Singapore Suspends Some Remittance Routes to China to Curb Frozen Funds
- City-state to halt non-bank and non-card channels to China
- China froze some funds in beneficiaries’ bank account
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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.