MAS revokes insurance broker license of Acesynergy Brokers

ABPL failed to comply with regulatory requirements.

The Monetary Authority of Singapore (MAS) has cancelled the registration of Acesynergy Brokers Pte. Ltd (ABPL) as an insurance broker, effective 24 July.

ABPL is no longer permitted to operate an insurance broking business in Singapore.

ABPL has reportedly returned all remaining policyholders’ moneys and connected them with their respective insurers, MAS said in a press release.

The cancellation comes as ABPL failed to comply with applicable regulatory requirements, registration conditions, and written directions from MAS.

These included ABPL’s failure to submit annual regulatory returns on time, arrange for the audit of annual regulatory returns, and appoint the required minimum number of broking staff, the financial authority said.

MAS particularly found “significant weaknesses” in ABPL’s management oversight, and its accounting and compliance processes.

“ABPL further failed to comply with MAS’ written directions to remediate the inspection findings and appoint an independent external person to review its remediation measures. This was despite MAS’ repeated engagements with its chief executive officer and director, Mr Tan Chuan Lam,” MAS said in a statement.

Follow the link for more news on

Monetary Authority of Singapore

A NOTE FROM SINGAPORE BUSINESS REVIEW

If you've been wondering whether SBR could work for your company — yes, probably.

A lot of the companies we partner with started as readers. They'd been following our coverage for a while, saw their own customers and competitors in it, and eventually asked the obvious question: could we do something with you? The answer is usually yes. The shape of it depends on what you're trying to do.

The options are broader than most people assume — thought leadership articles, sponsored content, industry summits across Southeast Asia, regional awards programmes, podcasts, and media placements in print and digital. Some partners use one channel; most use a mix. We figure out the right combination by starting with your brief, not with our rate card.

So if the question has been on your mind, here's the easy way to ask it.

We'll tell you honestly whether we can help, and how. It's a better use of everyone's time.

Book a meeting

| Or download the media kit (PDF)

240,000 senior readers quarterly in print Top 1,700 Singapore companies reached

7 markets across Southeast Asia