6 months ago
Two remittance companies in Singapore have been fined S$5.36 million (US$4.14 million) for exchanging information on the Chinese yuan rate to charge customers.
This went on for six years.
In doing so, the companies – ZGR Global and Hanshan Money Express – were less pressured to offer competitive rates to customers, Singapore’s competition watchdog said on Thursday.
The case was uncovered after a member of the public noticed that the two shops, located beside each other in People’s Park Complex, offered very similar rates and submitted a complaint to the Competition and Consumer Commission of Singapore (CCCS).
The penalty is the highest that has been meted out for Information Exchange Conduct.
ZGR Global, previously known as Zhongguo Remittance, was fined S$2.79 million.
Hanshan Money Express will have to pay S$2.57 million. It received a 10 per cent discount, amounting to around S$285,000, on its penalty because it accepted liability under CCCS’ fast track procedure, a streamlined process to resolve cases more efficiently.
English (US) · 
Indonesian (ID) ·