TERMS OF USE - BUSINESS USERS

This Agreement is a contract between you and SingX and applies to your use of SingX services (the "Services"). The term SingX includes SingX Pte Ltd and its subsidiaries SingX Singapore Pte Ltd, SingX (HK) Co Ltd and SingX Australia Pty Ltd. These services include: (i) maintaining a pre-funded account balance for you; (ii) providing platform to make cross-border payments out of this balance; and (iii) providing platform to receive payments into this balance from third parties.

By registering for the Services, you must read, agree with and accept all of the terms and conditions contained in this Agreement. This Agreement is provided to you and concluded in English. You agree that any use by you of the Services shall constitute your acceptance of the Agreement and we recommend that you store or print-off a copy of the Agreement (including all policies) for your records.

Please read this Agreement carefully and make sure that you understand it fully before using the Services. Please note that if you do not accept this Agreement, you will not be able to use the Services.

Our Relationship With You

SingX is licensed by the Monetary Authority of Singapore (“MAS”) as a major payment institution under the Payment Services Act 2019 ("PSA") to carry on account issuance service, e-money issuance as well as cross border remittance service under license PS20200369. In Hong Kong, SingX works with our group company, SingX (HK) Co. Ltd (License number 16-09-01908) which is regulated as a remittance business by Customs and Excise office in Hong Kong. In Australia, SingX works with our group company SingX Australia Pty Ltd. which holds an Australian Financial Services License number 508309. SingX Singapore Pte Ltd has its registered office at 138 Cecil Street, #04-01, Singapore 069538.

As a Payment Service Provider, we work with licensed remittance operators in the respective markets (the “LROs”). When you provide your information to SingX, such information will be shared, as required, with the respective LROs in the markets for which you are undertaking a transaction and such LROs shall have an independent right to your personal information. Please read our Privacy Policy for further details on the collection, disclosure and use of your information. Please also read details of each LRO on the website before you commence any transaction via SingX.

Your Account with SingX:

Once your onboarding is completed, SingX will assign a business ID to you as part of your login credentials. Simply go to https://www.singx.co/business and use the log-in credentials, to check out your newly created SingX account.

SingX allows multiple authorised users to access the account. We also offer advanced features such as a Maker-Checker module. Your preferences in how the account should be set up, will be collected from you at the time of onboarding. You are responsible for ensuring that all authorised users of your SingX account have been duly approved by the authorised person in your company.

This agreement takes effect after SingX has confirmed that you are fully onboarded. To meet our obligations under Applicable Law, before we provide our Services to you and from time to time during our provision of Services to you, we may carry out due diligence checks on you, your directors, partners, ultimate beneficial owners, and employees (as relevant) and Authorised Users together with any parties involved in your transactions or use of the Services. You must provide us with complete, accurate, and up-to-date information at all times. You acknowledge that we may not provide you with any of our Services until we have received all the information we require. We will not be responsible for any loss arising out of your failure or delay in providing us with the information we require.

If you are acting as an aggregator or intermediary, please note that these Terms of Use apply to your use of the Services on your own behalf or on behalf of your “End Customers”. Accordingly, you hereby confirm and warrant to SingX at all times that you are acting either on your own behalf, or, where applicable, on behalf of and for the benefit of your End Customer(s), and not on behalf of any other person. SingX has no relationship with your End Customers and will not treat your End Customers as its clients for the purposes of providing the Services to you. You also acknowledge that SingX shall not be a principal to any transaction or be responsible for or otherwise guarantee the performance of any transaction entered into by you and your End Customer. You are solely responsible and liable for all acts and omissions of your End Customers.

Using SingX Services:

SingX provides various types of Services which you may choose to use from time to time. These Services may include receipt of credits, as well as pay-out services.

Receiving Credits

SingX will assign you a virtual account number into which you can receive credits. These credits may be received on behalf of your End Customers, or into your own balance. The financial institution with which this bank account is held and the currency of this account will be provided to you once you log into your SingX account.

All monies credited to this virtual account are held in safeguarded accounts on trust by us for you. Such monies in the dedicated customer segregated account are always kept separately from the accounts we use to run SingX, and we will not use the money held in such account to repay any debts that we may owe to any other party. If we were to become insolvent, you will be able to make a claim for your funds from this segregated account. Please note that you may not get all your money back if (i) the funds in the dedicated and segregated account held by us is insufficient to meet the payout instruction; or (ii) if the safeguarding institution becomes insolvent.

Please note that SingX is not a bank and therefore the Singapore Deposit Insurance Scheme (SDIC) does not apply. SingX keeps your money in established financial institutions. We don't offer or charge interest on money in your balances or account held on trust.

When money is received into our account from a sender ( a sender could be either you or any other third parties who wish to make a payment to you or to your End Customer), SingX will credit the money to your wallet with SingX in that currency. SingX may withhold some credits until it has concluded all the required AML / CTF related due diligence. Further, SingX may at its sole and absolute discretion reject your request for a credit to be added to your balance, or for executing a payment transaction, or other transaction. If such a credit is refused, the money will be refunded back by the financial institution which holds the bank account, to the bank account from which the credit originated, net of any charges related to such a refund.

We do not allow receiving credits via cash deposits unless such a deposit is expressly approved by us in advance.

Making Payments

A Receiver is a person or business to whom you wish to send a payment. Creating a receiver, is the first step to making a transaction. A receiver only needs to be set up once, and you can make multiple transactions to that receiver thereafter.

To create a transfer, you can either specify the exact amount in Send Currency, or in Receive Currency. If you have pre-funded money for the transactions you expect to make, all your payments will be processed at the exchange rate as confirmed to you when creating the transaction. If you have not pre-funded the account, your transactions will be kept in queue. As soon as money is topped up, the exchange rates at that point of time will be applied, and transactions will get processed. You can see the finalised exchange rate on your Dashboard.

You are solely responsible for the accuracy and validity of the information provided by you or your End Customers. SingX will process transactions based on the information provided by you and takes no liability whatsoever for erroneous credits to receivers. If you provide incorrect information, we will make reasonable efforts to recover the funds for you, and will charge you a fee for that. However, we cannot assure that funds can be returned.

In the case of an executed payment or withdrawal from your SingX Account that is not authorized by you or an Authorized Person, we will refund the amount of the unauthorized payment to you. If we fail to execute, or incorrectly execute, a payment, unless we can establish that the beneficiary’s payment service provider received the amount of the payment transaction, we will refund to you the amount of the non-executed or defective payment transaction promptly after becoming aware of the error. Beyond this, we have no further liability to you for any unauthorized or incorrectly executed payments.

When your counterparties send money to us, it is your responsibility to ensure that you have the appropriate authorisation from them to move these funds out of your virtual account with us. We will make payments solely based on your instructions. If any transaction is carried out without securing the appropriate authority from the sender or receiver of these funds, we will not be held responsible for this.

To meet our obligations under Applicable Law, we may carry out due diligence checks on your receiver as well. You must provide us with complete, accurate, and up-to-date information at all times. We reserve the right to decline any transaction without assigning any reason.

If a transaction is processed and subsequently fails, the returned money will be added back to your pre-fund balance held with us after deducting charges incurred by us, foreign exchange losses if any and SingX administrative costs.

If you wish to re-process the transaction, please note that SingX reserves the right to re-process the transaction at an exchange rate at which the transaction was originally done, or at current prevailing rates. You will also be liable to pay all additional bank charges and administration charges for reprocessing the transaction. Should you wish to get a refund instead, SingX will make a refund net off any SingX fees and third party charges and Foreign Exchange adjustments incurred in processing these transactions.

It is solely your responsibility to ensure that you have enough funding available to process the transaction created by you before the validity of the transaction expires. If the funds reach us after the validity of the transaction expires, then the transfer has to be re-created at the prevailing exchange rate.

From time to time, we will identify on the Website the currencies in which you can hold balances. Available currencies are subject to change at our sole discretion. You should note that while it is our obligation to ensure that funds arrive at the Receiver’s bank account or payment account within the stated timelines, we do not control the time it takes for the Receiver’s bank or payment provider to credit and make available funds to the Receiver.

You should further note that the above timelines are subject to all necessary security and customer identification checks being conducted in line with our security and identification guidelines. If further investigation or the collection of additional information from you is necessary, we will let you know, but this may result in a cancellation of the transaction. If required by a regulator, or a LRO involved in processing your transaction we may withhold your funds in any transaction through our platform

SingX offers cash pay-outs for certain countries. This means that when sending money to these countries, you have the choice of sending the credit either to a bank account, or have your receiver collect it in cash from one of the pick-up locations mentioned while creating a transaction. All cash payments are subject to (i) receivers showing documentary evidence of their identity (ii) providing all details about the money transfer as required by the pay-out partner such as sender's name and/or receiver's name, country of origin of remittance, receive amount and/or transaction reference number/PIN code sent to the receiver via SMS and (iii) any other conditions or requirements applicable at the Pay-out Partner location. While these requirements will be provided to you on a best effort basis, it is your receiver's responsibility to check and fulfil all the requirements of the pay-out partner. Cash money transfers shall be paid to the person that Pay-out partners deem entitled to receive the money after verification of identity often through examination of identification documents. It is your responsibility and your receiver's responsibility to ensure that you do not divulge the PIN or other details to anyone. It is also your responsibility to ensure that your receiver does not send this PIN to anyone else, and understands the risks of doing so, especially via insecure electronic communication. Neither SingX nor its Pay-out Partners shall be liable for money being picked up by a person other than the intended beneficiary. Your receiver will need to pick up the cash within 28 business days. After this the transaction will be reversed and we will refund the money to you after deducting relevant charges once we recover the money from our pay-out partner.

Your obligations with regard to your End Customers

You acknowledge that any End Customer(s) to whom you have instructed us to assign virtual accounts and on whose behalf you may be using the Services, are not our customers.

Accordingly, you undertake to:

  1. a. Inform your End Customers and/or their counterparties who are making payments into the virtual accounts, in each case, in writing that:
    1. i. SingX is not a bank and therefore the Singapore Deposit Insurance Scheme (SDIC) does not apply. SingX keeps your money in safeguarded bank accounts with established financial institutions;
    2. ii. If SingX were to become insolvent, you will be able to make a claim for your funds from this segregated account, and you will be responsible for transmitting them to your End Customers;
    3. iii. We will not recognise any person other than you as having any funds in your SingX account, and we will treat you as the beneficial owner of the monies in these Pre-fund Wallets.
  2. b. Accurately inform your customers of the nature of a Virtual Account, SingX account, and the Services; and
  3. c. Render all assistance and respond to questions, complaints or claims by any inquirer in connection with or arising from any payments sent to your SingX account or related to the Services. You agree to provide your contact details and further consent to our disclosure of your contact details that we may obtain/ have obtained to such Inquirers.

You confirm that your End Customer has authorized you to instruct SingX to assign Virtual Account Number(s) to enable receiving credits into and making payments out of your SingX account, and has provided you sole authority to operate the SingX Services on their behalf. This includes, obtaining balances and statements, authorizing payments, negotiating fees and charges with SingX and make payments for the same. You also confirm that you have shared these Terms and Conditions with your End Customers and that the End Customers have read and agreed to be bound by them.

Further, you confirm that you have the appropriate authorisation and privacy disclosures with your End Customer to allow SingX to share the End Customer's personal data, including name, contact details, ID number, source of funds information, invoice copies and other relevant information with licensed remittance operators in other jurisdictions, for the purpose of fulfilling the payment

If End Customer onboarding documents are not collected from you upfront, you agree to:

a. Promptly, and in any event within 7 working days, upon our request, provide information relating to your End Customers, including verification documents or additional information that we may require;

b. Provide the full legal name of your customers and/or naming convention agreed between you and us, for the purpose of the name of the SingX account;

c. Notify us immediately when there are changes to your customer's information which you have provided to us;

d. Retain all underlying customer due diligence-related documents and records relating to your customers for at least 7 years following the closure of the relevant SingX Account;

e. Promptly upon becoming aware, notify us of any event, suspicious activity, investigation, enforcement actions or occurrence relating to AML, CFT or sanctions that implicates or may implicate you or any of your customers or any of your or your customer's officers, directors, employees or agents. You must provide us details of all transactions conducted through the relevant virtual account number or Pre-fund Wallet in connection with this; and

f. Promptly provide upon our request details of any transactions conducted through the relevant virtual bank account or SingX account.

Your Privacy

Protecting your privacy is very important to SingX. Your passwords are stored on SingX servers in encrypted form. We do not disclose your account details, postal or email addresses to anyone except when legally required to do so and as specified in our Privacy Policy.

Sensitive information between your browser and the https://www.singx.co website is transferred in encrypted form using Secure Socket Layer (SSL). When transmitting sensitive information, you should always make sure that your browser can validate the SingX certificate.

In order to facilitate the opening of your account digitally, you authorize SingX to disclose the personal information of your End Customers such as ID documents to third parties for the purpose of conducting customer due diligence. Once your account has been opened, you authorize SingX to disclose such personal information as needed in investigations of fraud or other illegal activity where we believe it is reasonable and appropriate to do so.

Fees & Charges

The fees & charges will be outlined in the pricing schedule provided to you by SingX and may be revised from time to time.

General Terms
  1. a. Third Party Services You acknowledge and agree that SingX is partnering with LROs and other third party partners and providers in order to deliver you the Services. By using our Services, you agree to be bound by any user agreements established by any LRO, third party partners and providers that SingX engages with in addition to the Terms and Conditions set out in this Agreement. By accepting and agreeing to the partner's terms and conditions you expressly acknowledge that SingX is acting independently of the LROs and that SingX shall have no liability for the actions or omissions of LROs.
  2. b. Communications We are required to provide certain information to you in writing. By accepting this Agreement, you agree that we can communicate with you electronically either by email or by posting notices on the SingX website.
  3. c. Events Outside Of Our Control If we are unable to perform our obligations under this Agreement because of factors beyond our control, including a change of law, an event of Force Majeure, withdrawal of a currency or the imposition of sanctions over a country or receiver, we will notify you as soon as is reasonably practicable and will use reasonable endeavours to secure the return of any money paid by you in respect of which we have been unable to discharge our obligations under this Agreement. We will not have any liability to you where we are unable to perform our obligations.
  4. d. Security You are solely responsible for ensuring that your SingX account is accessed only by authorized individuals and for maintaining the confidentiality and security of your login credentials, passwords, and any other security mechanisms associated with your account. In the event you become aware of or suspect that any such security features have been stolen, misappropriated, disclosed to an unauthorized third party, or otherwise compromised, you must notify SingX immediately. SingX agrees to employ industry-standard security practices to protect your account and to implement these security standards in compliance with applicable regulatory requirements and timelines. In the event that SingX becomes aware of any attempted hack or unauthorized access to your account, SingX will notify you promptly and, in any case, within 24 hours of becoming aware of the incident.
Exclusion and limits of liability

You agree to use the SingX website at your own risk.

a. SingX shall not be liable to you or any third party for any loss, damage, claim or compensation (including loss of profit or loss of use) incurred by you resulting from the failure or delay of SingX to execute any transfer in accordance with the instructions from you.

b. SingX shall not be liable for any fees or commissions charged by any intermediary bank or other entity when funds are deposited in your account or transferred to your personal or your receiver's account.

c. SingX's maximum aggregate liability to you in respect of all foreign currency transactions undertaken by you shall be limited to a refund equivalent to any monies you have paid to SingX to acquire foreign currency.

d. SingX’s maximum aggregate liability to you in respect of all foreign currency transactions undertaken by you shall be limited to a refund equivalent to any monies you have paid to SingX to acquire foreign currency.

e. You agree that SingX will not be responsible in any way to you or any other person in the event of force majeure or for the act of any Government or legal authority.

f. You hereby indemnify and hold blameless SingX, its directors, officers, employees and agents from and in respect of any loss, damage, liability, cost or expense that it may suffer or incur by reason of you failing to discharge your obligations under or acting in breach of any of these T&Cs or any breach of any applicable law or regulation

g. You agree that SingX will not be liable in any way to you in the event of failure of or damage or destruction to your computer system, data or records or any part thereof or for any delays, losses, errors or omissions resulting from the failure or mismanagement of any telecommunications or computer equipment or software. You will not expose the website to any viruses, trojans or other similarly harmful or inappropriate material or device. In the event that any such viruses etc. are deemed to have been transmitted to the website from your account SingX reserves the right to terminate your account and you shall be liable for the cost to SingX of removing such viruses etc. and SingX shall have the right to set-off the cost against any balance held to the credit of your SingX account.

Referral via another Financial Institution

You agree that if your account is referred to us by a Financial Institution specified by you, you will authorize the said Financial Institution to perform the following on your behalf:

  1. 1. Open and Operate the Account
    To open and operate the account on the SingX Platform (the “Account”), now or any time hereafter, by signing/ executing the account opening form or letter of instruction for and on your behalf subject to and in accordance with these terms and conditions.
    You also authorize the said Financial Institution to agree to the overall commercial terms, including the Financial Institution’s fees if any, with us. All instructions related to FX conversions, outgoing payments and overall management of your SingX account will be done by the Financial Institution.
    In order to open and maintain the said SingX account, you authorize the Financial Institution to provide us the necessary information and documents related to you/ your company. You also understand and authorize that this information can be provided to the bank or LRO supporting us for providing these services and the said bank/ LRO may disclose such information or document(s) to their parent company, subsidiaries, branches, affiliates, service providers or any regulatory or government organization or quasi-governmental authority or to any other inquirers as they may require to from time to time for the provision of their services.
  2. 2. Appoint SingX Account User(s)
    To appoint, certify and confirm to SingX the person(s) appointed as the SingX Account User(s) of the account. SingX shall be authorized to act on and accept the transactions entered into by this/ these SingX Account User(s), until the Financial Institution notifies us about changed.
  3. 3. Cancel or modify SingX Account User(s)
    To cancel or modify the rights and entitlements of any SingX Account User(s).
Entire Agreement

This Agreement and any document expressly referred to in it constitutes the whole agreement between us and supersedes any previous discussions, correspondence, arrangements or understandings between us. We reserve the right to amend these Terms of Use from time to time without notice by amending this page. The amended Terms of Use will be effective from the date they are posted on our website. As these Terms of Use may be amended from time to time, you should check them whenever you visit our website. Your continued use of our services will constitute your acceptance of the amended Terms of Use. When making material amendments, in addition to posting these terms on the website, we will send via email, a link to the latest version of the terms.

Law And Jurisdiction

Any dispute arising out of or in connection with these Terms, including any question regarding their existence, validity or termination, shall be referred to and finally resolved by arbitration administered by the SIAC (Singapore International Arbitration Centre) in accordance with the SIAC Rules for the time being in force, which rules are deemed to be incorporated by reference in this clause. Additionally:

  1. 1. the seat of the arbitration shall be Singapore
  2. 2. the tribunal shall consist of one (1) arbitrator; and
  3. 3. the language of the arbitration shall be in English
Definitions
  1. a. "Agreement" means this agreement including all subsequent amendments.
  2. b. "Business Days" means a day (other than a Saturday or Sunday) on which banks in the respective markets for which a transaction for remittance is being undertaken are open for business.
  3. c. "Days" means calendar days.
  4. d. "End Customer" means any person other than SingX who contracts with you, including without limitation any client that you engage in connection with the Services.
  5. e. "Fees" means those amounts stated in section 4 of this Agreement.
  6. f. "Force Majeure" means events or causes including, but not limited to, the following: an act of God, peril of the sea, unavoidable accident of navigation, war (whether declared or not), sabotage, riot, insurrection, civil commotion, national emergency (whether in fact or law), martial law, fire, flood, cyclone, earthquake, landslide, explosion, power or water shortage, failure of a transmission or communication network, epidemic, quarantine, strike or other labour difficulty or expropriation, restriction, prohibition, law, regulation, decree or other legally enforceable order of a government agency, breakage or accident, change of International, State or Commonwealth law or regulation or any damage of SingX’s machinery or systems, unless occurring as a result of an act, omission, default or negligence of you or SingX.
  7. g. "SingX", "we", "us" or "our" means SingX Pte Limited with registered office at 138 Cecil Street, #0401, Singapore 069538 and includes its subsidiaries (i.e. SingX Singapore Pte Ltd, SingX (HK) Co Ltd and SingX Australia Pty Ltd), its successors and any person to whom it has assigned it rights under this Agreement.
  8. h. SingX website(s)" means any URL, such as https://www.singx.co, owned and operated by SingX that we use to provide the Services to you.
  9. i. “SingX Account” refers to an account held with SingX for the purpose of using the Services in accordance with the terms and conditions of this Agreement. For the avoidance of doubt, the SingX Account is not a bank account.
  10. j. "Policy" or "Policies" means any Policy or other agreement between you and SingX that you entered into on the SingX website(s), or in connection with your use of the Services.
  11. k. "Services" means all payment services and related products available through the SingX website(s).
  12. l. "User", "you" or "your" means you and any other person or entity entering into this Agreement with us or using the Service.
  13. m. “Virtual Account” means the bank account number assigned to you by SingX into which you can receive credits. The virtual account is held with an established financial institution on our behalf. In Singapore & Hong Kong, this is held with banks.

This Agreement is a contract between you and SingX and applies to your use of SingX services (the "Services"). The term SingX includes SingX Pte Ltd and its subsidiaries SingX Singapore Pte Ltd, SingX (HK) Co Ltd and SingX Australia Pty Ltd. These services include: (i) maintaining a pre-funded account balance for you; (ii) providing platform to make cross-border payments out of this balance; and (iii) providing platform to receive payments into this balance from third parties.

By registering for the Services, you must read, agree with and accept all of the terms and conditions contained in this Agreement. This Agreement is provided to you and concluded in English. You agree that any use by you of the Services shall constitute your acceptance of the Agreement and we recommend that you store or print-off a copy of the Agreement (including all policies) for your records.

Please read this Agreement carefully and make sure that you understand it fully before using the Services. Please note that if you do not accept this Agreement, you will not be able to use the Services.

Our Relationship With You

SingX is licensed by the Monetary Authority of Singapore (“MAS”) as a major payment institution under the Payment Services Act 2019 ("PSA") to carry on account issuance service, e-money issuance as well as cross border remittance service under license PS20200369. In Hong Kong, SingX works with our group company, SingX (HK) Co. Ltd (License number 16-09-01908) which is regulated as a remittance business by Customs and Excise office in Hong Kong. In Australia, SingX works with our group company SingX Australia Pty Ltd. which holds an Australian Financial Services License number 508309.

SingX Singapore Pte Ltd has its registered office at 138 Cecil Street, #04-01, Singapore 069538.

As a Payment Service Provider, we work with licensed remittance operators in the respective markets (the “LROs”). When you provide your information to SingX, such information will be shared, as required, with the respective LROs in the markets for which you are undertaking a transaction and such LROs shall have an independent right to your personal information. Please read our Privacy Policy for further details on the collection, disclosure and use of your information. Please also read details of each LRO on the website before you commence any transaction via SingX.

Your Account with SingX:

Once your onboarding is completed, SingX will assign a business ID to you as part of your login credentials. Simply go to https://www.singx.co/business and use the log-in credentials, to check out your newly created SingX account.

SingX allows multiple authorised users to access the account. We also offer advanced features such as a Maker-Checker module. Your preferences in how the account should be set up, will be collected from you at the time of onboarding. You are responsible for ensuring that all authorised users of your SingX account have been duly approved by the authorised person in your company.

This agreement takes effect after SingX has confirmed that you are fully onboarded. To meet our obligations under Applicable Law, before we provide our Services to you and from time to time during our provision of Services to you, we may carry out due diligence checks on you, your directors, partners, ultimate beneficial owners, and employees (as relevant) and Authorised Users together with any parties involved in your transactions or use of the Services. You must provide us with complete, accurate, and up-to-date information at all times. You acknowledge that we may not provide you with any of our Services until we have received all the information we require. We will not be responsible for any loss arising out of your failure or delay in providing us with the information we require.

If you are acting as an aggregator or intermediary, please note that these Terms of Use apply to your use of the Services on your own behalf or on behalf of your “End Customers”. Accordingly, you hereby confirm and warrant to SingX at all times that you are acting either on your own behalf, or, where applicable, on behalf of and for the benefit of your End Customer(s), and not on behalf of any other person. SingX has no relationship with your End Customers and will not treat your End Customers as its clients for the purposes of providing the Services to you. You also acknowledge that SingX shall not be a principal to any transaction or be responsible for or otherwise guarantee the performance of any transaction entered into by you and your End Customer. You are solely responsible and liable for all acts and omissions of your End Customers.

Using SingX Services:

SingX provides various types of Services which you may choose to use from time to time. These Services may include receipt of credits, as well as pay-out services.

Receiving Credits

SingX will assign you a virtual account number into which you can receive credits. These credits may be received on behalf of your End Customers, or into your own balance. The financial institution with which this bank account is held and the currency of this account will be provided to you once you log into your SingX account.

All monies credited to this virtual account are held in safeguarded accounts on trust by us for you. Such monies in the dedicated customer segregated account are always kept separately from the accounts we use to run SingX, and we will not use the money held in such account to repay any debts that we may owe to any other party. If we were to become insolvent, you will be able to make a claim for your funds from this segregated account. Please note that you may not get all your money back if (i) the funds in the dedicated and segregated account held by us is insufficient to meet the payout instruction; or (ii) if the safeguarding institution becomes insolvent.

Please note that SingX is not a bank and therefore the Singapore Deposit Insurance Scheme (SDIC) does not apply. SingX keeps your money in established financial institutions. We don't offer or charge interest on money in your balances or account held on trust.

When money is received into our account from a sender ( a sender could be either you or any other third parties who wish to make a payment to you or to your End Customer), SingX will credit the money to your wallet with SingX in that currency. SingX may withhold some credits until it has concluded all the required AML / CTF related due diligence. Further, SingX may at its sole and absolute discretion reject your request for a credit to be added to your balance, or for executing a payment transaction, or other transaction. If such a credit is refused, the money will be refunded back by the financial institution which holds the bank account, to the bank account from which the credit originated, net of any charges related to such a refund.

We do not allow receiving credits via cash deposits unless such a deposit is expressly approved by us in advance.

Making Payments

A Receiver is a person or business to whom you wish to send a payment. Creating a receiver, is the first step to making a transaction. A receiver only needs to be set up once, and you can make multiple transactions to that receiver thereafter.

To create a transfer, you can either specify the exact amount in Send Currency, or in Receive Currency. If you have pre-funded money for the transactions you expect to make, all your payments will be processed at the exchange rate as confirmed to you when creating the transaction. If you have not pre-funded the account, your transactions will be kept in queue. As soon as money is topped up, the exchange rates at that point of time will be applied, and transactions will get processed. You can see the finalised exchange rate on your Dashboard.

You are solely responsible for the accuracy and validity of the information provided by you or your End Customers. SingX will process transactions based on the information provided by you and takes no liability whatsoever for erroneous credits to receivers. If you provide incorrect information, we will make reasonable efforts to recover the funds for you, and will charge you a fee for that. However, we cannot assure that funds can be returned.

When your counterparties send money to us, it is your responsibility to ensure that you have the appropriate authorisation from them to move these funds out of your virtual account with us. We will make payments solely based on your instructions. If any transaction is carried out without securing the appropriate authority from the sender or receiver of these funds, we will not be held responsible for this.

To meet our obligations under Applicable Law, we may carry out due diligence checks on your receiver as well. You must provide us with complete, accurate, and up-to-date information at all times. We reserve the right to decline any transaction without assigning any reason.

If a transaction is processed and subsequently fails, the returned money will be added back to your pre-fund balance held with us after deducting charges incurred by us, foreign exchange losses if any and SingX administrative costs.

If you wish to re-process the transaction, please note that SingX reserves the right to re-process the transaction at an exchange rate at which the transaction was originally done, or at current prevailing rates. You will also be liable to pay all additional bank charges and administration charges for reprocessing the transaction. Should you wish to get a refund instead, SingX will make a refund net off any SingX fees and third party charges and Foreign Exchange adjustments incurred in processing these transactions.

It is solely your responsibility to ensure that you have enough funding available to process the transaction created by you before the validity of the transaction expires. If the funds reach us after the validity of the transaction expires, then the transfer has to be re-created at the prevailing exchange rate.

From time to time, we will identify on the Website the currencies in which you can hold balances. Available currencies are subject to change at our sole discretion.

You should note that while it is our obligation to ensure that funds arrive at the Receiver’s bank account or payment account within the stated timelines, we do not control the time it takes for the Receiver’s bank or payment provider to credit and make available funds to the Receiver.

You should further note that the above timelines are subject to all necessary security and customer identification checks being conducted in line with our security and identification guidelines. If further investigation or the collection of additional information from you is necessary, we will let you know, but this may result in a cancellation of the transaction. If required by a regulator, or a LRO involved in processing your transaction we may withhold your funds in any transaction through our platform

SingX offers cash pay-outs for certain countries. This means that when sending money to these countries, you have the choice of sending the credit either to a bank account, or have your receiver collect it in cash from one of the pick-up locations mentioned while creating a transaction. All cash payments are subject to (i) receivers showing documentary evidence of their identity (ii) providing all details about the money transfer as required by the pay-out partner such as sender's name and/or receiver's name, country of origin of remittance, receive amount and/or transaction reference number/PIN code sent to the receiver via SMS and (iii) any other conditions or requirements applicable at the Pay-out Partner location. While these requirements will be provided to you on a best effort basis, it is your receiver's responsibility to check and fulfil all the requirements of the pay-out partner. Cash money transfers shall be paid to the person that Pay-out partners deem entitled to receive the money after verification of identity often through examination of identification documents. It is your responsibility and your receiver's responsibility to ensure that you do not divulge the PIN or other details to anyone. It is also your responsibility to ensure that your receiver does not send this PIN to anyone else, and understands the risks of doing so, especially via insecure electronic communication. Neither SingX nor its Pay-out Partners shall be liable for money being picked up by a person other than the intended beneficiary. Your receiver will need to pick up the cash within 28 business days. After this the transaction will be reversed and we will refund the money to you after deducting relevant charges once we recover the money from our pay-out partner.

Your obligations with regard to your End Customers

You acknowledge that any End Customer(s) to whom you have instructed us to assign virtual accounts and on whose behalf you may be using the Services, are not our customers.

Accordingly, you undertake to:

  1. a. Inform your End Customers and/or their counterparties who are making payments into the virtual accounts, in each case, in writing that:
    1. i. SingX is not a bank and therefore the Singapore Deposit Insurance Scheme (SDIC) does not apply. SingX keeps your money in safeguarded bank accounts with established financial institutions;
    2. ii. If SingX were to become insolvent, you will be able to make a claim for your funds from this segregated account, and you will be responsible for transmitting them to your End Customers;
    3. iii. We will not recognise any person other than you as having any funds in your SingX account, and we will treat you as the beneficial owner of the monies in these Pre-fund Wallets.
  2. b. Accurately inform your customers of the nature of a Virtual Account, SingX account, and the Services; and
  3. c. Render all assistance and respond to questions, complaints or claims by any inquirer in connection with or arising from any payments sent to your SingX account or related to the Services. You agree to provide your contact details and further consent to our disclosure of your contact details that we may obtain/ have obtained to such Inquirers.

You confirm that your End Customer has authorized you to instruct SingX to assign Virtual Account Number(s) to enable receiving credits into and making payments out of your SingX account, and has provided you sole authority to operate the SingX Services on their behalf. This includes, obtaining balances and statements, authorizing payments, negotiating fees and charges with SingX and make payments for the same. You also confirm that you have shared these Terms and Conditions with your End Customers and that the End Customers have read and agreed to be bound by them.

Further, you confirm that you have the appropriate authorisation and privacy disclosures with your End Customer to allow SingX to share the End Customer's personal data, including name, contact details, ID number, source of funds information, invoice copies and other relevant information with licensed remittance operators in other jurisdictions, for the purpose of fulfilling the payment.

If End Customer onboarding documents are not collected from you upfront, you agree to:

  1. a. Promptly, and in any event within 7 working days, upon our request, provide information relating to your End Customers, including verification documents or additional information that we may require;
  2. b. Provide the full legal name of your customers and/or naming convention agreed between you and us, for the purpose of the name of the SingX account;
  3. c. Notify us immediately when there are changes to your customer's information which you have provided to us;
  4. d. Retain all underlying customer due diligence-related documents and records relating to your customers for at least 7 years following the closure of the relevant SingX Account;
  5. e. Promptly upon becoming aware, notify us of any event, suspicious activity, investigation, enforcement actions or occurrence relating to AML, CFT or sanctions that implicates or may implicate you or any of your customers or any of your or your customer's officers, directors, employees or agents. You must provide us details of all transactions conducted through the relevant virtual account number or Pre-fund Wallet in connection with this; and
  6. f. Promptly provide upon our request details of any transactions conducted through the relevant virtual bank account or SingX account.

Your Privacy

Protecting your privacy is very important to SingX. Your passwords are stored on SingX servers in encrypted form. We do not disclose your account details, postal or email addresses to anyone except when legally required to do so and as specified in our Privacy Policy.

Sensitive information between your browser and the https://www.singx.co website is transferred in encrypted form using Secure Socket Layer (SSL). When transmitting sensitive information, you should always make sure that your browser can validate the SingX certificate.

In order to facilitate the opening of your account digitally, you authorize SingX to disclose the personal information of your End Customers such as ID documents to third parties for the purpose of conducting customer due diligence. Once your account has been opened, you authorize SingX to disclose such personal information as needed in investigations of fraud or other illegal activity where we believe it is reasonable and appropriate to do so.

Fees & Charges

The fees & charges will be outlined in the pricing schedule provided to you by SingX and may be revised from time to time.

General Terms

  1. a. Third Party Services

    You acknowledge and agree that SingX is partnering with LROs and other third party partners and providers in order to deliver you the Services.

    By using our Services, you agree to be bound by any user agreements established by any LRO, third party partners and providers that SingX engages with in addition to the Terms and Conditions set out in this Agreement.

    By accepting and agreeing to the partner’s terms and conditions you expressly acknowledge that SingX is acting independently of the LROs and that SingX shall have no liability for the actions or omissions of LROs.

  2. b. Communications

    We are required to provide certain information to you in writing. By accepting this Agreement, you agree that we can communicate with you electronically either by email or by posting notices on the SingX website.

  3. c. Events Outside Of Our Control

    If we are unable to perform our obligations under this Agreement because of factors beyond our control, including a change of law, an event of Force Majeure, withdrawal of a currency or the imposition of sanctions over a country or receiver, we will notify you as soon as is reasonably practicable and will use reasonable endeavours to secure the return of any money paid by you in respect of which we have been unable to discharge our obligations under this Agreement. We will not have any liability to you where we are unable to perform our obligations.

Exclusion and limits of liability

You agree to use the SingX website at your own risk.

  1. a. SingX uses reasonable skill and care in providing its products and services to you. However (to the maximum extent permitted by law) SingX is not liable to you for any loss, damage, claim or compensation (including loss of profit or loss of use) incurred by you from your use of, or your inability to use, the Website or the products or services offered through or by the Website however caused notwithstanding any error or omission including negligence.
  2. b. SingX shall not be liable to you or any third party for any loss, damage, claim or compensation (including loss of profit or loss of use) incurred by you resulting from the failure or delay of SingX to execute any transfer in accordance with the instructions from you.
  3. c. SingX shall not be liable for any fees or commissions charged by any intermediary bank or other entity when funds are deposited in your account or transferred to your personal or your receiver's account.
  4. d. SingX's maximum aggregate liability to you in respect of all foreign currency transactions undertaken by you shall be limited to a refund equivalent to any monies you have paid to SingX to acquire foreign currency.
  5. e. SingX’s maximum aggregate liability to you in respect of all foreign currency transactions undertaken by you shall be limited to a refund equivalent to any monies you have paid to SingX to acquire foreign currency.
  6. f. You agree that SingX will not be responsible in any way to you or any other person in the event of force majeure or for the act of any Government or legal authority.
  7. g. You hereby indemnify and hold blameless SingX, its directors, officers, employees and agents from and in respect of any loss, damage, liability, cost or expense that it may suffer or incur by reason of you failing to discharge your obligations under or acting in breach of any of these T&Cs or any breach of any applicable law or regulation
  8. h. You agree that SingX will not be liable in any way to you in the event of failure of or damage or destruction to your computer system, data or records or any part thereof or for any delays, losses, errors or omissions resulting from the failure or mismanagement of any telecommunications or computer equipment or software. You will not expose the website to any viruses, trojans or other similarly harmful or inappropriate material or device. In the event that any such viruses etc. are deemed to have been transmitted to the website from your account SingX reserves the right to terminate your account and you shall be liable for the cost to SingX of removing such viruses etc. and SingX shall have the right to set-off the cost against any balance held to the credit of your SingX account.

Entire Agreement

This Agreement and any document expressly referred to in it constitutes the whole agreement between us and supersedes any previous discussions, correspondence, arrangements or understandings between us. We reserve the right to amend these Terms of Use from time to time without notice by amending this page. The amended Terms of Use will be effective from the date they are posted on our website. As these Terms of Use may be amended from time to time, you should check them whenever you visit our website. Your continued use of our services will constitute your acceptance of the amended Terms of Use. When making material amendments, in addition to posting these terms on the website, we will send via email, a link to the latest version of the terms.

Law And Jurisdiction

The provision of the Service and any dispute or claim arising out of the provision of the Service is governed by Singapore law. Any dispute or claim arising out of or in connection with the Service will be subject to the exclusive jurisdiction of the courts of Singapore.

Definitions

  1. a. "Agreement" means this agreement including all subsequent amendments.
  2. b. "Business Days" means a day (other than a Saturday or Sunday) on which banks in the respective markets for which a transaction for remittance is being undertaken are open for business.
  3. c. "Days" means calendar days.
  4. d. "End Customer" means any person other than SingX who contracts with you, including without limitation any client that you engage in connection with the Services.
  5. e. "Fees" means those amounts stated in section 4 of this Agreement.
  6. f. "Force Majeure" means events or causes including, but not limited to, the following: an act of God, peril of the sea, unavoidable accident of navigation, war (whether declared or not), sabotage, riot, insurrection, civil commotion, national emergency (whether in fact or law), martial law, fire, flood, cyclone, earthquake, landslide, explosion, power or water shortage, failure of a transmission or communication network, epidemic, quarantine, strike or other labour difficulty or expropriation, restriction, prohibition, law, regulation, decree or other legally enforceable order of a government agency, breakage or accident, change of International, State or Commonwealth law or regulation or any damage of SingX’s machinery or systems, unless occurring as a result of an act, omission, default or negligence of you or SingX.
  7. g. "SingX", "we", "us" or "our" means SingX Pte Limited with registered office at 138 Cecil Street, #0401, Singapore 069538 and includes its subsidiaries (i.e. SingX Singapore Pte Ltd, SingX (HK) Co Ltd and SingX Australia Pty Ltd), its successors and any person to whom it has assigned it rights under this Agreement.
  8. h. SingX website(s)" means any URL, such as https://www.singx.co, owned and operated by SingX that we use to provide the Services to you.
  9. i. “SingX Account” refers to an account held with SingX for the purpose of using the Services in accordance with the terms and conditions of this Agreement. For the avoidance of doubt, the SingX Account is not a bank account.
  10. j. "Policy" or "Policies" means any Policy or other agreement between you and SingX that you entered into on the SingX website(s), or in connection with your use of the Services.
  11. k. "Services" means all payment services and related products available through the SingX website(s).
  12. l. "User," "you" or "your" means you and any other person or entity entering into this Agreement with us or using the Service.
  13. m. “Virtual Account” means the bank account number assigned to you by SingX into which you can receive credits. The virtual account is held with an established financial institution on our behalf. In Singapore & Hong Kong, this is held with banks.

Company

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SingX Pte Ltd (UEN: 201433979Z), a company registered in Singapore, works with licensed group entities in each operating market to provide neo-banking services.

In Singapore, SingX partners with its group company, SingX Singapore Pte Ltd (UEN: 201533243W), a wholly owned subsidiary of SingX Pte Ltd. SingX Singapore Pte Ltd is licensed and regulated as a Major Payments Institution (License No. PS20200369) by the Monetary Authority of Singapore (MAS).

In Hong Kong, SingX operates through its group company, SingX Hong Kong Co. Ltd (License No. 16‑09‑01908), a wholly owned subsidiary of SingX Pte Ltd. SingX Hong Kong Co. Ltd is licensed and regulated as a remittance service provider by the Customs and Excise Department.

In Australia, SingX operates through its group company SingX Australia Pty Ltd (ACN: 624 277 201), a wholly owned subsidiary of SingX Pte Ltd. SingX Australia Pty Ltd is regulated by the Australian Securities and Investments Commission (ASIC) and holds an Australian Financial Services Licence (AFSL No. 508309). SingX Austraila Pty Ltd is also registered with Austrac.