AsianPay News
I'll be the first to admit that I've not keep up to date with anything remotely related to AsianPay. But I have been receiving emails from readers asking bout feedback regarding the program and subtle invitations to join their 'investment' program. I hope that everyone who got a reply from me did heed my advice and stayed away. For those of you who are clueless, I got this from NoBS.
Reason why I never joined AsianPay
There were concerns that what they did wasn't legal.
It had a branch in Singapore. To accept money in the form of investments or loans, you need a license. As far as I'm concerned, they did not have a license from the Monetary Authority of Singapore (MAS) to provide any sort of financial services. You can find a list of companies that have a license here. And luckily for us it's the beginning of the year so the list is pretty much updated.
Not too sure what happened for them to make the changes. Probably someone did file a complain with the MAS, hence the changes. No one knows for sure. Personally I don't really care. All that matters is that I avoided this one, so did my friends.
Reason why I never joined AsianPay
There were concerns that what they did wasn't legal.
It had a branch in Singapore. To accept money in the form of investments or loans, you need a license. As far as I'm concerned, they did not have a license from the Monetary Authority of Singapore (MAS) to provide any sort of financial services. You can find a list of companies that have a license here. And luckily for us it's the beginning of the year so the list is pretty much updated.
Not too sure what happened for them to make the changes. Probably someone did file a complain with the MAS, hence the changes. No one knows for sure. Personally I don't really care. All that matters is that I avoided this one, so did my friends.
posted by spectre at 8:37:00 AM
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5 Comments:
Are any of these funds or investments ever registered with the securities and financial authorities in the various countries?? I don't think so.
I was browsing the forums when I read the changes with AP and immediately thought of you!
I must be one of those who subtly tried to recruit you into AP. LOL. Thanks for the warning. Saved me a few thousand.
PS, hope your eye's better.
Hi anonymous,
It's true most of the programs offered in hyipland are not registered in any way or form.
However this one appeared right smack at my doorstep (Singapore), and knowing how strict we are, I wasn't going to take the risk investing. Although the whole investment corner thing was based in Thailand, we would still be investing it thru AsianPay.
Hi Harris,
Thanks, the eye's doing okie for now.
BTW, you do owe me coffee for the money saved. I'll be waiting for your sms. ;o)
Hi Jude,
From what I know is that AP in Sg works as a pay processor while the financial service is based in Thailand. I could have been a bit hasty jumping to conclusions, but that brings up the question if they have the right financial licenses with the regulatory boards over in the land of smiles.
Whatever the case is, the trust between the firm and it's clients is broken despite attempts to build a bridge. If they can attempt to do it once (without proper explanations), the precedence has been set for them to try do it again. I'm staying away from both the company and commenting on it since I'm not involved in anyway. Don't want to come across gloating, or patting myself on the back too hard.
I'll pop you an email for a link exchange when I get a blog section up on my blog. I've been putting that part off for a really long time.
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