Singapore MAS Issues 10-Year Ban on ex-AXA Insurance Agent Andrew Tiew Siew Ing for Inducing Customer to Transfer $440,000 (S$570,000) for Fictitious Investment Plans from 2018 to 2019, Sentenced to 2-Year & 8-Month Year Jail Term (32 Months) in 2024 by Singapore Court for Cheating, AXA Insurance Singapore Acquired by HSBC Life Singapore in 2023
6th July 2026 | Hong Kong
Monetary Authority of Singapore (MAS) has issued a 10-year ban on ex-AXA Insurance agent Andrew Tiew Siew Ing for inducing customer to transfer $440,000 (S$570,000) for fictitious investment plans from 2018 to 2019. Andrew Tiew Siew Ing was sentenced to 2-year & 8-month year jail term (32 months) in 2024 by a Singapore court for cheating. AXA Insurance Singapore sas acquired by HSBC Life Singapore in 2023. Announcement (6/7/26): “The Monetary Authority of Singapore (MAS) has issued a 10-year prohibition order (PO) under the Financial Services and Markets Act 2022 (FSMA) against Mr Andrew Tiew Siew Ing, a former representative of AXA Insurance Pte Ltd (AXA). Between March 2018 and June 2019, Mr Tiew induced an individual to transfer money to him for the purchase of fictitious investment plans. Subsequently, he induced the same individual to transfer more money to him, on the pretext that it was to process the sale of Malaysian properties owned by him. Mr Tiew promised this individual that the sale proceeds would be paid to the individual as repayment for his earlier purported investments. In total, Tiew induced the individual to transfer to him more than S$570,000. On 9 December 2024, Mr Tiew was convicted of two counts of cheating under section 417 of the Penal Code. Four counts of cheating and dishonestly inducing a delivery of property under section 420 of the Penal Code were taken into consideration for the purpose of sentencing. Mr Tiew was sentenced to 32 months’ imprisonment. In view of his offences, MAS is satisfied that Mr Tiew is not a fit and proper person, in accordance with the Guidelines on Fit and Proper Criteria under Section 7 of the FSMA. Under the PO, effective 6 July 2026, Mr Tiew is prohibited for 10 years from carrying on or providing any MAS regulated or authorised activity or business[2] , from participating (directly or indirectly) in the management of any financial institution, and from acting as a director, partner or manager, of any financial institution[3] . He is also prohibited from becoming, or increasing his interest as a substantial shareholder of any financial institution that is a corporation.”
“ Singapore MAS Issues 10-Year Ban on ex-AXA Insurance Agent Andrew Tiew Siew Ing for Inducing Customer to Transfer $440,000 (S$570,000) for Fictitious Investment Plans from 2018 to 2019, Sentenced to 2-Year & 8-Month Year Jail Term (32 Months) in 2024 by Singapore Court for Cheating, AXA Insurance Singapore Acquired by HSBC Life Singapore in 2023 “
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Singapore MAS Issues 10-Year Ban on ex-AXA Insurance Agent Andrew Tiew Siew Ing for Inducing Customer to Transfer $440,000 (S$570,000) for Fictitious Investment Plans from 2018 to 2019, Sentenced to 2-Year & 8-Month Year Jail Term (32 Months) in 2024 by Singapore Court for Cheating, AXA Insurance Singapore Acquired by HSBC Life Singapore in 2023
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