To offer leveraged forex or CFDs in Singapore you need a Capital Markets Services (CMS) licence for dealing in capital markets products from the Monetary Authority of Singapore (MAS). Retail forex leverage has been capped at 20:1 since October 2019, CFDs are specified investment products that require a customer knowledge assessment for retail clients, and MAS expects strong technology risk management, outsourcing controls and AML systems. Singapore suits well-capitalised groups that want a top-tier Asian licence and regional headquarters.
- Leveraged forex and CFDs need a MAS Capital Markets Services licence.
- Retail forex leverage is capped at 20:1 since 8 October 2019; accredited investors can be offered more.
- CFDs are specified investment products, so retail clients must pass a customer knowledge assessment.
- MAS Technology Risk Management Guidelines and outsourcing rules shape your technology choices.
- PayNow, FAST and GIRO are the payment methods Singapore clients expect.
Looking for real-time risk management? Exposure, margin and leverage-group controls with alerts and audit logs.
Singapore is Asia's leading financial centre and home to the regional headquarters of many brokers, liquidity providers and fintechs. A MAS licence carries real weight with clients, banks and partners. This guide explains how to start a forex or CFD brokerage there and what technology you need.
Who regulates forex brokers in Singapore?
The Monetary Authority of Singapore (MAS) is both the central bank and the financial regulator. Under the Securities and Futures Act, dealing in capital markets products, which includes leveraged foreign exchange trading and CFDs, requires a Capital Markets Services (CMS) licence. Individuals who deal with clients must be registered as appointed representatives.
Licences and rules at a glance
| Item | What it means for a broker |
|---|---|
| CMS licence (dealing in capital markets products) | Required for leveraged forex and CFDs; capital requirements depend on the activities licensed |
| Retail leverage | Capped at 20:1 for retail forex since October 2019 (previously 50:1) |
| Specified investment products (SIPs) | CFDs are SIPs, so retail clients need a customer knowledge assessment (CKA) first |
| Technology risk | MAS Technology Risk Management Guidelines and cyber hygiene requirements |
| Outsourcing | Due diligence, contracts and oversight for material outsourced services |
| AML/CFT | MAS AML notices: customer due diligence, screening and reporting |
Retail vs accredited investors
Singapore distinguishes between retail clients and accredited investors, who meet income or asset thresholds and opt in to that status. Accredited investors can be offered higher leverage and fewer retail protections. Your CRM must record each client's status and opt-in, and your trading platform must map them to the right leverage groups. Read how leverage groups can be managed in dynamic leverage for forex brokers.
Step-by-step: how to start a Singapore brokerage
- Decide your model and clients. Retail, accredited or institutional; principal or agency execution.
- Plan capital and governance. Base capital and financial resources for your licence type, a Singapore-based CEO and directors who are fit and proper.
- Build the compliance function. Compliance, risk management and AML officers based in Singapore.
- Prepare the application. Business plan, policies, technology risk assessment, outsourcing arrangements and system descriptions.
- Select technology and providers. Platform, liquidity, CRM, risk, reporting and hosting that meet MAS technology expectations.
- Connect payments. PayNow, FAST, GIRO, cards and wires in SGD.
- Launch and report. Regulatory returns, audits, incident reporting and ongoing technology risk management.
The technology MAS will look at
| Area | What your systems need |
|---|---|
| Onboarding | KYC, CKA for SIPs, accredited investor opt-in and full records in the CRM |
| Risk | Real-time exposure, margin and leverage controls through risk management |
| Resilience | Recovery objectives, backups, monitoring and tested disaster recovery for platform hosting |
| Access control | Multi-factor authentication, role-based access and audit logs |
| Institutional connectivity | FIX API links to liquidity providers and institutional clients |
| Reporting | Regulatory returns and management information through reporting and BI |
For a wider view of security controls, read forex broker cybersecurity.
Using Singapore as a regional base
Many groups run a Singapore entity for regional headquarters, institutional business or technology, and serve other Asian markets through separate licensed entities. Each country you target has its own rules. See our pages for Malaysia, Indonesia and Vietnam.
How we help Singapore firms
We provide CRM with CKA and accredited investor workflows, risk management, FIX connectivity, liquidity bridges and reporting, and we supply technology documentation for your licence application and outsourcing reviews. We do not provide licences or legal advice. See our Singapore page.
General information reviewed November 2026, not legal, tax or investment advice. Rules change; confirm your model with qualified local counsel. MetaTrader is a trademark of MetaQuotes Ltd.