Sir Money Changer has lost its licence after the Monetary Authority of Singapore (MAS) found that it allowed a third party to independently run a cross-border money-transfer business under its name.
MAS announced the action on 14 October 2026. The revocation had already taken effect on 15 September, meaning the company could no longer provide cross-border money transfers or money-changing services from that date.
Its Major Payment Institution licence was revoked under the Payment Services Act 2019.
Third Party Operated From One Of Its Business Premises
MAS said its investigations found that the third party operated the money-transfer business from one of Sir Money Changer’s business premises, using the company’s name.
The regulator also found that Sir Money Changer had supplied it with false or misleading information.
Payment Firms Must Keep Control Of Their Operations
MAS stressed that licensed firms cannot let third parties use their licences to carry out financial services.
Payment service providers must maintain effective supervision and control of their operations at all times, it said.
The regulator added that it would take firm regulatory action against licence holders that fail to meet these obligations.
