TechFlow reports, according to the National Business Daily, that the Monetary Authority of Singapore (MAS) has announced that from January 1, 2024, licensed cross-border remittance companies in Singapore will suspend using non-bank and non-card channels to send money to individuals in China. Remittances to China will only be allowed via banks, card network operators, or collaborating financial institutions. This regulation will last for three months, until March 31, 2024.
The Chinese Embassy in Singapore once again reminds citizens of the risk of account freezes when using non-bank channels for remittances, and recommends using正规 bank channels for transferring funds.
It is reported that since the beginning of this year, police have received over 670 reports of bank account freezes after remitting money to China, involving a total amount of 13 million Singapore dollars.
