MAS revokes Bsquared Technology payment licence over regulatory breaches
Singapore DPT providers must evidence risk controls and accurate MAS filings
Change
MAS revoked Bsquared Technology Pte Ltd’s Major Payment Institution licence, ending its permission to provide digital payment token services in Singapore from 14 May 2026.
Why it matters
MAS found serious breaches in risk management, conflict-of-interest policies and outsourcing arrangements with related entities. MAS also found that Bsquared Technology provided false or misleading information from its licence application through inspection.
Implications
- — Singapore digital payment token service providers must maintain risk-management, conflict-of-interest and outsourcing controls because MAS revoked Bsquared Technology’s licence after finding serious breaches in those areas.
- — Major Payment Institution licence holders must ensure information given to MAS is accurate because MAS treated repeated false or misleading information as grounds for licence revocation.
- — Bsquared Technology must submit an auditor-issued closure certificate under section 22(7) of the Payment Services Act because MAS requires confirmation that customer monies reached intended recipients and liabilities are covered.
Who is affected
- — Singapore Major Payment Institution licence holders
- — Digital payment token service providers regulated by MAS
- — Compliance teams responsible for MAS filings, outsourcing and risk controls
What to watch
- — Licence revoked with effect from 14 May 2026
- — MAS is reviewing the responsibilities of key officers of Bsquared Technology