The Competition and Consumer Commission of Singapore issued a legal notice to the two.
The two businesses located at People’s Park Complex are charged with flouting the law against agreements to prevent, restrict or distort competition.
Hanshan Money Express and ZGR Global, formerly known as Zhongguo Remittance, had colluded since at least Jan 1, 2016, to Feb 22, 2022, instead of determining their rates for remitting the Chinese currency independently, said the competition watchdog on Nov 25. By exchanging information on rates, the two companies had “removed the risks of price competition” and “significantly reduced uncertainty” about what their competitor was offering to customers, said the commission.This lessened the pressure to offer competitive outward remittance rates, added the watchdog.
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