The police in Singapore have received over 670 reports that remittances totaling around S$13 million made to China have been frozen by the authorities. Singapore's central bank has directed remittance firms to use only bank and card channels when transmitting money to China.
The police in Singapore have received over 670 reports that remittances totaling around S$13 million made to China have been frozen by the authorities. Singapore 's central bank has directed remittance firms to use only bank and card channels when transmitting money to China . This decision came after complaints that money remitted from Singapore to China have been frozen by China 's law enforcement agencies .
The Singapore Police Force stated that more than 670 reports were filed on frozen remittances to China, totaling around S$13 million
Singapore Remittances China Frozen Authorities Central Bank Law Enforcement Agencies Bank Channels Card Channels
Malaysia Latest News, Malaysia Headlines
Similar News:You can also read news stories similar to this one that we have collected from other news sources.
Bank accounts frozen and funds confiscated for people remitting funds to ChinaPeople sending money to China via remittance companies licensed in Singapore have complained that their funds have been frozen or confiscated by the authorities there. The Consumers Association of Singapore (Case) received 39 complaints between Jan 1 and Nov 14, with 14 cases reported after Oct 18. The affected individuals had their recipient bank accounts in China frozen, and some had their remitted funds confiscated. Around 1,000 Chinese nationals are affected, with approximately 30 million yuan (S$5.6 million) in funds involved. More than 100 people visited the Police Cantonment Complex on Nov 19 to lodge reports.
Read more »
Italian Firms Showcase Expertise at Singapore Fintech Festival 2023Italian trade executive highlights the diverse range of products and expertise Italy can offer at the Singapore Fintech Festival 2023. Singapore's technological capabilities attract mature markets like Italy to strengthen trade relations in the fintech ecosystem.
Read more »
Visa Exemption Agreement Between Singapore and China Boosts Flight Ticket SearchesSearches for flight tickets increased by 90% after the visa exemption agreement between Singapore and China was announced. The agreement aims to provide greater convenience and boost direct flight connectivity between the two countries. Singapore and China are working on implementing the scheme in early 2024.
Read more »
New Singapore-China Visa-Free Travel Agreement Draws Mixed ReactionsTravelling to visit family in China was a hassle during Covid-19 restrictions. The new Singapore-China visa-free travel agreement brings joy to those with families in China. Experts don't expect a significant influx of Chinese tourists.
Read more »
China Expected to Become World's Largest Economy, says Singapore's Health MinisterSingapore's Health Minister Ong Ye Kung predicts that China will surpass other countries to become the largest economy in the world by the end of the decade. He also highlights the potential for China's GDP per capita to reach that of a developed country. Despite its current economic challenges, China still has room for growth due to its relatively low per capita income compared to the US.
Read more »