Overview
- The Monetary Authority of Singapore revoked Bsquared Technology’s Major Payment Institution licence, a move that took effect on Thursday, May 14, 2026 and stops the firm from offering digital payment token services in Singapore.
- An on-site inspection in 2025 uncovered weak risk management, poor conflict-of-interest controls, and breaches of MAS outsourcing rules that together prompted the enforcement action.
- MAS found that Bsquared provided false or misleading information during its licence application and later during the inspection, a finding that shaped the regulator’s decision.
- Bsquared told regulators it held no outstanding customer funds and must now obtain and submit an independent auditor’s closure certificate confirming all customer monies were returned before the formal exit is complete.
- MAS is reviewing the conduct of the company’s key officers and may take further action, and the revocation serves as a rare enforcement signal under Singapore’s Payment Services Act that firms must meet strict disclosure and controls.