Fintech Consulting & Licensing Support in Singapore
At Enterslice, we believe in prudence, and our expert team makes obtaining licenses for fintech a cakewalk. Our motto is to build trustworthy relationships and loyal partnerships with our clients. Our encouraging team will build your company not just nationally but also internationally. With the support of Enterslice's fintech licensing advisory and consultation unit, you can also make your fintech a known brand in the Singapore fintech industry. Enterslice will help you obtain licenses for your fintech company. We will help you in getting your operations up and running in the shortest time possible. We will assist you in ACRA (Accounting and Corporate Regulatory Authority) proceedings and help you obtain a license for the business structure most suitable for your needs.
What is a fintech licensing?
In recent times, the traditional market players have been challenged by the industries arising out of the combination of finance with technology, popularly known as fintech. Today, any technologically enabled financial innovation that might produce new business models, applications, processes, or products that can leave an effect on the financial market is known as a fintech business model. Due to stringent consumer protection rules, these fintech business models can't be part of the public domain without obtaining authorization from the regulatory authorities. This authorization is generally in the form of licensing, which gives the right businesses innovative fintech models to introduce in the public domain.
Each nation has separate policies regarding fintech licensing, and an entity willing to obtain the same needs to register them according to the local laws. These licensed fintech entities rely upon electronic channels for their distribution, making cross-border interactions and outsourcing of products easy, converting the global market into a unified marketplace.
With Enterslice, Embrace Your Journey as a Fintech Licensed Company By
Persistence and Conviction
let us keep the foundation of your fintech business with the quality-oriented business model.
Generating Value proposition
Together, let us add value to your business with a prompt and reflective growth-oriented approach.
With the help of Enterslice, systematically project your business with structured and efficient tactics.
Enterslice Fintech Licensing Services Making Your Business
making your business meet the expectations of the customers and addressing their unmet needs, along with creating a value proposition for your customer base.
It will be our responsibility to make your company technologically enabled by making your existing operating model sound enough to fill the gaps in existing technology.
We will make your business customer-centric with a customized business model as per your needs, which can aid an increase in revenue. With Enterslice, make your business efficient and improved.
fintech business circles around various risk-involving factors due to the interference of technology, external factors such as legal and compliance related, and decreasing the risk aversion of the companies, with the help of Enterslice, create a risk accessing and mitigating business model.
How Enterslice Can Help You in Hassle-free License Procurement
1. Digital Banking License Assistance
Enterslice will help you in fulfilling the DFW or DWB license requirements, such as –
- We will help you with your track record analysis and do a technology analysis for your business.
- Assist you in fit and proper test requirements.
- Assist you in maintaining and analyzing the minimum capital funds requirement as per the MAS regulations.
- We will help you create a value proposition for your business by creating a data analysis of customer needs about innovation and technology needs for maintaining their finances.
- Sustainability is one of the key requirements for setting up a financial business in Singapore. We will help you in creating a sustainable business model as per the requirements of Singapore regulatory authorities.
- We will assist you with a letter of responsibility and a letter of undertaking, which are key requirements for the operation of any digital bank in Singapore.
- We will assist you in fulfilling the needs of the Singapore financial centre by developing a skilled workforce for you that will be trained and guided by our team of HR consultants. We will help you anchor the functions of your headquarters even during your unavailability.
- Our team of strategists will generate ideas for your organization, helping you in generating regional expansion plans.
2. Capital Market Services License Assistance
If you are establishing a fintech business that deals in capital market products such as broker-dealer, SCF Operator, corporate finance adviser, credit rating agency, REIT Manager and advising in corporate finance, fund management, real estate investment trust management, product financing, provides credit rating services and custodian services for securities then you need to hold a CMS license.
Enterslice, along with its team of consultants, will make your path to obtaining a CMS license trouble-free. We will-
- Assist you in maintaining the fitness and propriety of your organization, its shareholders, and directors.
- To obtain a CMS License, you need to maintain minimum financial requirements by the baseline prescribed by the regulators. Our team of experts specializes in asset allocation and maintenance.
- We will create a risk assessment model for you to avoid the plans and projections for current and future risks on time.
- If you are a foreign entity, you need to appoint residents of Singapore to your board of directors and managers. Our team in Singapore is well aware of the dynamics of the Singapore market and has data on representatives that can serve your organization efficiently and effectively.
3. Insurtech License Assistance
Suppose you are a fintech company that deals with insurance-related business and you are a foreign insurer establishing your business in Singapore. In that case, you need to register yourself under the Lloyd's Asia scheme. Enterslice will help you maintain the required set of compliances needed for your registration in this scheme.
- We will assist you with the minimum entry and examination requirements needed.
- Our team of experts will help you with risk assessment and liability assurance.
- Our experts have detained data of representatives who can fit into the mandate of an internal auditor.
4. Standard Payment Institution License Assistance-
Suppose you are a fintech company and your payment services do monthly transactions of S$3 Million and S$6 million monthly transactions for two or more payment services or S$5 Million of daily outstanding electronic money. In that case, you need to acquire a standard payment institution license.
The dynamics involved in acquiring such a license are a bit complicated, but our team at Enterslice can help you obtain the license effortlessly by
- Guiding you through attaining the fitness and propriety criteria, which is a must for your controllers and directors.
- Help you build the expertise and competency necessary for running a fintech industry in Singapore so that you can obtain the license without any complications.
- Our legal experts will make compliance arrangements for your company, which will be in correspondence with the nature, scale, and complexity of your business.
- At Enterslice, we have a technology risk assessment and management team, in which we design a penetration test for your proposed financial services so that any existing or upcoming high-risk finding can be remedied within time.
- We have internal audit experts in our team who can assess and keep in place the issues arising due to the nature, scale, and complexity of your business. The auditors will check the accounts and transactions and check them in line with compliance and necessary rules and regulations.
5. Major Payment Institution License
Any fintech company has S$3 million worth of monthly transactions for any payment service, S$6 million monthly transactions for two or more payment services, and S$5 Million of daily outstanding e-money.
Enterslice will help you attain and fulfil the criteria necessary for the smooth operation of your fintech industry.
- Our human resources team will formulate a competency test module so that your firm has enough competent resources to run the business efficiently.
- Our team will help you understand the security and guarantee-related transactions.
- Our team will create a compliance arrangement, and our legal team will help you in being a compliant organization.
- We have an expert risk assessment and mitigating team that will help you form schemes for early detection of financial risks.
- We will create an audit assessment team, which will create an independent audit system for your organization.
6. Money Changing License Assistance-
For the Fintech Company that is involved in the service of buying or selling foreign currency notes, you need to obtain money-changing license assistance, and then you need the support of Enterslice to help you throughout the process.
- Having experienced Singapore citizens in your team is an important criterion for running your fintech company efficiently in Singapore. Our team of experts will find it mature and easy to work with resources for you whose intent matches the ideology of your business.
- We have a team of legal experts with experience in establishing a partnership or limited liability partnership firm.
- Our team will undertake all the compliance, registration, audit, and related functions for you and will help you build your team.
Challenges Faced by Fintech Industries in Singapore Ultimately Impacting the License
1. Long and Complex Process
Obtaining a license for a fintech industry is a tiresome process in Singapore as it involves a lengthy and complex process, which makes it difficult for a fintech company to follow, especially if it is a startup.
2. Heavy Regulatory Setup
The licenses for fintech in Singapore don't fall within the ambit of a single regulation, but within 9 different legislations, such a heavy regulatory setup is tough to interpret and then follow.
3. Competitive Marketplace
The environment of Singapore is heavily competitive, and the open and growing market is leading the business giants to establish their fintech in Singapore. This makes the survival of startups tough in Singapore.
Legislations That Govern Fintech Services and Products in Singapore-
There is no single legislation that governs the legislative framework of the fintech industry in Singapore, but there are variable laws that do so, like
- The securities and futures Act 2001(SFA)
- Financial Advisors Act 2001
- Banking Act 1970
- Insurance Act 1966
- Payment Services Act 2019(PSA)
- Moneylenders Act (2008)
- Companies Act 1967
- Currency Act 1967
- Commodity Trading Act 1992
The dealing in capital market products is regulated under SFA, and upon interpretation, cryptocurrency is also a capital market product. Any cryptocurrency exchange will require a capital markets services license. Payment services such as e-wallets, payment gateway services, payment kiosk services, remittance agents, online payment gateways, e-money merchants, cryptocurrency that is not a capital market product, and moneychangers are all regulated within the PSA.
Policy Framework for Fintech Licensing In Singapore
1. The Monetary Authority of Singapore (MAS)
It is the central bank of Singapore. It regulates and formulates the policies needed to maintain price stability so that the organization's sustainable economic growth can be maintained.
The objective of innovation, inclusion, and inspiration for fintech made the fintech industry of Singapore one of the fastest-growing units. The approach with which fintech industries are growing in Singapore is not just for revenue generation but building a dynamic economy where, with the help of technology, the lives of individuals could be improved.
Currently, Singapore has 50+ fintech innovation labs and 1300+ fintech firms, and the investment of these fintech firms in the year 2022 was US$4.1 Billion. The fintech ecosystem of Singapore comprises banking, insurance, capital markets, payments, and green fintech as their target sectors. These sectors use technology such as artificial intelligence, APIs, Blockchain/Distributed Ledger technology, cloud, cybersecurity, digital ID& e-KYC, IP Protection, and RegTech to authenticate and establish the fintech industries in the region.
2. fintech regulatory sandbox
MAS, under the cap of fintech and innovation, has issued a fintech regulatory sandbox framework that enables financial institutions and fintech players to be innovative and do experiments on their financial products and services in a live environment but well within the defined space and duration, this innovation sandbox enables the budding fintech players part of sandbox to have some relaxation in the regulatory parameters of MAS only upon the successful experimentation and upon exiting the sandbox entity must comply by all the relevant and regulatory requirements.
3. Sandbox Express 2019
The existing sandbox framework was expanded by the introduction of Sandbox Express in 2019 by the MAS, which enabled the insurance brokers and market operators a faster option to bring innovative financial services and products into the market. Further, in 2021, Sandbox Plus was introduced, which streamlined the industries' application process with a financial grant.
Furthermore, in 2018, the ASEAN financial innovation network established APIX, which was a non-profit initiative designed so the fintech industries could connect and collaborate with one another in designing experiments with modern-age digital solutions.
Anti-Money Laundering (AML) & Countering the Financing of Terrorism (CFT) Framework
Singapore has specifically made guidelines about AML and CFT to safeguard fintech from the deteriorating impact of money laundering and terrorist financing. They have established a separate unit to identify suspicious customers, review accounts, and monitor and report any suspicious transactions.
Strong Cybersecurity and Data-Protection Framework
Singapore's regulatory authorities are very particular about the implementation of cybersecurity measures within any fintech industry. They have issued Guidance to make industries aware of the fact that they are dealing with their client's personal data. An organization must appoint a data protection officer, and in case of a data breach, it is a compulsion to inform the clients of such data breach within 3 days of its discovery.
Types of Financial Services Licenses In Singapore
1. Digital Bank License & PSP License
In 2019, MAS issued the framework for two digital full bank licenses (DFB) and three digital wholesale bank licenses (DWB). The DFB license holders will be able to take deposits and provide banking services to retail and non-retail customer segments.
The DWB license holders will be able to take deposits and provide banking services to SMEs and other non-retail customer segments.
The Payment Services Act 2019 provides 3 types of licenses: Standard Payment Institution License (SPI), Major Payment Institution License (MPI), and Money Changing License.
2. Capital Market Entities License-
The Securities and Futures Act 2001 regulates the licensing of entities that are involved in capital markets and related services. The incorporated licenses are a CMS license for capital market services, a fund management license to conduct fund management activities, a financial advisors license to conduct activities regulated under the Financial Advisors Act 2001 (FAA)., a trust business license, a recognized market operator license, foreign trade repository license, Recognized clearing house license, authorized benchmark administrator license.
3. Insurance Business License-
A foreign insurer in Singapore needs to register him under the Lloyd Asia scheme, and an insurance business will come under this scheme. MAS authorizes and gives licenses to representative offices for insurance and general insurance agents.
Benefits Of Establishing Fintech Business In Singapore-
1. Startup Centric Ecosystem-
Singapore is evolving into a big ecosystem for fintech industry establishments. Singapore has a systematic and generous state funding system with policies and agencies in place. It provides an ideal platform to facilitate an environment of growth and comfort for startups.
2. Progressive Regulations-
The commencement of initiatives such as Sandbox and Sandbox Plus facilitates growth and innovation, which signifies the approach of regulators in developing a conducive and technology-oriented environment.
3. Active Talent Pool
Singapore has a separate Asian Institute of Digital Finance (AIDF), the focus of which is creating young minds who are specialized in fintech education and research. They are building future employees who can shape the tech sector efficiently.
How to Establish a Fintech Business in Singapore with the Support of Enterslice-
Singapore is one of the easiest and most convenient places in the world to set up a fintech industry, but only if supported by a good consultant with prior expertise in the Singapore business setup process.
Enterslice will help you walk through the entire process of business incorporation by –
1. Helping You Choose Your Business Structure-
There are several options available for a fintech industry from which it can choose the business model it wants to operate. We will help you choose a viable business model, and our team of experts will help you initiate your registration application with ACRA.
2. Support to Register Your Business-
We will help you find a representative office as a temporary arrangement so that you can conduct market testing or research activities with ease until you obtain approval for your registration.
3. Assisting You in Addressing Key Business Needs-
The basic rule before establishing any fintech in Singapore is that the owners of the company must be aware of the regulatory compliance requirements. Our team of experts will make this easy for you. We will help you in the recruitment, financing, and property acquisition process while making the entire process law-abiding and addressing every regulation necessary for implication in your fintech company.
4. Understanding the Incentives & Schemes-
There are several incentives and schemes available for a business operator in Singapore; with the help of these, any fintech company can expand the scope of their business operations in Singapore.
Enterslice Licensing Services
- necessary paperation Assistance- Our fintech experts offer easy and hassle-free Paper works guidance with checklists along with updated formats from time to time.
- Compliance Support- establishing a cross-border fintech industry involves multiple compliances, which, when not followed in a proper pattern, cause delays in the licensing process. Our legal team will help you in systematic compliance formulation along with time-to-time compliance support as per the changes in the regulation.
- Expert Guidance- We customize fintech strategies as per your company's business model. To achieve the same, we assign a dedicated fintech expert who will provide expert Guidance and support and help you make the right decisions for your company.
Incentives schemes of Singapore fintech industries
pioneer certificate incentive (PC) & development and expansion incentive (DEI), Finance and Treasury Center (FTC) incentive, Aircraft Leasing Scheme(ALS) and aircraft Investment Manager (AIM) incentive, Innovation, R&D, and Capability Development Scheme, Research and innovation scheme for companies (RIS(C)), Training and Grant for company(TGC), Intellectual Property development incentive, Resource efficiency grant for emissions (REG (E) ), Land Intensification Allowance(LIA)
Enterslice Immigration Support for Fintech in Singapore
Individual foreign entrepreneurs who are interested in establishing a fintech there need to be present in Singapore for their business operation, for which they need to either apply for an entrepass if they are setting up a long-term base there and a PR if they are considering a permanent residence under the global investor programme. Enterslice can help you in obtaining either of these and can also assist you in qualifying for the global investor program.
Our commitment to you
1. Goal-based outcomes
At Enterslice, we value our clients' time and resources. Therefore, to achieve the same, we derive goal-based strategies to streamline our operations.
We have a dedicated team of experts who know how to remain committed and objective, along with the skill to make a business settled.
3. Balanced approach
We aim to achieve the right balance for our clients' businesses, especially when it concerns the fintech industry.
Our success story
We have 10+ years of experience in the fintech domain, along with licensing, company establishment, and other legal compliances. Our journey is full of success stories that we achieved through these years by making the right decisions for a budding or an established fintech business in Australia.
Hassle-free Fintech license procurement with Enterslice Fintech licensing services
Fintech licensing services must be availed by every fintech entity, especially when establishing it in a foreign country, because the rules of licensing vary worldwide. A potential and strategic fintech licensing plan ensures easy procurement of licenses because, in most of the nation, rejection of the license results in delay and add-on controls and compliances.
With the help of our consultation and advisory, you can focus on building the core of your fintech business while we will be ensuring the developing license compliance by the regulatory framework.
Why choose us
Vision & core values
Your trust is what we have faith in, and we can do anything to keep your trust intact. We engage the community without staking our core values and vision.
We understand that the core of any business is its employees. Our team of experts is polite and competitive and responds efficiently to each customer's queries. Our belief is to develop long-term and trustworthy relationships.
Convenient and consistent
We provide our clients with an environment that is convenient and consistent for them. We work without friction and with the ties of trust and credibility.
Reputed & trustworthy
If you go by word of mouth, then all our clients give positive feedback for our services, making us a reputed and trustworthy organization.