MAS announces three-month suspension for cross-border money transfers to China via certain channels: Aspire services unaffected

Written by
Content Team
Last Modified on
December 28, 2023

The Monetary Authority of Singapore (MAS) has issued a Notice directing licensed payment service providers offering cross-border money transfer services (remittance companies) to suspend the use of non-bank and non-card channels when transmitting money to individuals in the People's Republic of China (PRC). This suspension is set to last for three months, from January 1 to March 31, 2024.

The decision comes in response to a small proportion of remittances to China, particularly by PRC nationals working in Singapore, being frozen in their beneficiaries' bank accounts in China. To mitigate risks to consumers, MAS has temporarily restricted remittance companies from using overseas third-party agents, emphasizing the use of banks or card networks for the next three months.

Aspire Remains Unaffected

Aspire is not impacted by this suspension, because we work with MAS-approved banks and financial partners to provide our services. Businesses can continue using our solutions to make global payments to China at market-leading FX rates. Our existing practices align with MAS regulatory requirements, and we’re focused on providing seamless and secure financial solutions to our users. 

For questions, please reach out to the Aspire Support Team.

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Content Team
at Aspire is a society of seasoned writers & experts specialising in finance, technology and SaaS space. With 50+ years of collective experience, they help make business finance more profitable for readers. They write about finance tools, finance insights, industry trends, tactical guides to grow your business & also all things Aspire.
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