MAS Compliance, Multi-Currency, and Low Fees
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Singapore’s fintech sector is booming, with $11 billion in digital payments processed annually (MAS, 2025). As a global trade hub, businesses here need gateways that handle multi-currency transactions (SGD, USD, EUR) while complying with the Monetary Authority of Singapore (MAS).
This guide reviews the top 5 payment gateways in Singapore for 2025, focusing on:
- PayNow integration (critical for local success).
- MAS compliance and data security.
- Lowest fees for high-volume businesses.
1. Stripe: The Global Powerhouse (Now MAS-Regulated)
Best For : Startups, SaaS platforms, and global businesses.
Why Stripe Leads in Singapore
Stripe powers payments for Grab, Shopify, and TikTok , processing $1 trillion+ annually . Its MAS-regulated entity ensures compliance with Singapore’s strict data laws.
Key Features
- Multi-Currency : Accept SGD, USD, and 135+ currencies with zero forex markup.
- PayNow Integration : Enable instant bank transfers via Singapore’s PayNow.
- Fraud Tools : Stripe Radar blocks 85% of fraud attempts.
Pricing
- Domestic Cards : 2.9% + SGD 0.50.
- International Cards : 3.9% + SGD 0.50.
- PayNow : 0.8% per transaction.
Case Study :
Singapore-based Carousell used Stripe to expand into 7 ASEAN countries while managing multi-currency payouts seamlessly.
2. PayPal Singapore: The Global Connector (But Watch the Fees)
Best For : Freelancers and exporters targeting global clients.
PayPal’s Role in Singapore
PayPal dominates cross-border payments but faces stiff competition from local players for SGD transactions.
Pros
- Global Reach : Accept payments in 25+ currencies.
- Seller Protection : Covers eligible disputes.
- Freelancer Tools : Send invoices in multiple languages.
Cons
- High Fees : 3.4% + SGD 0.50 for international transactions.
- No PayNow Support : Limits local adoption.
Pro Tip : Use PayPal for USD/EUR clients and pair it with Stripe for SGD payments.
3. 2C2P: The ASEAN Specialist (Best for Regional Expansion)
Best For : E-commerce and businesses operating in Southeast Asia.
Why 2C2P Stands Out
2C2P processes payments for Lazada, Agoda, and Singapore Airlines , offering local acquiring in 6 ASEAN countries.
Key Features
- Multi-Currency : SGD, USD, THB, IDR, and VND.
- PayNow & GrabPay : Support for Singapore’s favorite payment methods.
- MAS Compliance : Fully licensed under the Payment Services Act.
Pricing
- Domestic Cards : 2.5% + SGD 0.30.
- Custom Quotes : Available for high-volume merchants.
User Review :
“2C2P’s GrabPay integration boosted our checkout conversions by 25%.”
— CEO of a Singapore F&B chain
4. Rapyd: The Fintech Innovator (Best for Marketplaces)
Best For : Platforms needing wallets, payouts, and multi-currency support.
Rapyd’s Singapore Edge
Rapyd powers payments for Uber, Amazon, and Ninja Van , offering 100+ payment methods across APAC.
Features You’ll Love
- Multi-Currency Wallets : Hold and disburse funds in SGD, USD, and 50+ currencies.
- Payouts : Send money to bank accounts or e-wallets in 150+ countries.
- MAS License : Ensures compliance with Singapore’s Payment Services Act.
Pricing
- Custom Plans Only : Starts at 1.5% + SGD 0.30 for volume-based clients.
Case Study :
A Singapore-based gig platform used Rapyd to disburse payments to 10,000+ drivers across Southeast Asia.
5. DBS Bank: The Local Banking Giant (Best for Enterprises)
Best For : Large corporations and businesses prioritizing trust.
DBS’s Payment Solutions
DBS dominates Singapore’s banking sector, offering DBS Max , a gateway for enterprises processing SGD 1M+/month .
Key Features
- PayNow Corporate : Instant transfers for B2B payments.
- Multi-Currency Accounts : Manage SGD, USD, and CNH in one dashboard.
- Fraud Prevention : Real-time monitoring for high-risk transactions.
Pricing
- Setup Fee : SGD 500.
- Transaction Fee : 1.8% + SGD 0.30 (volume discounts available).
Pro Tip : Ideal for businesses already banking with DBS to avoid integration hassles.
Comparison Table: Singapore’s Top Gateways
| Gateway | PayNow Support | Domestic Fee | Multi-Currency | MAS Compliance | Best For |
| Stripe | Yes | 2.9% + SGD 0.50 | 135+ | Yes | Startups, global businesses |
| PayPal | No | 3.4% + SGD 0.50 | 25+ | Yes | Freelancers, exporters |
| 2C2P | Yes | 2.5% + SGD 0.30 | 6 ASEAN | Yes | Regional expansion |
| Rapyd | Yes | Custom | 50+ | Yes | Marketplaces, gig platforms |
| DBS Bank | Yes | 1.8% + SGD 0.30 | SGD, USD, CNH | Yes | Enterprises, B2B |
How to Choose Like a Pro: 5 Singapore-Specific Tips
- Multi-Currency Needs : Stripe or Rapyd for global reach.
- Local Trust : DBS Bank or 2C2P for B2B transactions.
- Freelancers : PayPal for USD clients; Stripe for SGD.
- Startups : Stripe’s PayNow integration is a game-changer.
- Marketplaces : Rapyd handles complex payout workflows.
Final Verdict: Who Wins in Singapore?
- Best Overall : Stripe (global + PayNow support).
- Regional Growth : 2C2P (ASEAN expertise).
- Enterprises : DBS Bank (trusted banking integration).
Action Step :
Test Stripe + 2C2P for a mix of global and local payments.
