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On May 20, 2026, the Monetary Authority of Singapore (MAS) revoked the Major Payment Institution Licence of Bsquared Technology Pte Ltd (BSQ) effective May 14, 2026. BSQ is no longer permitted to provide digital payment token services in Singapore under the Payment Services Act 2019 (PS Act) from the same date. MAS licensed BSQ on January 1, 2025 to carry on digital payment token services. During an onsite inspection in 2025, MAS identified serious breaches of regulatory requirements. These included significant weaknesses in BSQ's risk management practices and conflict of interest policies, and failure to comply with MAS' Guidelines on Outsourcing in its arrangements with related entities. MAS also found that BSQ had provided false or misleading information to MAS on multiple occasions, from its licence application through the inspection period. BSQ's licensed activities were limited, and the entity has informed MAS that no outstanding customers' monies or assets are held by it. BSQ must submit a closure certificate issued by its auditors under section 22(7) of the PS Act to confirm that all moneys received from customers have been received by the intended recipients and adequate provision has been made to meet any unforeseen liabilities relating to the regulated activities. MAS said it takes a serious view of BSQ's breaches and is reviewing the responsibilities of key officers. The revocation demonstrates MAS' enforcement stance: entities that breach regulatory requirements or provide inaccurate information to MAS will face consequences. REFERENCES: Monetary Authority of Singapore. "MAS Revokes the Major Payment Institution Licence of Bsquared Technology Pte Ltd." May 20, 2026. https://www.mas.gov.sg/