The Monetary Authority of Singapore (MAS) has issued a Notice directing licensed payment service providers offering cross-border money transfer services (remittance companies) to suspend the use of non-bank and non-card channels when transmitting money to individuals in the People's Republic of China (PRC). This suspension is set to last for three months, from January 1 to March 31, 2024.
The decision comes in response to a small proportion of remittances to China, particularly by PRC nationals working in Singapore, being frozen in their beneficiaries' bank accounts in China. To mitigate risks to consumers, MAS has temporarily restricted remittance companies from using overseas third-party agents, emphasizing the use of banks or card networks for the next three months.
Aspire Remains Unaffected
Aspire is not impacted by this suspension, because we work with MAS-approved banks and financial partners to provide our services. Businesses can continue using our solutions to make global payments to China at market-leading FX rates. Our existing practices align with MAS regulatory requirements, and we’re focused on providing seamless and secure financial solutions to our users.
For questions, please reach out to the Aspire Support Team.
Frequently Asked Questions
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