Two Chinatown remittance shops accused of anti-competitive conduct

The two shops were found to have been sharing exchange rate information for renminbi remittance for at least six years.

Two remittance shops in Chinatown, Hanshan Money Express and ZHR Global ((formerly known as Zhongguo Remittance), were found to have been sharing exchange rate information for renminbi remittance.

The two businesses colluded for over six years, from at least 1 January 2016 to 22 February 2022, the Competition and Consumer Commission of Singapore (CCCS) reported.

CCCS said that the information exchange reduced the pressures on competing providers to offer competitive rates to consumers.

CCCS has issued a Proposed Infringement Decision (PID) against both shops for violating Section 34 of the Competition Act 2004, which prohibits anti-competitive agreements, decisions, and practices.

The competition watchdog will consider representations from both parties regarding the PID before making a decision.