Singapore's MAS Revokes Bsquared's Major Payment License; Only 37 Institutions Approved for Digital Token Services

According to the Monetary Authority of Singapore, MAS revoked Bsquared Technology's major payment institution (MPI) license on May 20. The regulator cited deficiencies in risk management and conflict-of-interest policies, violations of outsourcing requirements, and repeated provision of false or misleading information during the license application and on-site inspections.

Bsquared had obtained its digital payment token service license 16 months prior. MAS has required the company to submit auditor-issued closure certificates confirming full return of customer funds. License revocations in Singapore's digital token service sector remain rare, with only 37 institutions currently approved.