SINGAPORE, Nov. 12 -- A Malaysian man and a Vietnamese man were jailed for providing unlawful cross-border money transfer services linked to more than S$58 million (RM183.8 million).

According to the Straits Times, Malaysian national Patrick Lee Paik Cheng, 66, and Vietnamese national Dinh Tien Dat, 28, admitted to operating a payment business in Singapore without a licence.

Deputy Public Prosecutor Grace Teo told the court that Lee, a Singapore permanent resident, incorporated a company called Tupt in March 2019 and acted as its sole director while running it with Dat.

"(Dat) admitted that it was his idea to run (the business in such a way) after hearing from a Vietnamese businessman that payments from Vietnam to Singapore were often ...