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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.

Useful Links

Infringement Decision

Media Release

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