Singapore Halts Non-Bank Remittances to China Amid Frozen Funds

Over 670 reports of frozen remittances, affecting around S$13 million in funds, prompt immediate protective measures.

Singapore's Monetary Authority (MAS) has instructed remittance companies to suspend money transfers to China through non-bank and non-card channels following reports of remittances being frozen by Chinese authorities.
Over 670 reports of frozen remittances have been received by the Singapore Police Force, affecting around S$13 million in funds.
Affected remittance companies include Samlit Moneychanger, Hanshan Money Express, and Zhongguo Remittance.
Remittance companies are now required to use only a bank or a card network like Union Pay for money transfers to China.
The suspension is intended for the immediate protection of consumers and to stem the number of new cases of frozen accounts in China.