MAS revokes Bsquared Technology payment licence over regulatory breaches
Singapore DPT providers must evidence risk controls and accurate MAS filings
MAS
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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 regulatory breaches, including weaknesses 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 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.
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