This is the new MLex platform. Existing customers should continue to use the existing MLex platform until migrated.
For any queries, please contact Customer Services or your Account Manager. Dismiss

Singapore fines two remittance firms $4 million for illegal information exchange

( July 31, 2025, 08:08 GMT | Official Statement) -- MLex Summary: The Competition and Consumer Commission of Singapore has fined two Chinese yuan remittance service providers a total of S$5.36 million ($4.14 million) for exchanging pricing information over a six-year period. ZGR Global, formerly Zhongguo Remittance, and Hanshan Money Express, which operate adjacent counters in the People’s Park Complex, shared both published and non-public transaction rates between January 2016 and February 2022. The regulator said the conduct eliminated market uncertainty and enabled real-time pricing coordination in breach of Section 34 of the Competition Act.The statement and full decision are attached.  ...

Prepare for tomorrow’s regulatory change, today

MLex identifies risk to business wherever it emerges, with specialist reporters across the globe providing exclusive news and deep-dive analysis on the proposals, probes, enforcement actions and rulings that matter to your organization and clients, now and in the longer term.


Know what others in the room don’t, with features including:

  • Daily newsletters for Antitrust, M&A, Trade, Data Privacy & Security, Technology, AI and more
  • Custom alerts on specific filters including geographies, industries, topics and companies to suit your practice needs
  • Predictive analysis from expert journalists across North America, the UK and Europe, Latin America and Asia-Pacific
  • Curated case files bringing together news, analysis and source documents in a single timeline

Experience MLex today with a 14-day free trial.

Start Free Trial

Already a subscriber? Click here to login

Documents

Related Sections