Singapore is seeking clarity from China on how remitters can unlock their money after a fund-freeze scare in the world’s second-biggest economy, the island nation’s Minister of State said.
Relevant agencies have been engaging China’s government “so that the latter can provide information to help affected remitters understand how they can get their accounts and monies in China unfrozen by” law enforcement authorities there, Alvin Tan said in response to questions in Parliament.
Singapore’s regulator last month ordered remittance companies in the city-state to halt the use of non-bank and non-card channels when transmitting money to China. That followed reports that remittances to China through Singapore were frozen in their beneficiaries’ bank accounts by Chinese authorities. The reason was unclear.
