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      Monetary Authority of Singapore Revokes License of Sir Money Changer

      The Monetary Authority of Singapore (MAS) has revoked the major payment institution license of Sir Money Changer Pte. Ltd. (SMC), effective September 15, 2026. This decision prohibits SMC from providing cross-border remittance and currency exchange services, following an investigation into the company's operations.

      The investigation revealed that SMC permitted third parties to independently conduct cross-border remittance services at one of its business locations under its name. Additionally, SMC was found to have provided false or misleading information to MAS during the inquiry. MAS emphasized that license holders are required to maintain strict supervision and control over their business activities and must not allow third parties to exploit their licenses for financial services.

      This revocation underscores MAS's commitment to ensuring compliance with the Payment Services Act 2019, which mandates that payment service providers adhere to regulatory standards to protect consumers and maintain the integrity of Singapore's financial system.

      © 2026 KLEA News. All Rights Reserved. This article is provided for informational purposes only. It is not offered or intended to be used as legal, tax, investment, financial, or other advice.

      Source: KLEA News

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