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Singapore Remittance Companies Directed to Suspend Use of Non-Bank Channels for Transfers to China

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Singapore,Remittance Companies,Non-Bank Channels

Remittance companies in Singapore have been directed to suspend the use of non-bank and non-card channels when providing cross-border money transfer services to China for the next three months. This decision comes after numerous reports of frozen remittances through such channels.

Remittance companies in Singapore have been directed to suspend the use of non-bank and non-card channels for cross-border money transfers to China from Jan 1 to March 31, 2024. This decision comes after more than 670 reports of frozen remittances through such channels, involving a total amount of around $13 million.

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