Singapore Revokes Sir Money Changer’s Licence Over Unauthorised Money Transfer Operations

Singapore’s Monetary Authority of Singapore (MAS) has revoked the major payment institution licence of Sir Money Changer Pte. Ltd. (SMC) after finding that the company allowed a third party to operate a cross-border money transfer business under its name and provided the regulator with false or misleading information.

The revocation took effect on September 15, 2026, although MAS announced the enforcement action publicly on October 14. From the effective date, SMC was no longer permitted to provide cross-border money transfer or money-changing services under the revoked licence.

MAS said its investigation found that SMC had allowed a third party to independently operate a cross-border money transfer business from one of the company’s business premises using SMC’s name. The regulator also found that SMC had supplied information to MAS that was false or misleading.

The authority emphasised that licensed payment service providers must not allow third parties to use their licences to conduct regulated financial services activities. Licensees are expected to maintain effective oversight and control over their operations and ensure that the activities carried out under their licences remain within the scope of their regulatory authorisation.

The case highlights the regulatory risks associated with allowing another business to use a licensed entity’s regulatory status without maintaining appropriate control over the activities performed. A payment institution remains responsible for ensuring that its premises, personnel and business arrangements comply with applicable licensing requirements.

Under Singapore’s Payment Services Act 2019, major payment institution licences permit holders to provide specified payment services subject to regulatory requirements. Depending on the licence and the services authorised, these activities can include domestic and cross-border money transfers, account issuance, merchant acquisition and other regulated payment services.

Money-changing services are also regulated under the Act. The appropriate licence depends on the nature of the activities conducted, and a business cannot rely on another entity’s licence as a substitute for its own required authorisation.

MAS has stated that payment service providers must maintain adequate oversight of their business operations at all times. This includes ensuring that third parties, agents or other commercial partners do not independently conduct regulated services under a licensee’s name without proper authorisation and control.

The regulator did not disclose the amount of money involved in the unauthorised transfer business, the identity of the third party or the precise details of the false or misleading information supplied. It also did not announce a separate monetary penalty or criminal prosecution in connection with the revocation.

The licence withdrawal means SMC can no longer provide the relevant services from September 15, 2026. The public notice did not provide further details about arrangements for existing customers or outstanding transactions.

MAS said it would take firm regulatory action against licensees that fail to meet their obligations. The revocation is therefore a direct licensing consequence of the conduct identified during the investigation.

The case reinforces the importance of maintaining clear operational responsibility and regulatory accountability in payment services. Licensed firms must ensure that business partners and third parties do not use their authorisation to provide financial services independently, and that information supplied to the regulator is accurate and complete.

By fLEXI tEAM