National Supervisory Authority & Licensing Qualification Dossier • Asia-Pacific
MAS
SingaporeMonetary Authority of Singapore
Source / Native Reference: 新加坡金融管理局
- Supervisory tier
- Tier-1
- License classes
- 3
- Licensed records
- 47
- Active / regulated
- 46
Statutory Supervisory Mandate & Scope
Cyprus Securities and Exchange Commission (CySEC) (CySEC) is a Tier-2 derivatives, commodities, and market-infrastructure supervisory body in Cyprus. It regulates futures commission merchants, derivatives dealers, clearing members, and exchange-traded contract execution, enforcing margin adequacy, position limits, trade reporting, and segregated client collateral protections.
Administers the Securities and Futures Act (SFA), Payment Services Act (PSA), Financial Advisers Act (FAA), Banking Act, and Financial Services and Markets Act (FSMA) 2022.
Prudential Tier Assessment
Tier-1Integrated central bank and Tier-1 financial regulatory authority of Singapore overseeing banking, capital markets, insurance, and digital payment token providers.
National licensing qualifications & statutory authorisation classes (MAS)
Authorisation categories, permitted institutional and retail activities, minimum initial capital adequacy, and ongoing prudential solvency rules enforced by MAS in Singapore.
| License class / code | Official designation | Permitted institutional & retail activities | Minimum initial / base capital | Ongoing prudential & solvency rule |
|---|---|---|---|---|
| CMS Licence — Dealing in Capital Markets Products | Capital Markets Services (CMS) Licence for Securities, Futures & OTC Derivatives / Leveraged FX | Dealing in securities, exchange-traded derivatives, OTC derivatives, and retail/institutional leveraged foreign exchange. | SGD $5,000,000 Base Capital (Clearing Member / Retail OTC Derivatives & Leveraged FX), SGD $1,000,000 (Non-Clearing Member), or SGD $500,000 (Accredited/Institutional Investors only). | Financial Resources ≥ 120% of Total Risk Requirement (Operational, Counterparty, Market & Large Exposure Risk); 20:1 retail FX margin cap (5% minimum margin). |
| CMS Licence — Fund Management (LFMC / RFMC) | Licensed Fund Management Company (Retail or Accredited/Institutional A/I LFMC) | Discretionary portfolio management, VCC sub-fund management, private equity, hedge fund, and institutional mandate management. | SGD $1,000,000 Base Capital (Retail LFMC) or SGD $250,000 Base Capital (Accredited/Institutional LFMC; note RFMC regime repealed into A/I LFMC in Aug 2024). | Risk-based capital adequacy (≥120% of Total Risk Requirement), independent fund valuation/custody, and annual MAS Form 1/2 prudential filings. |
| PSA — Major Payment Institution (MPI / DPT) | Major Payment Institution Licence (Digital Payment Tokens & Cross-Border Money Transfer) | Digital Payment Token (crypto) exchange and custody, e-money issuance, merchant acquisition, and cross-border remittance without monthly volume caps. | SGD $250,000 minimum Base Capital plus SGD $100,000–$200,000 statutory security deposit lodged with MAS. | 100% safeguarding of customer fiat moneys (via bank guarantee or trust account) + 90% cold storage and statutory trust for customer DPTs. |
Investor compensation, client money segregation & digital-asset regime
Statutory counterparty protections, custody reconciliation mandates, and virtual-asset licensing status under MAS.
Singapore Deposit Insurance Corporation (SDIC) / SGX Fidelity Fund
- Maximum coverage per client
- SGD $100,000 per depositor per Scheme member bank/finance company (increased from SGD $75,000 in April 2024); SGX Fidelity Fund covers defalcation by SGX member brokers
- Eligible counterparties & scope
- Non-bank individuals and charities holding SGD deposits at full banks or finance companies (OTC derivatives and DPT tokens are protected via statutory trust segregation rather than SDIC).
Securities and Futures (Licensing and Conduct of Business) Regulations — Reg 16 to Reg 37
- Reconciliation & audit cadence
- Daily computation of customer money and asset trust balances by the next business day; monthly external verification.
- Approved custodian requirements
- Customer moneys must be deposited in a designated statutory Trust Account with a licensed bank in Singapore; strict prohibition on rehypothecation of retail customer assets ( effective both under SFA and Oct 2024 PSA DPT rules).
Payment Services Act (PSA) Major Payment Institution (MPI) — Digital Payment Token (DPT) & MAS Stablecoin Framework
- Travel Rule, custody & stablecoin rules
- MAS Notice PSN02 enforces a zero-threshold Wire Transfer / Value Transfer Rule for all DPT transactions; mandatory 90% cold-wallet custody & statutory trust segregation for DPT customer assets.
Primary Governing Statutes & Rulebooks
- Securities and Futures Act 2001 (SFA) & SF(LCB)R / SF(FMR)R Regulations
- Payment Services Act 2019 (PSA) & PSN02 AML/CFT Notice for Digital Payment Tokens
- Financial Services and Markets Act 2022 (FSMA) & Variable Capital Companies Act (VCC)
- MAS Notice SFA 04-N12 (Sale of Investment Products) & MAS Technology Risk Management (TRM) Guidelines
Regulatory Reporting & Audit Obligations
Quarterly Form 1 & Form 2 Risk-Based Capital returns and annual audited financial statements + Auditor’s Report on Customer Money/Assets (Form 5)SFA Part 6A OTC Derivatives Trade Reporting to DTCC Data Repository SingaporeMandatory Dispute Resolution membership with FIDReC (Financial Industry Disputes Resolution Centre) for retail-facing institutions
Cross-Border Equivalence & Passporting
ASEAN Collective Investment Scheme (CIS) passporting for qualifying retail funds; FSMA 2022 requires Singapore-incorporated entities providing virtual asset services outside Singapore to be licensed.
Supervised institutions & MAS licence records in our database
47 licence records referencing MAS (46 regulated/registered, 1 flagged with warnings/revocations).
| Institution | Licence number | Status | Licensed legal entity | Effective date | Verification |
|---|---|---|---|---|---|
| Saxo | Not supplied | Regulated | SAXO CAPITAL MARKETS PTE. LTD. | — | |
| CMCMarkets | 200605050E | Regulated | CMC MARKETS SINGAPORE PTE LTD | — | |
| OANDA | Number pending check | Regulated | OANDA ASIA PACIFIC PTE. LTD. | — | |
| Plus500 | CMS100648 | Regulated | PLUS500SG PTE. LTD. | — | |
| Coinbase | Number pending check | Regulated | Coinbase | — | |
| OKX | Number pending check | Regulated | OKX SG PTE. LTD. | — | |
| Mizuho Securities | Number pending check | Regulated | MIZUHO BANK, LTD. | — | |
| Swissquote | 226182 | Regulated | SWISSQUOTE PTE. LTD. | — | |
| Forex | CMS100476 | Regulated | STONEX FINANCIAL PTE. LTD. | — | |
| IB | CMS100917 | Regulated | INTERACTIVE BROKERS SINGAPORE PTE. LTD. | — | |
| StoneX | Number pending check | Regulated | StoneX Financial Pte. Ltd. | 2011 | |
| CheckOut | PS20200469 | Regulated | Checkout | — | |
| VELOCITY | 202302162E | Regulated | Velocity Trade Pte. Ltd. | — | |
| ICAP | CMS100204 | Regulated | ICAP AP Singapore Pte Ltd | 2005 | |
| MUFG Bank | Number pending check | Regulated | MUFG BANK, LTD. | — | |
| Hash | Number pending check | Regulated | HASHKEY CAPITAL SINGAPORE PTE. LTD. | — | |
| Eddid Financial | CMS101839 | Regulated | EDDID FINANCIAL SINGAPORE PTE. LTD. | — | |
| IG | 1489 | Regulated | IG ASIA PTE LTD | — | |
| MultiBank | CMS101174 | Regulated | MEX GLOBAL MARKETS PTE. LTD | — | |
| Tiger Brokers | Number pending check | Regulated | TIGER BROKERS (SINGAPORE) PTE. LTD | — | |
| Straits Financial Group | CMS100028-1 | Regulated | Straits Financial Services Pte Ltd | — | |
| The Capital Group | 249688 | Regulated | CAPITAL GROUP INVESTMENT MANAGEMENT PTE. LTD. | — | |
| BitGo | Number pending check | Regulated | BITGO SINGAPORE PTE. LTD. | 2024-08 | |
| Adyen | PS20200541 | Regulated | Adyen | 2020-01-28 | |
| HashKey Exchange | Number pending check | Regulated | HASHKEY CAPITAL SINGAPORE PTE. LTD. | — | |
| Broker-4317 | Number pending check | Regulated | Broker-4317 | 2020 | |
| SMS | TC006275 | Regulated | HEX TRUST LIMITED | — | |
| Anchorage | 427752 | Regulated | ANCHORAGE DIGITAL SINGAPORE Pte. Ltd. | — | |
| DBS Bank | Number pending check | Regulated | DBS BANK LTD | — | |
| Lion | CMS101140 | Regulated | LION INTERNATIONAL FINANCIAL (SINGAPORE) PTE. LTD. | — | |
| RBC | Number pending check | Regulated | ROYAL BANK OF CANADA | — | |
| TRIPLE | PS20200525 | Regulated | TRIPLE A TECHNOLOGIES PTE. LTD. | — | |
| TRON | Number pending check | Registered | TRON Foundation Limited | 2017-07 | |
| XREX | Number pending check | Regulated | XREX PTE. LTD. | — | |
| BigONE | 201727107K | Regulated | BIGX GLOBAL PTE. LTD. f.k.a UNIBLOCK INVESTMENT CONSULTANCY PTE. LTD. | — | |
| CGS CIMB · | Number pending check | Regulated | CGS INTERNATIONAL SECURITIES SINGAPORE PTE. LTD. | — | |
| DigiFinex | Number pending check | Revoked | DIGIFINEX PTE LTD | 2020-07-28 | |
| KGI | 195500144H | Regulated | KGI Securities (Singapore) Pte. Ltd. | 1990 | |
| Maybank Kim Eng | Number pending check | Regulated | MAYBANK | — | |
| OCBC | Number pending check | Regulated | OVERSEA-CHINESE BANKING CORPORATION LIMITED | — | |
| Omise | 201613920H | Regulated | Omise | — | |
| PAYPAL | PS20200223 | Regulated | PAYPAL PTE. LTD. | 2020-02-23 | |
| PHILLIP | Not supplied | Regulated | PHILLIP NOVA PTE. LTD | -- | |
| UOB | 193500026Z | Regulated | UNITED OVERSEAS BANK LIMITED | — | |
| UOB | 197000447W | Regulated | UOB Kay Hian Securities | — | |
| UPbit | Number pending check | Regulated | UPBIT SINGAPORE PTE. LTD. | — | |
| UTRADE | 197000447W | Regulated | UTRADE | — |
MAS (Singapore): institutional licensing & due diligence FAQ
Key statutory capital, compensation, custody segregation, and verification answers for compliance teams.
What are the primary licensing classes and minimum capital requirements under MAS (Singapore)?
MAS (Monetary Authority of Singapore) supervises financial institutions in Singapore under Securities and Futures Act 2001 (SFA) & SF(LCB)R / SF(FMR)R Regulations and Payment Services Act 2019 (PSA) & PSN02 AML/CFT Notice for Digital Payment Tokens. Key statutory authorisation classes include: CMS Licence — Dealing in Capital Markets Products (Capital Markets Services (CMS) Licence for Securities, Futures & OTC Derivatives / Leveraged FX — min. capital: SGD $5,000,000 Base Capital (Clearing Member / Retail OTC Derivatives & Leveraged FX), SGD $1,000,000 (Non-Clearing Member), or SGD $500,000 (Accredited/Institutional Investors only).); CMS Licence — Fund Management (LFMC / RFMC) (Licensed Fund Management Company (Retail or Accredited/Institutional A/I LFMC) — min. capital: SGD $1,000,000 Base Capital (Retail LFMC) or SGD $250,000 Base Capital (Accredited/Institutional LFMC; note RFMC regime repealed into A/I LFMC in Aug 2024).); PSA — Major Payment Institution (MPI / DPT) (Major Payment Institution Licence (Digital Payment Tokens & Cross-Border Money Transfer) — min. capital: SGD $250,000 minimum Base Capital plus SGD $100,000–$200,000 statutory security deposit lodged with MAS.). Ongoing prudential supervision requires strict adherence to capital adequacy and liquidity buffers.
Does MAS provide statutory investor compensation and mandatory client asset segregation?
Under MAS's framework, investor protection is governed by Singapore Deposit Insurance Corporation (SDIC) / SGX Fidelity Fund with maximum coverage of SGD $100,000 per depositor per Scheme member bank/finance company (increased from SGD $75,000 in April 2024); SGX Fidelity Fund covers defalcation by SGX member brokers (Non-bank individuals and charities holding SGD deposits at full banks or finance companies (OTC derivatives and DPT tokens are protected via statutory trust segregation rather than SDIC).). For client money and custody assets, supervised firms must comply with Securities and Futures (Licensing and Conduct of Business) Regulations — Reg 16 to Reg 37, performing daily computation of customer money and asset trust balances by the next business day; monthly external verification. with customer moneys must be deposited in a designated statutory trust account with a licensed bank in singapore; strict prohibition on rehypothecation of retail customer assets ( effective both under sfa and oct 2024 psa dpt rules)..
How does MAS regulate digital assets, crypto exchanges (VASPs/CASPs), and stablecoins?
MAS's digital-asset regime is structured around Payment Services Act (PSA) Major Payment Institution (MPI) — Digital Payment Token (DPT) & MAS Stablecoin Framework (Comprehensive licensing covering DPT dealing, custody, cross-border transfer, and the MAS Single-Currency Stablecoin (SCS) reserve/redemption framework.). Custody and AML/CFT compliance obligations require: MAS Notice PSN02 enforces a zero-threshold Wire Transfer / Value Transfer Rule for all DPT transactions; mandatory 90% cold-wallet custody & statutory trust segregation for DPT customer assets.
How can I verify an institution's MAS licence number and check our 47 recorded licence entries?
Our database currently tracks 47 licence records referencing MAS (46 marked regulated or registered). To verify a counterparty at the primary source, open MAS's official public register (https://www.mas.gov.sg/), search by the exact reference number and legal entity name, and confirm that the firm's domain and permitted activities match its statutory authorisation.
Related regulatory & market structure briefings
Research and compliance analysis from VolSurface Desk relevant to MAS and Singapore.
Volatility Surface & Derivatives Desk
Arbitrage-Free SVI Volatility Surface Calibration, 0DTE Intraday Gamma-Vanna-Charm Flows, and Index Dispersion Mechanics in 2026
An institutional derivatives desk note detailing Gatheral SVI and SSVI static arbitrage constraints (butterfly and calendar conditions), SPX 0DTE dealer gamma/vanna/charm hedging flows, VIX vs VIX1D variance swap replication, and OCC STANS / Eurex Prisma portfolio margining.
Volatility Surface & Dealer Flow Mechanics
Vanna-Charm Second-Order Greeks Hedging Flows, S&P 500 25-Delta Skew Term Structure & Dealer OpEx Pin Risk Mechanics (2026 Quantitative Desk Manual)
Vanna and Charm hedging flows refer to the systematic delta-rebalancing trades executed by institutional options market makers in response to shifts in implied volatility (∂Δ/∂σ) and the passage of time (∂Δ/∂t). Across the S&P 500 (SPX) options complex—where average daily volume reached 3.34 million contracts [3.34 million contracts/day, Cboe Global Markets Market Statistics, Q3 2026]—dealer net short downside put positioning and 0DTE gamma concentration drive up to $42.8 billion in deterministic end-of-day futures rebalancing per 1% underlying move [$42.8 billion notional delta flow, Options Clearing Corporation (OCC) Cleared Contract Report, September 2026].
0DTE Gamma & Volatility Surface
SPX 0DTE Gamma Exposure (GEX), Vanna & Charm Hedging Ratios, and OCC STANS Intraday Margin Framework
SPX 0DTE options account for 59% of S&P 500 options volume (Source: Cboe Global Markets, 2025-10-10), driving dealer GEX, Vanna, Charm, and OCC 20-minute STANS margining.
0DTE Gamma & Volatility Surface
Cboe SPX 0DTE Options Volume (59% Share) & Dealer Gamma Exposure (GEX): Dealer Delta/Gamma Hedging Equations & E-Mini S&P 500 Futures Impact (59.0% Share of SPX Options Volume Benchmark)
Cboe SPX 0DTE Options Volume (59% Share) & Dealer Gamma Exposure (GEX) (SPX-0DTE-GEX) stands at 59.0% (Share of SPX Options Volume) (Source: Cboe Global Markets, 2026-10-20), governing intraday futures rebalancing per 1%
Statutory licensing classes, base capital rules, and investor protection summaries for MAS (Singapore) are maintained for institutional benchmarking and do not constitute legal advice. Always verify current rulebooks and active firm authorisations directly on MAS’s official public register.