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PayPal stops Personal Payments in Singapore

I guess those of you who has a Paypal account received an email from them saying that “In accordance with regulatory instructions, we would like to inform you that Personal Payments will not be available in Singapore with effect from 20 February 2013…”

WTH, Singapore regulations?!!? No further explaination given by Paypal though. Is it to curb loan-shark activities?

What do you think?