China
Singapore Continues Suspension to Safeguard Remittances to China
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
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Ant Group Injects Another S$200 Million Funding Into ANEXT Bank
Ant Group has further invested S$200 million (approximately US$148 million) into ANEXT Bank, its wholly-owned subsidiary and SME digital bank, according to recent filings with the Accounting and Corporate Regulatory Authority (ACRA) of Singapore. The latest investment marks a continued commitment
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Mastercard Partnership with Alipay Offers Faster, Secure Remittances to China
Payment giant Mastercard has announced a new partnership with Ant Group’s digital open platform Alipay to expand its cross-border payment services to facilitate quicker and more secure money transfers to China. Mastercard’s initiative is expected to be a boon for
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Singapore’s AXS, Aleta Planet Offer UnionPay-Powered China Remittances
Singapore’s payment service provider AXS has announced a new partnership with fintech company Aleta Planet to offer remittance services to China. This collaboration comes as a solution for consumers affected by a recent ban on fund transfers to China through
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Over 670 Singapore Remittances to China Frozen, MAS to Aid Those Affected
The Singapore Police Force (SPF) has received over 670 reports concerning funds remitted to China that were subsequently frozen, as of 15 December 2023. In response to these incidents, the Monetary Authority of Singapore (MAS) and SPF are actively seeking
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DBS Ups Stake in China’s Shenzhen Bank in S$376 Million Deal
DBS Group announced its intention to raise its stake in China’s Shenzhen Rural Commercial Bank, a move valued at S$376 million (approximately US$285 million), according to Reuters. The transaction is subject to regulatory approvals. The bank is set to increase
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Singapore Tightens China Remittance Rules in Light of S$13 Million Frozen Funds
The Monetary Authority of Singapore (MAS) has instructed remittance companies to only work with banks, card network operators such as UnionPay International, or licensed financial institutions to transfer funds to China for the next three months, beginning from 1 January
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Singapore and China to Begin e-CNY Pilot, Explore Cross-Border Payment Linkage
Singapore and China have agreed to collaborate on a pilot programme that uses the e-CNY, China’s central bank digital currency (CBDC), for cross-border transactions. This programme is designed to ease payments for travelers from both countries during their overseas visits.
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Singapore, China Strengthen Green Finance and Capital Market Cooperation
New initiatives to expand cooperation in green finance and deepen capital market linkages with China were recently announced by the Monetary Authority of Singapore (MAS) at Singapore’s 18th Joint Council for Bilateral Cooperation (JCBC). Among the initiatives is the establishment
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Wise Ties up With Tencent for Remittance to China Through Weixin
Wise, an online money transfer service, announced a partnership with Tencent Financial Technology which will enable international money transfers to China through Weixin. Weixin is the mainland Chinese version of WeChat that is owned and operated by Tencent. With this
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