This move by MAS serves as a warning to the other 37 companies.

The Monetary Authority of Singapore (MAS) revoked Bsquared Technology's Digital Payment Token Service MPI license, citing deficiencies in risk management, conflicts of interest, outsourcing controls, and information disclosure, as well as multiple instances of providing false information during application and on-site inspections. The company was granted the license 16 months ago and is now required to submit a closure certificate from an audit firm to confirm that customer funds have been returned. MAS is currently reviewing the responsibilities of key management personnel. Currently, only 37 institutions in Singapore have been approved for digital payment token services, and license revocations are rare.