licencemap
Informational only, not legal advice. Verify with qualified counsel before acting. Full disclaimer

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

Singapore and United Arab Emirates (Dubai - VARA) take recognisably different routes to 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 two regimes differ on 8 of 10 tracked decision dimensions, including capital requirement and local substance. The free columns below are open to everyone; the decision figures unlock with a pass, each one dated and sourced.

Singapore: verified 2026-07-03 · United Arab Emirates (Dubai - VARA): verified 2026-07-03

Dimension 🇸🇬 Singapore analogue partly open
Verified 2026-07-03
 🇦🇪 United Arab Emirates (Dubai - VARA) analogue partly open
Verified 2026-07-03
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 2026-07-03 Source: MAS PSA, 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 2026-07-03 Source: MAS
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 locked. Unlock with the £349 pass. United Arab Emirates (Dubai - VARA) capital requirement is locked. Unlock with the £349 pass.
Timeline to authorisation Singapore timeline to authorisation is locked. Unlock with the £349 pass. United Arab Emirates (Dubai - VARA) timeline to authorisation is locked. Unlock with the £349 pass.
Local substance Singapore local substance is locked. Unlock with the £349 pass. United Arab Emirates (Dubai - VARA) local substance is locked. Unlock with the £349 pass.
Application cost Singapore application cost is locked. Unlock with the £349 pass. United Arab Emirates (Dubai - VARA) application cost is locked. Unlock with the £349 pass.
Ongoing cost Singapore ongoing cost is locked. Unlock with the £349 pass. United Arab Emirates (Dubai - VARA) ongoing cost is locked. Unlock with the £349 pass.
Passporting Singapore passporting is locked. Unlock with the £349 pass. United Arab Emirates (Dubai - VARA) passporting is locked. Unlock with the £349 pass.
EMIs authorised Singapore emis authorised is locked. Unlock with the £349 pass. United Arab Emirates (Dubai - VARA) emis authorised is locked. Unlock with the £349 pass.
Key restrictions Singapore key restrictions is locked. Unlock with the £349 pass. United Arab Emirates (Dubai - VARA) key restrictions is locked. Unlock with the £349 pass.
Safeguarding Singapore safeguarding is locked. Unlock with the £349 pass. United Arab Emirates (Dubai - VARA) safeguarding is locked. Unlock with the £349 pass.
Recent changes Continuing MAS refinements to the PSA.
Verified 2026-07-02 Source: MAS
Transition deadline 16 Sep 2026 for in-scope entities.
Verified 2026-07-02 Source: CBUAE, https://cms.law/en/are/legal-updates/the-new-cbuae-payment-token-services-regulation-10-things-you-need-to-know2
Difficulty rating Singapore difficulty rating is locked. Unlock with the £349 pass. United Arab Emirates (Dubai - VARA) difficulty rating is locked. Unlock with the £349 pass.

The two regimes differ on 8 of 10 tracked decision dimensions, including capital requirement and local substance. Unlock the pass to see each figure with its source and verification date.

What changed recently

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

🇦🇪 United Arab Emirates (Dubai - VARA) (verified 2026-07-02): Transition deadline 16 Sep 2026 for in-scope entities.

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.

Open this pair in the interactive benchmark Unlock every figure

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