In complance with the Payment Services Act that will go into effect on 28 January 2020, 00:00HR (GMT+8). New limits are set to how much you can hold and spend on your MCO Visa card wallet.

The following changes will be adopted by Crypto.com:

New Total Balance Limit of S$5,000

New Annual Spending Limit of S$30,000 per calendar year i.e. starting from 1st January 2020

No local ATM withdrawal (in Singapore)

Action Required:
If you have a balance in your MCO Visa Card Wallet exceeding S$5,000, we strongly advise you to keep the balance below S$5,000 by 28 January 2020. Any users who have a balance exceeding S$5,000 as of 28 January 2020 would be contacted individually regarding the fund arrangement.

This is definitely a way backward for fintech by restricting it’s usage locally.

By Harry