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