False information and conflicts of interest, not missing a single classic package

Singapore MAS revokes BSquared Technology's primary payment institution license, effective from May 14, 2026, just 16 months after authorization, indicating rapid enforcement. MAS states that a 2025 on-site inspection found significant deficiencies in its risk management and conflict of interest policies, and that it provided false information in multiple instances. Outsourcing arrangements also violated third-party management guidelines. The regulatory authority is assessing the personal responsibility of senior management. Under the Payment Services Act, the company must submit an independent audit certification to ensure proper handling of customer funds.