Singapore MAS Chairman Gan Kim Yong on Impact of Ceased Operations of Tokenize Xchange: 1) Operator (Amazingtech) of Tokenize Xchange Not Licensed by Singapore MAS But Operated under Temporary Exemption in Transitional Arrangements, 2) Interim Judicial Managers Report to High Court (9/9/25) Estimated $207 Million (S$266.3 Million) Owed to Customers in Monies & Digital Assets (15/8/25), 3) 2,241 Customers Had Lodged Details with Interim Judicial Managers
24th September | Hong Kong
Singapore Deputy Prime Minister & Monetary Authority of Singapore (MAS) Chairman Gan Kim Yong reply to Singapore Parliamentary question (23/9/25) on impact of ceased operations of Tokenize Xchange: 1) Operator (Amazingtech) of Tokenize Xchange is not licensed by Singapore MAS but operated under temporary exemption in transitional arrangements, 2) Interim Judicial Managers report submitted to Singapore High Court (9/9/25) estimated $207 million (S$266.3 million) owed to customers in monies & digital assets (15/8/25), and 3) 2,241 customers had lodged details with the Interim Judicial Managers. Gan Kim Yong (23/9/25): “Amazingtech Pte. Ltd (“ATPL”), the operator of Tokenize Xchange, was not licensed by the Monetary Authority of Singapore (“MAS”) but was operating under a temporary exemption as part of the transitional arrangements when the Payment Services Act 2019 came into force. ATPL’s status as a non-licensed entity was disclosed on MAS’ website and ATPL’s customer agreement. This exemption would end when its application was withdrawn, approved or rejected. Following MAS’ rejection of its licence application, ATPL was required to wind down its payment services business in an orderly manner … … Subsequent developments showed that ATPL was unable to meet its obligations to customers. On 15 August 2025, ATPL was placed under interim judicial management by way of a High Court order following a petition by several creditors. As ATPL is not regulated by MAS, we do not have the information requested by Mr Chua. We note that the appointed interim judicial managers (“IJMs”) submitted a report to the High Court on 9 September 2025, which estimated the total amount owing to customers in monies and digital assets at S$266.3million as of 15 August 2025. As of 9 September 2025, 2,241 customers had lodged their details with the IJMs. Customers of ATPL should register their information with the IJMs if they have not already done so.”
“ Singapore MAS Chairman Gan Kim Yong on Impact of Ceased Operations of Tokenize Xchange: 1) Operator (Amazingtech) of Tokenize Xchange Not Licensed by Singapore MAS But Operated under Temporary Exemption in Transitional Arrangements, 2) Interim Judicial Managers Report to High Court (9/9/25) Estimated $207 Million (S$266.3 Million) Owed to Customers in Monies & Digital Assets (15/8/25), 3) 2,241 Customers Had Lodged Details with Interim Judicial Managers “
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Singapore MAS Chairman Gan Kim Yong on Impact of Ceased Operations of Tokenize Xchange: 1) Operator (Amazingtech) of Tokenize Xchange Not Licensed by Singapore MAS But Operated under Temporary Exemption in Transitional Arrangements, 2) Interim Judicial Managers Report to High Court (9/9/25) Estimated $207 Million (S$266.3 Million) Owed to Customers in Monies & Digital Assets (15/8/25), 3) 2,241 Customers Had Lodged Details with Interim Judicial Managers
Date: For Parliament Sitting on 23 September 2025
Name and Constituency of Member of Parliament
Mr Fadli Fawzi, Aljunied GRC
Question
To ask the Prime Minister and Minister for Finance in relation to the same financial institutions which are penalised for breaching anti-money laundering (AML) requirements in 2016/2017 and 2025 (a) how do the breaches differ for each incident; (b) whether the Government considers these institutions to have sufficiently strengthened their AML controls after 2016/2017; and (c) if so, why are these institutions penalised again in 2025.
Answer by Mr Gan Kim Yong, Deputy Prime Minister and Minister for Trade and Industry, and Chairman of MAS:
2. In respect of FIs that were penalised in both 2016/2017 and 2025, their earlier breaches were largely due to their failures in transaction monitoring, arising out of deficiencies in their relevant systems and controls. Following the issuance of financial penalties in 2016/2017, they have remediated these deficiencies. In 2025, MAS found breaches by these FIs in other areas such as customer risk assessment, establishment and corroboration of customers’ source of wealth, and post-suspicious transaction report follow-up. While MAS also found some breaches relating to transaction monitoring, they were due to inconsistent implementation by FI’s employees. MAS noted that that the FIs’ transaction monitoring systems and controls were generally in place.
3. The FIs involved have accepted that they had fallen short and have implemented remediation measures, including stronger oversight of staff tasked with implementing controls and checks.
4. Criminals continuously shift their tactics to evade controls, and FIs must adapt their control measures in tandem.
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