Singapore remains one of Asia’s most attractive jurisdictions for payment and fintech businesses, supported by a transparent and internationally respected regulatory framework. A key pillar of this ecosystem is Major Payment Institution(MPI) license, issued by the Monetary Authority of Singapore under the Payment Services Act. MPI license is designed for payment service providers that intend to operate at scale and offer high-volume or multi-service payment solutions from Singapore to global markets.

When a company in Singapore decides to cease operations, it may apply for striking off from the Accounting and Corporate Regulatory Authority (ACRA) register. However, before a company can successfully complete this process, it must settle all outstanding tax obligations with the Inland Revenue Authority of Singapore (IRAS).