AGL 40.17 Increased By ▲ 0.17 (0.43%)
AIRLINK 130.65 Increased By ▲ 1.12 (0.86%)
BOP 6.85 Increased By ▲ 0.17 (2.54%)
CNERGY 4.63 No Change ▼ 0.00 (0%)
DCL 8.97 Increased By ▲ 0.03 (0.34%)
DFML 43.14 Increased By ▲ 1.45 (3.48%)
DGKC 83.61 Decreased By ▼ -0.16 (-0.19%)
FCCL 32.93 Increased By ▲ 0.16 (0.49%)
FFBL 78.20 Increased By ▲ 2.73 (3.62%)
FFL 12.18 Increased By ▲ 0.71 (6.19%)
HUBC 110.66 Increased By ▲ 0.11 (0.1%)
HUMNL 14.50 Decreased By ▼ -0.06 (-0.41%)
KEL 5.58 Increased By ▲ 0.19 (3.53%)
KOSM 8.30 Decreased By ▼ -0.10 (-1.19%)
MLCF 39.63 Decreased By ▼ -0.16 (-0.4%)
NBP 62.00 Increased By ▲ 1.71 (2.84%)
OGDC 199.90 Increased By ▲ 0.24 (0.12%)
PAEL 26.56 Decreased By ▼ -0.09 (-0.34%)
PIBTL 7.78 Increased By ▲ 0.12 (1.57%)
PPL 160.30 Increased By ▲ 2.38 (1.51%)
PRL 26.69 Decreased By ▼ -0.04 (-0.15%)
PTC 18.80 Increased By ▲ 0.34 (1.84%)
SEARL 83.25 Increased By ▲ 0.81 (0.98%)
TELE 8.23 Decreased By ▼ -0.08 (-0.96%)
TOMCL 34.40 Decreased By ▼ -0.11 (-0.32%)
TPLP 9.05 Decreased By ▼ -0.01 (-0.11%)
TREET 17.00 Decreased By ▼ -0.47 (-2.69%)
TRG 60.49 Decreased By ▼ -0.83 (-1.35%)
UNITY 28.00 Increased By ▲ 0.57 (2.08%)
WTL 1.41 Increased By ▲ 0.03 (2.17%)
BR100 10,605 Increased By 198.6 (1.91%)
BR30 32,010 Increased By 296.9 (0.94%)
KSE100 98,774 Increased By 1445.3 (1.48%)
KSE30 30,755 Increased By 562.8 (1.86%)

SINGAPORE: The Monetary Authority of Singapore (MAS) on Monday issued a notice directing cross-border money transfer service providers to suspend the use of non-bank and non-card channels to transfer money to individuals in China for the next three months starting January.

The Singapore central bank directed remittance firms to use only bank and card channels when transferring money to China, according to a statement by the MAS.

The move follows reports received by Singapore police of remittances to China made by people, mostly Chinese nationals working in the city-state, via remittance companies in Singapore being subsequently frozen in their beneficiaries’ bank accounts in China, according to the MAS.

“In recent months, for a very small proportion of such remittances, the monies received in beneficiaries’ bank accounts have been frozen by the PRC (People’s Republic of China) law enforcement agencies,” MAS said in a statement.

“It is not clear why these funds had been frozen,” it added.

MAS said it might terminate or extend the suspension after March 31, 2024 or take further measures as appropriate.

“This suspension is necessary for the immediate protection of consumers, and to stem the number of reported new cases of beneficiaries’ accounts in China being frozen,” it added.

MAS said people should use other channels for remittances into China, such as through banks or card networks such as China’s payment services firm Union Pay International, to prevent any inadvertent freezing of monies or accounts.

MAS also warned people against rushing to remit money to China via overseas third-party agents before January 2024.

Comments

Comments are closed.