SINGAPORE, May 20, 2026 — The Monetary Authority of Singapore revoked the Major Payment Institution licence of Bsquared Technology Pte. Ltd. with effect from May 14, prohibiting the company from providing digital payment token services in Singapore under the Payment Services Act 2019.
MAS said Bsquared Technology, which was licensed on Jan. 1, 2025 to provide digital payment token services, had committed “serious breaches” of regulatory requirements identified during an onsite inspection in 2025.
The regulator said the breaches included significant weaknesses in the company’s risk management practices and conflict-of-interest policies, as well as failures to comply with MAS Guidelines on Outsourcing in arrangements with related entities.
MAS also said the company had provided information that was “false or misleading in material particulars” on multiple occasions, from the licence application stage through the course of the regulator’s inspection.
MAS cites regulatory breaches and governance failures
The central bank said Bsquared’s licensed activities had been limited and that the company informed MAS there were no outstanding customer monies or assets held by the firm.
Under the Payment Services Act, Bsquared is required to submit a closure certificate issued by its auditors confirming that all customer monies received had been transferred to intended recipients and that adequate provisions had been made for unforeseen liabilities related to regulated activities.
MAS said it was reviewing the responsibilities of key officers at the company.
Singapore reinforces supervisory expectations for licensed firms
The regulator said entities that breach regulatory requirements or provide inaccurate information to MAS would “face consequences.”
Singapore regulates digital payment token service providers under the Payment Services Act framework, which governs firms offering digital payment token services in the country.
