Remittance companies in Singapore have been directed to suspend the use of non-bank and non-card channels for cross-border money transfer s to China from Jan 1 to March 31, 2024. This decision comes after more than 670 reports of frozen remittances through such channels, involving a total amount of around $13 million.
Source: News Formal (newsformal.com)
Singapore Remittance Companies Non-Bank Channels Non-Card Channels Cross-Border Money Transfer China Suspension
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Singapore Firms Remitting Money to China to Use Only Bank or Card Channels from January for 3 Months: MASThe police in Singapore have received over 670 reports that remittances totaling around S$13 million made to China have been frozen by the authorities. Singapore's central bank has directed remittance firms to use only bank and card channels when transmitting money to China.
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