MAS suspends some remittance channels to China
Singapore’s central bank acts after Chinese authorities freeze around $10 million worth of remittances
The Monetary Authority of Singapore (MAS) has ordered remittance companies to suspend the use of non-bank and non-card channels when transmitting money to China.
The MAS said the temporary suspension of such remittance channels is aimed at minimising risks to consumers remitting funds to China. Remittance companies may now only provide money transfer services to China by engaging a bank, a card network such as Union Pay International, or specific licensed financial institutions.
The restriction
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