional players across equity, fixed income, and alternative asset classes.

Independent listings from CapitalMarkets.sg provide additional depth, cataloguing dozens of MAS-licensed fund managers including Kiwoom Asset Management, Amova Asset Management, SBI Ven Capital, Apollo Capital Management, and MEX Capital. The directory categorises firms by client type—accredited, institutional, or retail—and confirms that Singapore hosts a diverse mix of retail unit trust managers, hedge funds, private equity managers, family offices, and sovereign wealth fund managers. As CapitalMarkets.sg notes, Singapore is one of Asia's largest fund management centres, underpinned by a regulatory framework that balances investor protection with market access.

Regulatory Tightening Under the Payment Services Act

The 2024 licensing updates represent a significant evolution in MAS's approach to regulating payment service providers. Beyond the new submission requirements, the guidelines introduce a more formalised interaction between applicants and the regulator. The structured review process includes an opening meeting where MAS discusses the application scope and timeline, and a case-on-hold mechanism that allows the regulator to pause applications if material issues emerge during the review.

For applicants seeking to provide digital payment token services, the requirements are even more rigorous. An independent assessment conducted by a qualified external auditor is now a prerequisite for all new DPT license applications. The guidelines also require applicants to demonstrate compliance arrangements that correspond with the business's nature, scale, and complexity, with minimum standards outlined in Appendix 2 of the Guidelines on Licensing for Payment Service Providers.

The implications for existing and prospective licensees are substantial. Compliance costs are expected to rise as firms engage external legal counsel and auditors to meet the new requirements. Smaller applicants, particularly fintech startups and digital asset firms, may face higher barriers to entry. However, for the 50-plus firms already licensed, the framework provides regulatory clarity that can support business planning and investor confidence.

Outlook

The combination of a maturing licensing framework and rising numbers of regulated entities positions Singapore to maintain its status as a top-five global financial centre. The 50-plus licensed payment providers and 100-plus fund managers represent a critical mass of regulated activity that supports liquidity, innovation, and institutional credibility.

Looking ahead, the primary risk for new entrants is the rising cost of compliance. Legal opinions, external auditor assessments, and fit-and-proper due diligence add time and expense to the application process. Incumbents, however, benefit from a clearer regulatory environment that reduces uncertainty around licensing extensions and variations. For fund managers, Singapore's status as one of Asia's largest asset management hubs remains intact, supported by the presence of sovereign wealth funds like GIC and a deep pool of institutional-grade service providers.

The data suggests that Singapore's strategy of combining regulatory rigour with market openness continues to work: stricter rules have not deterred applications but have instead raised the quality bar. As MAS continues to refine its guidelines, the city-state is likely to retain its position as the preferred gateway for financial services firms targeting Southeast Asia and broader Asian markets.