The Monetary Authority of Singapore (MAS) has revoked the Major Payment Institution Licence of Bsquared Technology Pte Ltd (BSQ), effective from 14 May 2026. This decision bars BSQ from providing digital payment token services in Singapore under the Payment Services Act 2019.
MAS’s inspection of BSQ in 2025 revealed significant regulatory breaches, including inadequate risk management practices and conflict of interest policies. Additionally, BSQ failed to comply with MAS’s Guidelines on Outsourcing in its dealings with related entities. The company also provided false or misleading information to MAS on several occasions, from its licence application through to the inspection period.
Despite these breaches, BSQ’s licensed activities were limited, and the company has assured MAS that there are no outstanding customer funds or assets. BSQ is required to submit a closure certificate from its auditors, confirming that all customer funds have been properly disbursed and that provisions for unforeseen liabilities are in place.
MAS is currently reviewing the responsibilities of BSQ’s key officers, emphasising that entities failing to meet regulatory standards or providing inaccurate information will face repercussions.
