MAS revokes BSQ payment licence over false disclosures and risk failures

BSQ provided false or misleading in material particulars, MAS said.

The Monetary Authority of Singapore (MAS) has revoked the major payment institution license of Bsquared Technology Pte Ltd (BSQ) after uncovering serious breaches by BSQ of regulatory requirements.

MAS said it found “significant weaknesses” in BSQ’s risk management practices and conflict of interest policies.

BSQ also failed to meet MAS’ guidelines on outsourcing in its arrangements with related entities, MAS said last 20 May 2026.

MAS also found that BSQ had provided information to MAS that was false or misleading in material particulars on multiple occasions, from the time of its licence application up to and including during MAS’ inspection.

As of 14 May 2026, BSQ is no longer permitted to provide digital payment token services in Singapore. BSQ was licensed on 1 January 2025.

BSQ is said to hold no outstanding customers’ monies or assets, MAS said. BSQ is required to submit a closure certificate issued by its auditors.