🇭🇰 Hong Kong vs 🇸🇬 Singapore: e-money licensing compared
Hong Kong and Singapore take recognisably different routes to e-money authorisation. In Hong Kong the route is the No EMI. Stored Value Facility (SVF) licence under the Payment Systems and Stored Value Facilities Ordinance (Cap. 584). overseen by Hong Kong Monetary Authority (HKMA). Not the SFC, which handles the crypto VATP regime.; in Singapore it is the No EMI. Major Payment Institution (MPI) licence under the Payment Services Act, covering e-money issuance and account issuance. Standard PI for smaller volumes. under Monetary Authority of Singapore (MAS).. The two regimes differ on 8 of 10 tracked decision dimensions, including capital requirement and timeline to authorisation. The free columns below are open to everyone; the decision figures unlock with a pass, each one dated and sourced.
Hong Kong: verified 2026-07-03 · Singapore: verified 2026-07-03
| Dimension |
🇭🇰 Hong Kong
analogue
partly open
Verified 2026-07-03
|
🇸🇬 Singapore
analogue
partly open
Verified 2026-07-03
|
|---|---|---|
| Licence type | No EMI. Stored Value Facility (SVF) licence under the Payment Systems and Stored Value Facilities Ordinance (Cap. 584). | No EMI. Major Payment Institution (MPI) licence under the Payment Services Act, covering e-money issuance and account issuance. Standard PI for smaller volumes. |
| Regulator | Hong Kong Monetary Authority (HKMA). Not the SFC, which handles the crypto VATP regime. | Monetary Authority of Singapore (MAS). |
| Capital requirement | Hong Kong capital requirement is locked. Unlock with the £349 pass. | Singapore capital requirement is locked. Unlock with the £349 pass. |
| Timeline to authorisation | Hong Kong timeline to authorisation is locked. Unlock with the £349 pass. | Singapore timeline to authorisation is locked. Unlock with the £349 pass. |
| Local substance | Hong Kong local substance is locked. Unlock with the £349 pass. | Singapore local substance is locked. Unlock with the £349 pass. |
| Application cost | Hong Kong application cost is locked. Unlock with the £349 pass. | Singapore application cost is locked. Unlock with the £349 pass. |
| Ongoing cost | Hong Kong ongoing cost is locked. Unlock with the £349 pass. | Singapore ongoing cost is locked. Unlock with the £349 pass. |
| Passporting | Hong Kong passporting is locked. Unlock with the £349 pass. | Singapore passporting is locked. Unlock with the £349 pass. |
| EMIs authorised | Hong Kong emis authorised is locked. Unlock with the £349 pass. | Singapore emis authorised is locked. Unlock with the £349 pass. |
| Key restrictions | Hong Kong key restrictions is locked. Unlock with the £349 pass. | Singapore key restrictions is locked. Unlock with the £349 pass. |
| Safeguarding | Hong Kong safeguarding is locked. Unlock with the £349 pass. | Singapore safeguarding is locked. Unlock with the £349 pass. |
| Recent changes | The separate Stablecoins Ordinance (Cap. 656) came into force 1 August 2025 and is administered by the HKMA. In April 2026 the HKMA granted the first stablecoin issuer licences, to Anchorpoint and HSBC, both for HKD-referenced stablecoins, requiring at least HK$25m paid-up capital and segregated reserve assets. SVF licensees under the Payment Systems and Stored Value Facilities Ordinance (Cap. 584, the analogue regime in this row) are recognised as permitted offerors under the Stablecoins Ordinance and have a clear pathway to stablecoin issuance, but SVF and stablecoin-issuer licences remain two distinct licence types. | Continuing MAS refinements to the PSA. |
| Difficulty rating | Hong Kong difficulty rating is locked. Unlock with the £349 pass. | Singapore difficulty rating is locked. Unlock with the £349 pass. |
The two regimes differ on 8 of 10 tracked decision dimensions, including capital requirement and timeline to authorisation. Unlock the pass to see each figure with its source and verification date.
What changed recently
🇭🇰 Hong Kong (verified 2026-07-03): The separate Stablecoins Ordinance (Cap. 656) came into force 1 August 2025 and is administered by the HKMA. In April 2026 the HKMA granted the first stablecoin issuer licences, to Anchorpoint and HSBC, both for HKD-referenced stablecoins, requiring at least HK$25m paid-up capital and segregated reserve assets. SVF licensees under the Payment Systems and Stored Value Facilities Ordinance (Cap. 584, the analogue regime in this row) are recognised as permitted offerors under the Stablecoins Ordinance and have a clear pathway to stablecoin issuance, but SVF and stablecoin-issuer licences remain two distinct licence types.
🇸🇬 Singapore (verified 2026-07-02): Continuing MAS refinements to the PSA.
Quick answers
Who regulates e-money licensing in Hong Kong and Singapore?
Hong Kong: Hong Kong Monetary Authority (HKMA). Not the SFC, which handles the crypto VATP regime.. Singapore: Monetary Authority of Singapore (MAS)..
What licence do you need in Hong Kong compared with Singapore?
In Hong Kong the authorisation route is No EMI. Stored Value Facility (SVF) licence under the Payment Systems and Stored Value Facilities Ordinance (Cap. 584).; in Singapore it is No EMI. Major Payment Institution (MPI) licence under the Payment Services Act, covering e-money issuance and account issuance. Standard PI for smaller volumes.. The comparison table on this page lines the two up dimension by dimension.
Where can I see the full Hong Kong vs Singapore comparison?
The interactive benchmark lets you pin either jurisdiction and add up to five peers; a Founder Pass or Pro subscription unlocks every gated figure with its source and verification date. This page stays free at /e-money/compare/hong-kong-vs-singapore.
Informational only, not legal advice. Every open figure carries its own verification date; verify with qualified counsel before acting.