The Monetary Authority of Singapore (MAS) has announced an extension to the ongoing suspension affecting remittances to China.
This suspension, now extended until 30 September 2024, pertains to the use of non-approved channels by remittance companies for transferring funds to the People’s Republic of China (PRC).
The initial decision to halt these specific transactions came after instances where remittance sent to China were being unexpectedly frozen in the recipient’s bank accounts, primarily impacting Chinese nationals working in Singapore.
Since the original suspension on 1 January 2024, there have been no further reports of such incidents.
The MAS’s move aims to protect consumers from potential risks associated with these transactions and advises the public to seek alternative remittance methods, such as traditional banking services or card networks, to avoid similar issues.
Remittance services have commonly used overseas third-party agents for transactions to China, which, despite the recent issues, have mostly been successful.
However, the Singapore Police Force (SPF) has logged over 670 complaints related to frozen funds, totaling about S$13 million, with a significant portion of complaints directed at one operator, Samlit Moneychanger.
MAS said that it will continue to closely monitor the situation and practices of remittance companies.
Featured image credit: Edited from Freepik
- SEO Powered Content & PR Distribution. Get Amplified Today.
- PlatoData.Network Vertical Generative Ai. Empower Yourself. Access Here.
- PlatoAiStream. Web3 Intelligence. Knowledge Amplified. Access Here.
- PlatoESG. Carbon, CleanTech, Energy, Environment, Solar, Waste Management. Access Here.
- PlatoHealth. Biotech and Clinical Trials Intelligence. Access Here.
- Source: https://fintechnews.sg/93835/china/singapore-continues-suspension-to-safeguard-remittances-to-china/
