The Monetary Authority of Singapore (MAS) has revoked the Major Payment Institution License of Bsquared Technology (BSQ) following findings of alleged breaches of regulatory requirements as well as the submission of false or misleading information.
The revocation came into effect on 14 May 2026.
Bsquared Technology is no longer permitted to provide digital payment token services in Singapore under the Payment Services Act 2019.
MAS detailed the enforcement action in an official notice issued 16 months after it originally licensed the firm in January 2025.
According to the regulator, an onsite inspection in 2025 revealed significant weaknesses in the company’s risk management practices and conflict of interest policies.
MAS also noted that the firm failed to meet outsourcing guidelines in its arrangements with related entities.
Bsquared Technology submitted information that was false or misleading in material particulars on multiple occasions, the regulator found.
MAS found that these misrepresentations occurred from the time of the firm’s initial license application and continued through the inspection period.
The company conducted limited activities while licensed and reported holding no outstanding customer funds or assets, MAS said.
The firm must submit an auditor-issued closure certificate that confirms it has appropriately routed all customer funds.
The regulator stated it takes a serious view of the breaches and is currently reviewing the responsibilities of key officers at the firm.
MAS added that entities breaching regulatory requirements or providing inaccurate information will face consequences.
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