The Monetary Authority of Singapore (MAS) has revoked the Major Payment Institution licence of Sir Money Changer Pte Ltd (SMC) under the Payment Services Act 2019.
In an official statement issued on Wednesday (14 Oct), MAS said the revocation took effect on 15 Sept 2026.
As a result, SMC has been barred from providing cross-border money transfer and money-changing services since that date.
The company operated a money-changing outlet at HarbourFront Centre, which is currently listed as “Temporarily closed” on Google Maps.
Source: Google
According to MAS, the decision followed investigations into SMC’s business operations.
Investigations found that SMC had allowed a third party to independently operate a cross-border money transfer business under the company’s name at one of its business premises.
Source: Google Maps
MAS also discovered that SMC had provided the authority with “false or misleading” information, although it did not disclose further details.
Established in 1991, SMC initially specialised in foreign exchange services before becoming a private limited company in 2006.
The company also offered remittance services for individuals and businesses, including overseas payments and salary transfers to shipping crew members.
MAS stressed that licensed financial institutions are not permitted to allow third parties to use their licences to conduct financial services activities.
Source: Google Maps
All payment service providers are also required to maintain effective oversight and control over their operations at all times.
The authority warned that it would take firm regulatory action against institutions that fail to comply with these obligations.
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Featured image adapted from Google Maps.