Remittance
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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Wise to Discontinue E-Wallet Holdings in Indonesia Amid Licensing Challenges
Online money transfer service Wise announced that its users in Indonesia will no longer be able to store funds within the app’s e-wallet, effective 23 May 2024. The Daily Social reported that this change stems from regulatory requirements as Wise
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Revolut Expands ‘Mobile Wallet’ to S’pore for Transfers to Bangladesh and Kenya
Global neobank Revolut has expanded its services by launching the “Mobile Wallets” feature in Singapore, enabling customers to transfer money directly to Bangladesh and Kenya. Revolut plans to unveil additional wallet routes in the near future. This feature was first
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MAS and Singapore Police Probe Samlit Moneychanger Amid Fraud Allegations
A major investigation is underway in Singapore involving the police and the Monetary Authority of Singapore (MAS) against two key figures of Samlit Moneychanger, a licensed payment services provider. A 43-year-old woman, serving as the Director, and a 34-year-old man,
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Nium is the Sole Asian Fintech on the Latest Forbes Fintech 50 List
In its ninth annual Fintech 50 list, Forbes has spotlighted its key contributors to the fintech sector, and Singapore-headquartered payments firm Nium has been distinguished as the sole Asian entity to feature this year. Originally launched in 2014 under the
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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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Aleta Planet Introduces Alipay Feature for Faster, Secure Remittances to China
Singapore-based Aleta Planet has rolled out an Alipay remittance feature on its app, allowing for faster and more secure money transfers to China. According to Aleta Planet, this addition makes it the first payment company to provide fund transfer services
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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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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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Banks View Fintechs as the Biggest Threat to Their Cross-Border Payments Business
Traditional lenders are losing market share in cross-border payments to non-banks, with digital challengers and fintech startups rapidly gaining ground by solving some of the most critical issues in the sector including its high fees, inefficiencies and slow transaction speeds,
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