The Monetary Authority of Singapore (MAS) has revoked the payment institution license of Bsquared Technology (BSQ) due to significant breaches in its digital payment token operations. The violations included inadequate risk management, conflicts of interest, and non-compliance with outsourcing regulations. Additionally, BSQ submitted multiple false or misleading statements during its licensing period. The revocation became effective on May 14. MAS confirmed that BSQ currently holds no customer assets but is required to provide a closure certificate from an auditor. The authority is also assessing the accountability of BSQ's key personnel. Singapore currently licenses 37 digital payment token service providers.