Singapore, 14 October 2026... The Monetary Authority of Singapore (MAS) has revoked the Major Payment Institution License of Sir Money Changer Pte. Ltd. (SMC) under the Payment Services Act 2019, with effect from 15 September 2026. SMC is no longer able to provide cross-border money transfer and money-changing services from the same date.

2.    MAS’ action follows investigations which found that SMC had allowed a third party to independently operate a cross-border money transfer business under SMC’s name from one of its places of business. SMC had also provided information to MAS that was false or misleading.

3.   Licensees must not allow third parties to use their licenses to conduct financial services activities. MAS requires all payment service providers to maintain effective oversight and control over their business operations at all times and will take firm regulatory action against licensees that fail to comply with these obligations.

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