19 Mar '13, 4pm

PayPal to stop Singapore fund transfers to foreign charities

SINGAPORE--PayPal will phase out payments made by Singapore users to foreign-registered non-profit organizations (NPOs) and charities from March 21, 2013. This move is due to the lack of the necessary remittance license it needs to facilitate such services, as required by local regulator Monetary Authority of Singapore (MAS), Lawrence Chan, PayPal's Asia-Pacific vice president of merchant services for Southeast Asia and India, told ZDNet. PayPal's lack of a remittance license prevents it to run some services in Singapore. "It is a very small percentage of our total business , but we don't take for granted that every bit of our consumers counts," Chan said, declining to reveal exact figures. PayPal users in Singapore will continue to be able to support local NPOs and charities, and commercial transactions would not be affected, he noted. The online payment services provider...

Full article: http://www.zdnet.com/sg/paypal-to-stop-singapore-fund-tra...

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