🇸🇬 Singapore vs 🇦🇪 United Arab Emirates (Dubai - VARA): e-money licensing compared

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Decision context and regulator route

Singapore and United Arab Emirates (Dubai - VARA) are commonly considered side by side for e-money authorisation. In Singapore the route 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. overseen by Monetary Authority of Singapore (MAS).; in United Arab Emirates (Dubai - VARA) it is the No EMI. Stored Value Facility (SVF) licence and Retail Payment Services under the Retail Payment Services and Card Schemes Regulation, federal. under Central Bank of the UAE (CBUAE). Separate from Dubai VARA, which regulates crypto.. The public licence and regulator fields below are open to everyone; the complete sourced comparison is included with access.

Singapore: verified 2026-08-15 · United Arab Emirates (Dubai - VARA): verified 2026-10-01

Dimension	🇸🇬 Singapore analogue partly open Verified 2026-08-15	🇦🇪 United Arab Emirates (Dubai - VARA) analogue partly open Verified 2026-10-01
Licence type	No EMI. Major Payment Institution (MPI) licence under the Payment Services Act, covering e-money issuance and account issuance. Standard PI for smaller volumes. Verified 2026-08-15 Source: Current national regulator authorisation material: https://www.mas.gov.sg/regulation/payments/licensing-for-payment-service-providers	No EMI. Stored Value Facility (SVF) licence and Retail Payment Services under the Retail Payment Services and Card Schemes Regulation, federal. Verified 2026-07-03 Source: CBUAE, https://rulebook.centralbank.ae/en/rulebook/retail-payment-services-and-card-schemes-regulation
Regulator	Monetary Authority of Singapore (MAS). Verified 2026-08-15 Source: Current national regulator authorisation material: https://www.mas.gov.sg/regulation/payments/licensing-for-payment-service-providers	Central Bank of the UAE (CBUAE). Separate from Dubai VARA, which regulates crypto. Verified 2026-07-03 Source: CBUAE
Capital requirement	Singapore capital requirement is included in the £349 pass.	United Arab Emirates (Dubai - VARA) capital requirement is included in the £349 pass.
Timeline to authorisation	Singapore timeline to authorisation is included in the £349 pass.	United Arab Emirates (Dubai - VARA) timeline to authorisation is included in the £349 pass.
Local substance	Singapore local substance is included in the £349 pass.	United Arab Emirates (Dubai - VARA) local substance is included in the £349 pass.
Application cost	Singapore application cost is included in the £349 pass.	United Arab Emirates (Dubai - VARA) application cost is included in the £349 pass.
Ongoing cost	Singapore ongoing cost is included in the £349 pass.	United Arab Emirates (Dubai - VARA) ongoing cost is included in the £349 pass.
Passporting	Singapore passporting is included in the £349 pass.	United Arab Emirates (Dubai - VARA) passporting is included in the £349 pass.
EMIs authorised	Singapore emis authorised is included in the £349 pass.	United Arab Emirates (Dubai - VARA) emis authorised is included in the £349 pass.
Key restrictions	Singapore key restrictions is included in the £349 pass.	United Arab Emirates (Dubai - VARA) key restrictions is included in the £349 pass.
Safeguarding	Singapore safeguarding is included in the £349 pass.	United Arab Emirates (Dubai - VARA) safeguarding is included in the £349 pass.
Recent changes	Continuing MAS refinements to the PSA. Verified 2026-07-02 Source: MAS	The ordinary Article 184 reconciliation period under Federal Decree-Law No. 6 of 2025 ended on 16 September 2026, one year after the Decree-Law took effect. The CBUAE Board may extend the period at its discretion. The CBUAE states that earlier decisions, standards, guidelines and circulars continue until replaced. Verified 2026-10-01 Source: CBUAE, Financial Legislation FAQ on Federal Decree-Law No. 6 of 2025: https://centralbank.ae/en/legislation/
Difficulty rating	Singapore difficulty rating is included in the £349 pass.	United Arab Emirates (Dubai - VARA) difficulty rating is included in the £349 pass.

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What changed recently

🇸🇬 Singapore (verified 2026-07-02): Continuing MAS refinements to the PSA.

🇦🇪 United Arab Emirates (Dubai - VARA) (verified 2026-10-01): The ordinary Article 184 reconciliation period under Federal Decree-Law No. 6 of 2025 ended on 16 September 2026, one year after the Decree-Law took effect. The CBUAE Board may extend the period at its discretion. The CBUAE states that earlier decisions, standards, guidelines and circulars continue until replaced.

Quick answers

Who regulates e-money licensing in Singapore and United Arab Emirates (Dubai - VARA)?

Singapore: Monetary Authority of Singapore (MAS).. United Arab Emirates (Dubai - VARA): Central Bank of the UAE (CBUAE). Separate from Dubai VARA, which regulates crypto..

What licence do you need in Singapore compared with United Arab Emirates (Dubai - VARA)?

In Singapore the authorisation route 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.; in United Arab Emirates (Dubai - VARA) it is No EMI. Stored Value Facility (SVF) licence and Retail Payment Services under the Retail Payment Services and Card Schemes Regulation, federal.. The comparison table on this page lines the two up dimension by dimension.

Where can I see the full Singapore vs United Arab Emirates (Dubai - VARA) 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/singapore-vs-uae-vara.

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Informational only, not legal advice. Every open figure carries its own verification date; verify with qualified counsel before acting.