The Monetary Authority of Singapore has revoked the Major Payment Institution Licence of Bsquared Technology Pte Ltd with effect from 14 May 2026, which means the firm can no longer provide digital payment token services in Singapore under the Payment Services Act 2019. The action follows a 2025 onsite inspection that uncovered serious breaches of regulatory requirements. The inspection found significant weaknesses in BSQ’s risk management practices and conflict of interest policies, and failures to meet MAS’ Guidelines on Outsourcing in arrangements with related entities. MAS also found that BSQ had provided false or misleading information in material particulars on multiple occasions, from its licence application through the inspection. BSQ’s licensed activity had been limited, and it told MAS that it holds no outstanding customers’ monies or assets. The firm must now submit an auditor-issued closure certificate under section 22(7) of the Payment Services Act confirming that customer monies were received by the intended recipients and that adequate provision has been made for unforeseen liabilities. MAS is also reviewing the responsibilities of BSQ’s key officers.
Monetary Authority of Singapore2026-05-20
Monetary Authority of Singapore revokes Bsquared Technology Major Payment Institution Licence over serious control weaknesses and false or misleading information
The Monetary Authority of Singapore has revoked the Major Payment Institution Licence of Bsquared Technology Pte Ltd with effect from 14 May 2026, prohibiting it from providing digital payment token services under the Payment Services Act 2019. MAS cited serious breaches identified in a 2025 onsite inspection, including significant weaknesses in risk management and conflicts of interest, failures to meet outsourcing guidelines, and the provision of false or misleading information. BSQ, which reported no outstanding customer monies or assets, must obtain an auditor-issued closure certificate, and MAS is reviewing the responsibilities of its key officers.