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Pay2Home Promotes the First Remittance Trade Association in Singapore

Changing the way licensees work with the regulator

SINGAPORE, May 2014 — Pay2Home, CYS and American Express join forces as the founding executive members of the first trade association for Singapore remittance companies.

With the support of the Monetary Authority of Singapore (MAS), the Remittance Association (Singapore) was formally launched today.

Representing the remittance industry, the Remittance Association (Singapore) (RAS) promotes the best industry practices together with Anti Money Laundering and Counter Finance of Terrorism training for its members.

The RAS will help members with regulatory issues and act as a collective voice in dealing with industry issues, participating in regular feedback sessions with the MAS.

Pay2Home Director & Co-founder, Nicholas Malcomson, said that the launch of the RAS was a significant step for the licensed remittance operators in Singapore.

"With the anticipated risk based changes to MAS Notice 3001, it will be even more important for remittance licensees to understand and adapt to the new legislation and guidelines," he said.

"A single licensee finds it difficult to raise questions with the MAS. The RAS has a much better chance of escalating important issues and resolving industry concerns with the MAS."

"We're taking the lead in Singapore to promote best practices and have the support of 45 licensed members."

While membership of the RAS is not mandatory, the MAS has clearly given it's support to the association.

For more information about RAS, please refer to our the RAS website remittance.org.sg.

For more information, contact:
  • Wayne Salamonsen
  • Director
  • T: (65) 6372 2474
  • E: wsalamonsen@pay2home.com