The Monetary Authority of Singapore revokes Bsquared Technology's encrypted payment license

The Monetary Authority of Singapore has revoked Bsquared Technology's main payment institution license due to deficiencies in its risk management and conflict of interest policies, violations of outsourcing management regulations, and repeated provision of false or misleading information. Bsquared was required to submit a closure certificate 16 months after winning the license, confirming that the client's funds had been returned. MAS is reviewing the responsibilities of key management personnel in the company. Currently, Singapore has only approved 37 institutions to provide digital payment token services. （Bloomberg）