31 July 2025 – Singapore – The Competition and Consumer Commission of Singapore (CCCS) has imposed financial penalties totaling over S$5.36 million (~US$3.96 million) on two leading Chinese Yuan remittance service providers, ZGR Global Pte. Ltd. and Hanshan Money Express Pte. Ltd., for unlawfully exchanging sensitive pricing information over several years.
The companies, operating side-by-side in People’s Park Complex, were found to have infringed Section 34 of the Competition Act 2004 by routinely sharing both their published and actual customer transaction rates for outward CNY remittances. This illegal conduct began as early as January 2016 and only ceased in February 2022, despite CCCS formally engaging the firms in 2021.
CCCS’s investigation revealed that staff from both firms regularly communicated rate updates—verbally over the counter and by phone, as well as by exchanging paper slips. These exchanges included unpublished “tiered” transaction rates, which CCCS determined were commercially sensitive and not available to the public.
By sharing this information, the firms were able to anticipate each other’s rate changes, which reduced competitive uncertainty and led to more uniform pricing. This diminished the variety of rates available to customers and undermined market competition.
The financial penalties imposed are as follows:
- ZGR Global Pte. Ltd. – S$2,793,700 (~US$2.06 million)
- Hanshan Money Express Pte. Ltd. – S$2,571,307 (~US$1.90 million)
(Includes a 10% discount for admitting the conduct and cooperating under CCCS’s Fast Track Procedure)
Alvin Koh, Chief Executive of CCCS, stated:
“Businesses must act independently when determining their conduct in the market. While they may monitor competitors, they must not exchange sensitive information to influence market behaviour.”
CCCS has reiterated the importance of rejecting anti-competitive conduct and encouraged whistle-blowers to come forward. Businesses involved in similar practices are urged to seek leniency through CCCS’s available programmes.
