Reply from Monetary Authority of Singapore

After we submitted our complaint to the Monetary Authority of Singapore, today we received the following reply.

Although MAS does not regulated the United Payments license, now we understand that David also did not disclose the fact that he is not regulated and keep saying and promote United Payments as Singapore license banking solution, which seems to be illegal from what we read.

Good luck David, your arrest warrant is on the way,

Dear Mr. Delacroix,

Thank you for your feedback of 9 September 2019.

Under the Payment Systems (Oversight) Act, the Monetary Authority of Singapore (MAS) only approves holders of widely accepted Store Value Facilities (WA SVFs). WA SVFs are multi-purpose SVFs (MP SVFs) with total outstanding stored value exceeding the prescribed threshold of S$30 million. Holders of MP SVFs that do not require the approval of MAS are required to provide a consumer advisory to inform potential users that they do not require MAS' approval and advise consumers to read the terms and conditions carefully. United Credit Trust Pte Ltd (aka United Payments) is not a WA SVF.

Nevertheless, regardless of whether an entity is regulated by MAS, it is an offence to run a fraudulent or deceptive business in Singapore. therefore, I have transferred the case to the Singapore Police Department. They will contact you soon to collect the evidence.

Thank you for bringing this matter to our attention.

Regards, Consumer Issues Division Monetary Authority of Singapore Email: consumers@mas.gov.sg Website: https://www.mas.gov.sg