As ipaymy is a financial institution, so we need to know who is using our service - especially when it comes to sending money abroad. Not only does this help protect your company's money, but it helps to comply with local financial regulations.

Before you can make your first payment your company's details must be verified by providing some additional particulars about yourself, your company as well as some supporting documentation.

What do I need to provide?

All the details on the provided documentation should match your ipaymy account.

All applicant will have to submit the following company document:

Document

Description

ACRA Bizfile

The document has to be dated within the last 4 months

Proof of Business Address*

/

Documents of all directors (as listed in ACRA)

The document should include:

1) Government Issued ID/Passport

• Singaporeans and Permanent Residents (PR) – NRIC

OR

• Foreigners - Passport (photo page only)

2) Proof of Residential Address*

Documents of shareholders and ultimate beneficial owners who hold more than 25%

stake in the company (as listed on ACRA)

The document should include:

1) Government Issued ID/Passport

• Singaporeans and Permanent Residents (PR) – NRIC

OR

• Foreigners - Passport (photo page only)

2) Proof of Residential Address*

A shareholding structure chart

(If there is more than one level of shareholders, ie. the shareholder is a

company)

The shareholding structure chart has to be dated within the last 4 months, verified by a director of the company.

The chart should include:

1) Percentage ownership of each shareholder

2) Lists up to the Ultimate Beneficial Owner who is a natural person

If you are acting as the company representative, activating the International Payment account on behalf of the company, you will need to provide these additional information:

Document

Description

Government Issued Identification

Singaporeans and Permanent Residents (PR) - NRIC

OR
Foreigners - Passport (photo page only)

Selfie Verification

We also require you to upload a selfie of yourself holding your ID card. Before you submit your selfie, make sure the photo isn't blurry or covered, so we can see all the information clearly.

Proof of Your Residential Address*

/

Letter from the company authorising the representative

A Board Resolution authorising your company to use ipaymy for cross-boarder payments

*Proof of Address
Any of the following documents dated within the past 3 months can be used as proof of Address:

  • Bank statement

  • Telephone/utility bills

  • Letter from government (e.g. IRAS tax bills)

Please note that P.O. Boxes are not accepted addresses. The aforementioned document should be submitted as scanned paper copy showing the name, the date, and address.

How long does the verification process take?

Verifying your company details can take up to 3 business days. Once these details have been successfully verified, you will be notified via email and the International Payment service will automatically be enabled in your account.

Please note as part of the verification process, we may need to ask for additional documentations.

Read what document you need to support if you are a personal user.

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