MAS to review extension of brief ban on non-bank, non-card remittances to China

SINGAPORE – The Monetary Authority of Singapore (MAS) will review before March 31 whether to extend the temporary ban on non-bank and non-card remittances to China, said Minister of State for Trade and Industry Alvin Tan. He was replying in Parliament on Jan 10 to Workers' Party MP Gerald Giam (Aljunied GRC), who had asked if MAS would completely prohibit remittance companies from using non-bank and non-card channels, or extend the current temporary suspension. Remittance companies here were directed in mid-December to suspend for three months the use of non-bank and non-card channels when providing individuals with cross-border money transfer…