The move follows reports that remittances to China through Singapore were frozen in their beneficiaries’ bank accounts in China by law enforcement agencies. The reason was unclear.
Singapore’s regulator ordered remittance companies in the city-state to halt the use of non-bank and non-card channels when transmitting money to China, following a fund-freeze scare.
The city-state will start the three-month suspension on January 1, the Monetary Authority of Singapore said in a statement late Monday.
