Bitget App
Trade smarter
Buy cryptoMarketsTradeFuturesCopyBotsEarn
The Monetary Authority of Singapore will suspend remittances to Chinese individuals through non-bank channels starting from January 1

The Monetary Authority of Singapore will suspend remittances to Chinese individuals through non-bank channels starting from January 1

CointimeCointime2023/12/21 02:21
By:Cointime

As reported by Daily Economic News, the Monetary Authority of Singapore (MAS) announced that from January 1, 2024, local licensed cross-border remittance companies will temporarily stop using non-bank and non-card channels to remit money to individuals in China, and can only remit money through banks, bank card network operators, or cooperative financial institutions. This regulation will last for three months until March 31, 2024.The Chinese Embassy in Singapore once again reminds citizens to be aware that remitting money through non-bank channels may lead to the risk of account freezing and recommends choosing formal bank channels for remittance.It is reported that since the beginning of this year, the police have received more than 670 reports of bank accounts being frozen after remittance to China, involving a total amount of 13 million Singapore dollars.

0

Disclaimer: The content of this article solely reflects the author's opinion and does not represent the platform in any capacity. This article is not intended to serve as a reference for making investment decisions.

PoolX: Locked for new tokens.
APR up to 10%. Always on, always get airdrop.
Lock now!

You may also like

Sei Research Initiative Aims to Overcome EVM Limitations

Sei Labs and the Sei Foundation launch the Sei Research Initiative to address Ethereum Virtual Machine limitations, enhancing scalability and decentralization.

Blockchainnews2024/11/28 00:22

US Elections Propel $2.2B Inflows into Digital Assets, Bitcoin (BTC) Leads

The recent US elections have sparked $2.2 billion in inflows into digital assets, with Bitcoin and Ethereum witnessing significant activity, according to CoinShares.

Blockchainnews2024/11/28 00:22

Reimagining EVM Storage: Addressing Key Blockchain Challenges

Explore innovative solutions to optimize the Ethereum Virtual Machine (EVM) storage layer, tackling state bloat and high gas costs through advanced data structures and blockchain strategies.

Blockchainnews2024/11/28 00:22

Ethereum Opens Applications for Next Billion Fellowship Cohort 5

Ethereum is now accepting applications for the Next Billion Fellowship Cohort 5, a program designed to leverage blockchain technology for solving real-world challenges.

Blockchainnews2024/11/28 00:22