The Monetary Authority of Singapore (MAS) revoked the major payment institution license of Bsquared Technology Pte. Ltd., also known as BSQ, after detecting a series of serious violations during an on-site inspection.
According to the announcement, the regulator identified deficiencies in risk management practices and conflict of interest policies at the company, as well as failures in compliance with outsourcing service guidelines.
The most serious aspect of the case involves false or misleading information that BSQ allegedly provided to the regulator on multiple occasions, from the initial license application to the inspection itself. The Singapore authority ordered the company to submit a closure certificate issued by its auditors confirming the return of all client funds. BSQ informed the regulator that it held no outstanding third-party assets.
Bsquared had obtained its license 16 months ago under Singapore’s Payment Services Act of 2019. The MAS clarified that it is examining the responsibilities of the firm’s key executives. To date, the regulator has granted 37 digital payment token service licenses, and revocations remain uncommon.
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