The Monetary Authority of Singapore (MAS) has implemented a three-month suspension, starting January 1, 2024, for remittance companies using non-bank and non-card channels for transfers to China. This directive, effective until March 31, 2024, requires the use of banks, card network operators like UnionPay International, or licensed financial institutions with similar partnerships for remittances. The move follows instances of funds being frozen in recipients’ accounts in China. The MAS decision aims to protect consumers amidst these uncertainties, potentially leading to higher transaction costs. The authority is guiding remittance companies to support affected customers, refine their complaint handling, and reassess their China remittance strategies. MAS will monitor the situation and may adjust its measures post-March 31, advising against rushed transactions through third-party agents during this period.
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