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BT EXPLAINS

Why is MAS suspending third-party channels for remittances to China?

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Mia Pei

Mia Pei

Published Tue, Dec 19, 2023 · 06:03 PM
    • MAS and SPF say the temporary suspension is needed for the “immediate protection of consumers”.
    • MAS and SPF say the temporary suspension is needed for the “immediate protection of consumers”. PHOTO: BLOOMBERG

    THE Monetary Authority of Singapore (MAS) has suspended the use of non-bank or non-card third-party channels for remitting money to China, in response to cases of remittances being frozen by China’s law enforcement agencies.

    The suspension applies to licensed remittance companies between Jan 1 and Mar 31, 2024. Based on MAS’ list, 193 licensed entities offer cross-border money transfer services in Singapore.

    The Business Times looks into Singapore’s remittance industry, the third-party channels in use, and why the suspension is necessary.

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    ChinaRemittancesMonetary Authority of SingaporeBT Explains

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