Update on Indigoz Exchange Pte Ltd Investigations
The Commercial Affairs Department (CAD) has completed its investigations into the affairs of Indigoz Exchange Pte Ltd ("Indigoz").
Singapore, 22 July 2005...The Commercial Affairs Department (CAD) has completed its investigations into the affairs of Indigoz Exchange Pte Ltd ("Indigoz"). The result of investigations revealed that Indigoz has breached Section 77A of the Banking Act (Chapter 19). This Section provides that only banks that have obtained the approval of the Monetary Authority of Singapore (MAS) can issue multi-purpose store value cards (MPSVC1). MAS has fined Indigoz S$10,000 by way of composition. CAD will not be taking any further actions against Indigoz.
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Notes to Editor:
1 MPSVC can be used to pay for goods or services provided by any third party.
Singapore, 22 July 2005...The Commercial Affairs Department (CAD) has completed its investigations into the affairs of Indigoz Exchange Pte Ltd ("Indigoz"). The result of investigations revealed that Indigoz has breached Section 77A of the Banking Act (Chapter 19). This Section provides that only banks that have obtained the approval of the Monetary Authority of Singapore (MAS) can issue multi-purpose store value cards (MPSVC1). MAS has fined Indigoz S$10,000 by way of composition. CAD will not be taking any further actions against Indigoz.
***************************************
Notes to Editor:
1 MPSVC can be used to pay for goods or services provided by any third party.
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