Singapore’s Competition and Consumer Commission (CCCS) has issued (25 November) a Proposed Infringement Decision (PID) against two remittance service providers, ZGR Global Pte. Ltd. (formerly Zhongguo Remittance Pte. Ltd.) and Hanshan Money Express Pte. Ltd., for anti-competitive practices.
The Commission alleges that the companies engaged in the unlawful exchange of information on their outward remittance rates for the Chinese Yuan (RMB) over six years, from January 2016 to February 2022. By coordinating rather than independently determining rates, the firms reduced competitive pressures and limited consumers’ ability to secure better rates, CCCS stated.
The alleged conduct is deemed by CCCS to be inherently anti-competitive, as it removes pricing uncertainty and undermines market competition.
Next Steps for the Parties
The PID outlines the findings of CCCS’s investigation and gives the two companies an opportunity to present their case. CCCS will evaluate their representations, alongside all evidence, before issuing its final decision.
About CCCS and Its Role
CCCS, a statutory board under Singapore’s Ministry of Trade and Industry, enforces the Competition Act 2004, which prohibits activities that distort or restrict competition. It also oversees consumer protection laws to ensure fair trading practices.
CCCS’s Leniency Programme encourages businesses involved in cartel practices to come forward with information. In return, they may receive reduced financial penalties, depending on the timing and extent of their cooperation.
