Investigation | Closed - Infringement Decision Issued
CCCS Penalises Chinese Yuan Remittance Service Providers $5.36 Million for Illegal Information Exchange
31 July 2025
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Reference | CCCS 500-100-2020-003 |
Case Title | CCCS Penalises Chinese Yuan Remittance Service Providers $5.36 Million for Illegal Information Exchange |
Decision Date | 31 July 2025 |
Case Summary | CCCS has imposed financial penalties exceeding $5.36 million on ZGR Global Pte. Ltd. (formerly known as Zhongguo Remittance Pte. Ltd.) (“ZGR Global”) and Hanshan Money Express Pte. Ltd. (“Hanshan”) (each a “Party”, and collectively, the “Parties”). The Parties, both based in People’s Park Complex, were found to have infringed section 34 of the Competition Act 2004, through the illegal exchange of information on each other’s outward remittance rates for the Chinese Yuan. Further information on the investigation, analysis of the case and the basis of calculation of the financial penalties imposed on the infringing parties are set out in the Infringement Decision. |
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