The Department of Commercial Affairs (CAD) is currently investigating Amazingtech PTE Ltd (ATPL) and its related companies.
ATPL operated the Tokenize XCHAGE, a encryption platform, according to the exception of possession of a license under the 2019 Payment Services Act (“PS ACT”) while pending the evaluation of the Singapore Monetary Authority (MAS) for its application for a significant institutional license.
This exception is applied to entities that have carried out activities recently brought under the PS law at the point where the law entered into force.
ATPL is not licensed by MAS and its activities are not supervised or regulated by MAS. ATPL’s exemption expired on July 4, 2025 after the ATPL license application was rejected.
Atpl was then forced to stop the provision of payment services, eliminate its business in a normal way and ensuring that all the money and the digital payments they received from its customers returned.
In mid -July 2025, MAS received several customer complaints against ATPL for delays in processing money and digital payment to customers. MAS has asked ATPL to correct these concerns and take steps to refund money and digital payments to customers in a regular way, including completing the shortcomings of customer accounts.
Since its commitments with ATPL, MAS then found indications that ATPL had insufficient assets to respond to its customers’ claims and may not have separated the assets of its customers from ATPL assets. MAS also found indications that ATPL could have made false representations in MAS about the separation of its customers’ assets when ATPL applied for a significant license to use payment.
MAS then reported ATPL on CAD for research.
ATPL and its relevant companies are currently being investigated by CAD for potential offenses, including fraudulent transaction in accordance with Article 238 (4) of the Act on Insolvency, Restructuring and Dissolution of 2018.
On July 31, 2025, Hong Qi Yu, aged 35, director of the ATPL, was charged with a court of fraudulent transactions in accordance with Article 238 (4) of the Acting, Restructuring and Declaim of 2018, which bears the term imprisonment that does not exceed seven years or two years.