The Monetary Authority of Singapore published an overview of its key public enforcement actions from April to June 2026, highlighting the revocation of the Major Payment Institution Licence of Bsquared Technology Pte Ltd with effect from 14 May 2026. The action followed an MAS inspection that found significant weaknesses in the firm's risk management practices and conflict of interest policies, as well as failures to meet MAS' Guidelines on Outsourcing in arrangements with related entities. MAS also found that Bsquared Technology had provided false or misleading information in material particulars on multiple occasions, starting from its licence application and continuing through the inspection. In the release, MAS noted that its enforcement toolkit includes reprimands, composition penalties, prohibition orders, civil penalties and referrals for criminal prosecution, with action calibrated to deter misconduct and safeguard Singapore's financial centre.
Monetary Authority of Singapore2026-07-01
Monetary Authority of Singapore revokes Bsquared Technology payment institution licence over control failures and false information
The Monetary Authority of Singapore's April to June 2026 enforcement update highlights the revocation of Bsquared Technology Pte Ltd's Major Payment Institution Licence, effective 14 May 2026. MAS cited significant weaknesses in risk management, conflicts controls and outsourcing arrangements, as well as repeated false or misleading information provided to the regulator.