Singapore: From 2024, Funds Remitted to China Can Only Be Processed Through Banks or Card Organ

 

This year, the remittance business in Singapore has experienced significant unrest. In October, the Chinese Embassy issued a crucial statement, urging Chinese citizens in Singapore to be vigilant about the safety of their remittances.

 

The announcement highlighted that the embassy had received several reports from Chinese citizens about partial or total freezing of funds remitted through a certain company located in Chinatown.

 

 

Further inquiries revealed that although this remittance company in Singapore possesses legal credentials to operate, it often mitigates its liability for potential fund freezing by having customers sign waivers or providing written disclaimers. This practice leaves victims without any means of proof or recourse for complaints.

 

On December 18th, the Monetary Authority of Singapore (MAS) intervened and issued a public statement:

 

 

 

Effective January 1, 2024, remittance companies in Singapore will only be allowed to transfer funds to China through banks or bank card channels. More specifically, remittance companies can facilitate transfers via licensed financial institutions that operate exclusively through bank or bank card networks, such as UnionPay International. This measure will initially be implemented for a trial period of three months, followed by a review.

 

PandaRemit has also provided its interpretation of this announcement:

 

Starting January 1, 2024, remittance companies in Singapore offering personal cross-border remittance services to China will be limited to using banks or card network operators (like UnionPay International) and licensed financial institutions that utilize these networks.

 

This implies that personal remittances to China must be conducted solely through bank networks or card organization clearing networks, and remittances via matching transactions will be prohibited.

 

 

Moreover, MAS has specifically stated that although 2024 is not yet upon us, it advises against using third-party agents for remittances during the upcoming transition period.

 

The implementation of this policy effectively restricts illegal but "high exchange rate" third-party agents and is expected to significantly reduce economic losses caused by third-party remittances.

 

In addition to ensuring the safety of remittances during the year-end peak period, MAS will also collaborate with the police to investigate multiple remittance freezing incidents that occurred in 2023.

 

 

What then are the safe, convenient, and efficient remittance options to China after January 1, 2024?

 

The remittance ban mandates that transactions can only be conducted through banks, bank cards (like UnionPay International), or licensed financial institutions, and PandaRemit is among these approved channels.

 

PandaRemit's partners, including Tencent Financial Technology's cross-border payment business Tenpay Global, Alipay, Touch' N Go, etc., are either banks or directly use licensed financial institutions. Furthermore, PandaRemit itself holds a financial license in Singapore, adding to its trustworthiness.

 

PandaRemit's Singapore Financial License

 

 

 

Additionally, PandaRemit has achieved PCI DSS certification, meeting nearly 300 audit criteria across six major areas and 12 standards, encompassing network security, application and system security. PandaRemit is also legally supported by the renowned Chinese law firm King & Wood Mallesons, ensuring each remittance complies with regulatory requirements.

 

PandaRemit has established a comprehensive risk monitoring system, encrypting and monitoring all transactions around the clock. It enables real-time monitoring of remittance activities, prompt detection of abnormal transactions, and appropriate response measures. With PandaRemit, the entire remittance process is transparent, and the status can be tracked in real-time on the mobile app.

 

When various enticing offers attempt to jeopardize your funds, PandaRemit provides 24-hour protection for your financial security.

 

About Us - Panda Remit

Panda Remit is a cross-border remittance online platform, which is committed to providing global users with safer, more convenient, reliable, and affordable online cross-border remittance services. With a user-friendly interface and advanced security features, Panda Remit is the best solution for anyone looking for a hassle-free way to make global remittance.

 

Panda Remit has the following features:

 

1. High safety degree - One of the key features of Panda Remit is its advanced security measures

All transactions are encrypted and monitored 24/7 to ensure the safety of your funds. What's more, Panda Remit uses state-of-the-art fraud detection technology to prevent unauthorized access from your account.

 

2. Convenient transfer environment - Panda Remit is equipped with a currency calculator

The platform is available on Panda Remit's official website or Panda Remit app so that you can easily access your account and make transactions on the go. Users can transfer money in a variety of currencies, including US dollars, euros, HK dollars, pound, yen, etc,. Furthermore, it is also worth noting that Panda Remit provides 24/7 Chinese customer service, providing a familiar and intimate environment for overseas Chinese.

 

3. Simple operation process - Panda Remit has a user-friendly interface that makes it easy to navigate and use

Moreover, whether you need to pay bills or send money to friends and family in other countries, you just need to simply follow the operation tutorial provided by Panda Remit to create an account, link your bank account or credit card, and then you're ready to transfer money globally. With just a few clicks, you can successfully send money to anyone, anywhere in the world you want.

 

4. Instant transfer - Panda Remit provides a quicker way to transfer money globally

Panda Remit is not only secure and convenient, but it is also fast. It allows for instant transfers between Panda Remit users, eliminating the need for waiting periods or processing times as much as possible. This feature is especially beneficial for people or businesses that require quick and efficient cross-border remittance.

 

5. Low handling fee - Panda Remit offers a range of exchange rate benefits to users

Panda Remit also offers competitive prices compared to traditional remittance methods and other apps of the same kind. Thus, users can enjoy low transaction fees and competitive exchange rates and get high amounts received when transferring money globally, which makes Panda Remit a cost-effective solution for individuals and businesses alike. Plus, the system would give coupons to first-time users.

 

In conclusion, Panda Remit provides a simpler and more efficient online global remittance way that offers a range of features and benefits to users. Nowadays, Panda Remit has opened global remittance services for more than 30 countries or regions worldwide and helped users save nearly 100 million dollars in fees, which is deeply recognized and trusted by millions of users around the world.

 

Panda Remit is the perfect solution for you to make cross-border remittances.

Please visit the Panda Remit official website or download the app, Panda Remit, for more detailed information.

 

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