Latest news with #PaymentServicesAct2019
The Star
4 hours ago
- Business
- The Star
Singapore company allegedly received US$45mil illegally from abroad, two men charged
Two men were handed one charge each on June 26, 2025 for being involved in carrying out a business of providing payment services illegally. - Photo: ST file SINGAPORE: Two men were charged in court on Thursday (June 26), after the company they were involved in allegedly received about US$45 million (S$57.4 million) over multiple transactions illegally. Patrick Lee Paik Cheng, 65, a Malaysian and the director of Tupt, and Dinh Tien Dat, 28, a Vietnamese, who is said to have been in a position to influence the conduct of the company, were handed one charge each for being involved in carrying out a business of providing payment services illegally. Company records show that Tupt, a Singapore company, is a wholesale business that can operate on a fee or commission basis. According to court documents, it received US$44,951,709.70 between July 28, 2020, and April 29, 2022, from outside Singapore via 26 transactions in an RHB bank account and 32 transactions in a Standard Chartered Bank account. Said the police in a statement: 'The Commercial Affairs Department's investigations established that neither the men nor the company have a licence to carry out a business that provides any type of payment service in Singapore, nor were they considered as exempted payment service providers under the Payment Services Act 2019.' In court on June 26, Dinh said he wanted to plead guilty to his charge, while Lee did not indicate his plea. Dinh is expected to plead guilty on Aug 7, while Lee's case was adjourned for a further mention on July 24. If convicted, the men can each be fined up to $125,000, jailed for up to three years, or both. In its statement, the police said it will not hesitate to act against any individual or entity involved in providing unlicensed cross-border money transfer services. It added: 'Members of the public are strongly advised to use financial institutions or payment service providers licensed by the Monetary Authority of Singapore when conducting cross-border money transfers. 'The police would like to caution against engaging in unlicensed payment service activities, as unlicensed payment service providers are not regulated and are not subjected to stringent anti-money laundering and counter-terrorism financing measures.' - The Straits Times/ANN
Straits Times
13 hours ago
- Business
- Straits Times
Singapore company allegedly received $57 million illegally from abroad, two men charged
SINGAPORE – Two men were charged in court on June 26, after the company they were involved in allegedly received about US$45 million ($57.4 million) over multiple transactions illegally. Patrick Lee Paik Cheng, 65, a Malaysian and the director of Tupt and Dinh Tien Dat, 28, a Vietnamese, who is said to have been in a position to influence the conduct of the company, were handed one charge each for being involved in carrying out a business of providing payment services illegally. Company records show that Tupt, a Singapore company, is a wholesale business that can operate on a fee or commission basis. According to court documents, it received US$44,951,709.70 between July 28, 2020 and April 29, 2022, from outside Singapore via 26 transactions in an RHB bank account and 32 transactions in a Standard Chartered bank account. Said the police in a statement: 'The Commercial Affairs Department's investigations established that neither the men nor the company have a licence to carry out a business that provides any type of payment service in Singapore, nor were they considered as exempted payment service providers under the Payment Services Act 2019.' In court on June 26, Dinh said he wanted to plead guilty to his charge, while Lee did not indicate his plea. Dinh is expected to plead guilty on Aug 7, while Lee's case was adjourned for a further mention on July 24. If convicted, the men can each be fined up to $125,000, jailed for up to three years, or both. In its statement, the police said it will not hesitate to act against any individual or entity involved in providing unlicensed cross-border money transfer services. It added: 'Members of the public are strongly advised to use financial institutions or payment service providers licensed by the Monetary Authority of Singapore when conducting cross-border money transfers. 'The police would like to caution against engaging in unlicensed payment service activities, as unlicensed payment service providers are not regulated and are not subjected to stringent anti-money laundering and counter-terrorism financing measures.' Join ST's WhatsApp Channel and get the latest news and must-reads.
Straits Times
13 hours ago
- Business
- Straits Times
Singapore company allegedly received $57 million illegally from abroad, 2 men charged
If convicted, the men can each be fined up to $125,000, jailed for up to three years, or both. PHOTO: ST FILE SINGAPORE – Two men were charged in court on June 26, after the company they were involved in allegedly received about US$45 million ($57.4 million) over multiple transactions illegally. Patrick Lee Paik Cheng, 65, a Malaysian and the director of Tupt and Dinh Tien Dat, 28, a Vietnamese, who is said to have been in a position to influence the conduct of the company, were handed one charge each for being involved in carrying out a business of providing payment services illegally. Company records show that Tupt, a Singapore company, is a wholesale business that can operate on a fee or commission basis. According to court documents, it received US$44,951,709.70 between July 28, 2020 and April 29, 2022, from outside Singapore via 26 transactions in an RHB bank account and 32 transactions in a Standard Chartered bank account. Said the police in a statement: 'The Commercial Affairs Department's investigations established that neither the men nor the company have a licence to carry out a business that provides any type of payment service in Singapore, nor were they considered as exempted payment service providers under the Payment Services Act 2019.' In court on June 26, Dinh said he wanted to plead guilty to his charge, while Lee did not indicate his plea. Dinh is expected to plead guilty on Aug 7, while Lee's case was adjourned for a further mention on July 24. If convicted, the men can each be fined up to $125,000, jailed for up to three years, or both. In its statement, the police said it will not hesitate to act against any individual or entity involved in providing unlicensed cross-border money transfer services. It added: 'Members of the public are strongly advised to use financial institutions or payment service providers licensed by the Monetary Authority of Singapore when conducting cross-border money transfers. 'The police would like to caution against engaging in unlicensed payment service activities, as unlicensed payment service providers are not regulated and are not subjected to stringent anti-money laundering and counter-terrorism financing measures.' Join ST's WhatsApp Channel and get the latest news and must-reads.
Yahoo
17-02-2025
- Business
- Yahoo
Straits Millennium secures in-principle approval for MAS Major Payment Institution licence
Straits Millennium is a member of Straits Financial Group, the financial services arm of the CWT Group. Straits Millennium has obtained in-principle approval from the Monetary Authority of Singapore (MAS) for a Major Payment Institution licence under the Payment Services Act 2019. According to a Feb 17 announcement, this grants Straits Millennium the ability to offer digital payment token services. Straits Millennium is a member of Straits Financial Group, whose members provide financial services on a global scale, specialising in commodities, derivatives and financial brokerage. Established in 2010, Straits Financial Group is headquartered in Singapore, and serves as the financial services arm of the CWT Group, a multinational corporation providing integrated logistics, commodity marketing, engineering and financial services. CWT Pte Ltd, headquartered in Singapore, is privately held by Hong Kong-listed CWT International Limited and employs around 6,000 people worldwide. An in-principle approval means MAS may issue a licence to the applicant after it fulfils specified conditions and provided there are no material adverse developments affecting the applicant. An in-principle approval does not constitute a licence for Straits Millennium to provide payment services at this juncture. MAS reserves the right to rescind the in-principle approval in circumstances where it considers appropriate. Straits Millennium says it will provide market participants with a 'regulated and efficient platform' to facilitate the exchange of digital payment tokens and fiat currencies. The firm is 'actively working' towards securing its full Major Payment Institution licence from MAS. Amily Ho, digital assets lead at Straits Millennium, says: 'The demand for compliant, seamless and efficient digital token services continues to rise, and Straits Millennium is here to bridge that gap. Our in-principle approval allows us to build a secure and regulated ecosystem for industry players who require reliability, transparency and scalability in their digital asset operations. Whether it's facilitating liquidity solutions or enabling efficient trading services, we are committed to delivering innovative and regulatory-compliant services that meet the evolving needs of the market.' Jeremy Ang, group CEO of Straits Financial Group, says: 'Singapore has established itself as a global leader in digital asset regulation, and we are proud to play a role in shaping the future of the financial industry. With our deep expertise in derivatives, commodities and institutional financial services, we are well-positioned to provide trusted and seamless digital asset offerings to our clients. We look forward to working closely with MAS to finalise our full licence and deliver best-in-class services to the market.' 8% lower after MAS equities market review group's first proposal MAS's equities market review group proposes tax incentives as part of measures to boost Singapore's bourse Singapore to consolidate administration of payment systems under one roof Read more stories about where the money flows, and analysis of the biggest market stories from Singapore and around the World Get in-depth insights from our expert contributors, and dive into financial and economic trends Follow the market issue situation with our daily updates Or want more Lifestyle and Passion stories? Click here
Yahoo
17-02-2025
- Business
- Yahoo
Straits Millennium, EBANX get in-principle nod for MPI licence in Singapore
The Monetary Authority of Singapore (MAS) has issued in-principle approval to fintech firms EBANX and Straits Millennium for a major payment institution (MPI) Licence under the Payment Services Act 2019. Payment service provider EBANX has presence in the Asia-Pacific region, with 39% of its total processed volume in 2024 coming from the region. It operates offices in Shanghai, China, and Singapore, and has recently expanded its footprint in India through a partnership with YES Bank and the appointment of a country director. EBANX has relocated Fernanda De Fino, global director of risk and compliance, to Singapore. In addition to her global role, she will serve as executive director of EBANX Singapore to strengthen the company's APAC presence, complementing its 25-member team in Shanghai. EBANX CEO and co-founder João Del Valle said: "Receiving In-Principle Approval for an MPI license in Singapore, one of the most robust ecosystems for international payments, is a testament to EBANX's priority to meet the highest regulatory standards and provide exceptional value to our clients globally, who will now have even more capabilities enabled within our payments services." Besides, Straits Millennium is a Singapore-based digital asset firm and subsidiary of Straits Financial Group that aims to bridge the gap between traditional finance and digital assets by offering financial solutions. The in-principle approval allows the firm to offer digital payment token (DPT) services. Straits Millennium digital assets lead Amily Ho said: "The demand for compliant, seamless, and efficient digital token services continues to rise, and Straits Millennium is here to bridge that gap. Our in-principle approval allows us to build a secure and regulated ecosystem for industry players who require reliability, transparency, and scalability in their digital asset operations. 'Whether it's facilitating liquidity solutions or enabling efficient trading services, we are committed to delivering innovative and regulatory- compliant services that meet the evolving needs of the market." "Straits Millennium, EBANX get in-principle nod for MPI licence in Singapore " was originally created and published by Electronic Payments International, a GlobalData owned brand. The information on this site has been included in good faith for general informational purposes only. It is not intended to amount to advice on which you should rely, and we give no representation, warranty or guarantee, whether express or implied as to its accuracy or completeness. You must obtain professional or specialist advice before taking, or refraining from, any action on the basis of the content on our site. Sign in to access your portfolio
