If you have a Company in Singapore and if it operates in the financial Sector, then there is a higher chance that you may need a license to be obtained from the Monetary Authority of Singapore. The typical business Sectors needing licenses are :
Many of these licenses often require a lot of information from your side. At times this information is not in a single form, but may need to be attached as an additional annexure. If you have not handled this kind of form then things can get confusing and complicated for you.
Sometimes the information requested may be open ended – for example “Explain your cyber security arrangements”. For an untrained person it becomes quite difficult to decide what to write here. Giving too little information can add to the processing time as approvers will often ask for more details.
Many applications require additional documents to be attached. These may range from CV of the intended representative to technical diagrams of your fintech solution. So the variability of the topic here is great. Knowing how much information and what is relevant information is of importance.
In almost all the MAS licenses having your Risk management Framework, Compliance manuals / policies and AML/ KYC policies is necessary. Moreover these documents needs to be customised for your specific case or scenario. The components of these policies should be as approved by the MAS.
At times you will need interaction with MAS representatives for the questions they may have. A meeting may be needed. Being prepared for the meeting and presenting your case confidently is important. Also providing right information in right format is necessary.
It should be clear to you now, that applying for a license with MAS, to operate your financial company may not be as easy as you may think. So you can consider engaging our services for the license application. Moreover, we provide a complete suite of services as follows.
Our packages are comprehensive. The price covers everything required.
Our service team has many years of experience. we will guide and assist you throughout your engagement.
We take pride in the quality of services we provide. Check our testimonial section to see what our clients speak about us.
We are very straightforward with our approach. If something in your plan is not likely to work out we will be frank to tell you so.