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.