About SingX

SingX Pte Ltd (SPL) is a Singapore registered company with three wholly owned and licensed payments subsidiaries as detailed below:

Our relationship with you

This Agreement is a contract between you and the relevant SingX entity (or entities) where your account is domiciled:

• If your account is domiciled in Singapore, the contracting party is SingX Singapore Pte Ltd, and this Agreement is governed by the laws of Singapore. Disputes shall be resolved in accordance with the arbitration provisions in the 'Law and Jurisdiction' section. Courts of Singapore may be approached only for interim relief or enforcement of arbitral awards.
• If your account is domiciled in Hong Kong, the contracting party is SingX (HK) Co Ltd, and this Agreement is governed by the laws of Hong Kong. Disputes shall be resolved in accordance with the arbitration provisions in the 'Law and Jurisdiction' section. Courts of Hong Kong may be approached only for interim relief or enforcement of arbitral awards.
• If your account is domiciled in Australia, the contracting party is SingX Australia Pty Ltd, and this Agreement is governed by the laws of Australia. Disputes shall be resolved in accordance with the arbitration provisions in the 'Law and Jurisdiction' section. Courts of Australia may be approached only for interim relief or enforcement of arbitral awards.

The term “SingX” in this Agreement refers to the relevant contracting entity (or entities) set out in the clause above.

Services

SingX provides the following services:

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 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.

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), Authorised Signatories 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 reserve the right to refuse or suspend services if information is incomplete or inaccurate. 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, 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 Customers 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:

Receiving Credits

SingX will assign you a Virtual Account Number into which you can receive credits. The financial institution with which this Virtual 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 dedicated customer accounts which are always kept segregated from the accounts we use to operate SingX.

In Singapore, your money is safeguarded under the provisions of the Payment Services Act 2019. SingX keeps your money in its name in dedicated and segregated accounts held by us with an approved safeguarding institution(s). All monies in the dedicated customer segregated accounts are held on trust by us for you. While safeguarding your money, we may convert the funds into one of the currencies available for our safeguarding accounts and such conversion will be done using either Reuters mid-market rates or the rates provided by our safeguarding institution. We will not use the money held in such dedicated and segregated accounts 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 the segregated accounts. Please note that you may not get all your money back in SGD equivalent if (i) the funds in the dedicated and segregated accounts held by us are insufficient to meet the pay-out instruction; or (ii) if the safeguarding institution becomes insolvent.

In Australia, in accordance with ASIC Regulatory Guide 212.56, SingX is not permitted to hold client money beyond the reasonable time required to complete our mandatory compliance checks and receive your payment instruction. You agree to issue a payment instruction to transfer all collected funds from your account at least once every seven (7) calendar days. If you do not provide payment instructions within this timeframe, you authorize SingX to transfer the collected funds to any other account held by you with SingX either in the same currency or a different currency, without further notice, in order to comply with regulatory obligations.

Please note that SingX is not a bank and therefore deposit insurance schemes that cover bank accounts do not apply. SingX keeps your money in established financial institutions. We do not offer or charge interest on money in your balances or account.

Upon receipt of funds by SingX on your behalf from a Sender, SingX shall credit such funds to your Virtual Account in the currency in which the funds are received. In the event that you do not maintain a Virtual Account denominated in such currency, SingX may, in its sole discretion, convert the funds into a currency in which you hold a Virtual Account, and shall credit the converted amount thereto, net of any applicable conversion charges and fees.

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. If such a credit is refused, the money will be refunded back 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

Receivers and Transactions

A Receiver is a person or business to whom you or your End Customer wishes 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 transaction will be kept in queue. As soon as money is topped up, the transaction will get processed. Transactions that are not funded by you, or, where applicable, not approved by your authorised users within the agreed timeframe, will lapse and be marked as “Validity Expired”. It is solely your responsibility to ensure sufficient funding before the validity period expires.

If you create multiple transactions, your funds will be applied to them in the order they were created and (if applicable) approved. If the available funds are not sufficient to fully cover a transaction, we will skip that transaction and apply the funds to the next one in sequence.

Accuracy of Information

You are solely responsible for the accuracy and validity of all information provided by you or your End Customers. We process transactions strictly on the basis of the information provided and accept no liability for erroneous credits to Receivers. If incorrect information is provided, we will make reasonable efforts to recover the funds and will charge a recovery fee, but we cannot guarantee recovery.

Liability for unauthorised, failed, or incorrectly executed payments is addressed under the section “Exclusions and Limits of Liability”.

Compliance and Due Diligence

To meet our obligations under Applicable Law, we may conduct due diligence checks on your Receiver. You must provide complete, accurate, and up-to-date information at all times. We reserve the right to decline any transaction without assigning reasons.

Transaction timelines are subject to successful completion of all necessary compliance and customer or transaction identification checks. If further investigation or additional information is required, we will notify you; however, this may result in cancellation of the transaction. Where required by a regulator or a Licensed Remittance Operator (LRO) involved in processing the transaction, we may withhold your funds until clearance is obtained.

If a transaction is cancelled or fails, any refunded funds will be credited back to your account balance net of SingX fees, third-party charges, bank fees, and any foreign exchange losses incurred.

If a transaction expires, is cancelled, or fails, you may request re-processing. Re-processing will occur at the prevailing exchange rate and applicable fees at the time of re-processing, unless otherwise expressly agreed in writing.

Currencies

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

Timelines

We will take all reasonable steps to ensure that funds arrive at the Receiver’s bank account or payment account within the stated timelines. However, we do not control the time taken by the intermediary bank(s), LRO partner(s) to process the transaction or by the Receiver’s bank to make funds available to the Receiver.

Cash Payouts

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.

End Customers

If you are acting as an Aggregator or on behalf of End Customers, you acknowledge and agree that:

(a) Your End Customers are not contracting parties to this Agreement and SingX owes no contractual obligations to them.

(b) For regulatory and compliance purposes, SingX may require certain information and documents relating to your End Customers, including personal data, source of funds, and supporting documentation. Such information shall be shared with licensed remittance operators, banks, or regulators solely to the extent necessary to provide the Services or comply with Applicable Law.

(c) You represent and warrant that you have obtained all necessary authorisations, disclosures, and consents from your End Customers to share their information with SingX and for SingX to share such information with relevant third parties as required in order to provide the Services.

(d) You are solely responsible for all acts and omissions of your End Customers, including without limitation the accuracy of information they provide, their compliance with applicable law, and their payment obligations.

(e) Promptly upon becoming aware, you agree to 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 End Customers who have been offered the Services of SingX. You further agree to provide, upon our request, any additional information or documentation relating to such End Customer and/or any affected transaction.

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 the relevant SingX Privacy Policy as provided in the links below:

• Privacy policy for SingX Singapore Pte Limited
• Privacy policy for SingX (HK) Co. Ltd
• Privacy policy for SingX Australia Pty Ltd

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 your personal information or 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.

SingX works with licensed remittance operators in the respective markets (the “LROs”). When you provide your information of information pertaining to your End Customers 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 may process your personal data only to the extent required for compliance with Applicable Law and for the provision of Services. Please read the Privacy Policy of the SingX entity (or entities) you are contracting with for further details on the collection, disclosure and use of your information.

Fees & Charges

Our fees and charges are outlined in the pricing provided to you and may be revised from time to time. For Users contracting with SingX Australia Pty Ltd, Fee & Charges are also specified in the Product Disclosure Statement (PDS). We will provide you with at least 14 calendar days’ advance notice of any material change to our fees, by an acceptable mode of communication and/or by posting the updated fees on our website. Your continued use of the Services after the effective date of the revised fees constitutes your acceptance of the revised fees.

General Terms

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.

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 including by email, SMS, telephone call, secure in-app or online portal notifications, push notifications, or other electronic communication methods reasonably adopted by us or by posting notices on the SingX website. Electronic notices shall be deemed delivered upon transmission.

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.

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.

You represent and warrant that you have obtained all necessary consents and provided all necessary disclosures under applicable data protection laws to enable SingX to process and transfer personal data as required to perform the Services.

Exclusion and Limits of Liability

1. General Use at Your Own Risk

You acknowledge that you use the Services at your own risk. Except as expressly stated in this Agreement, the Services are provided “as is” and “as available” without warranty of any kind.

2. Limits on SingX’s Liability

(a) To the maximum extent permitted by law, SingX shall not be liable for:

• any indirect, consequential, incidental, punitive, or special damages, including loss of profit, business, data, or reputation;
• any fees, charges, or commissions imposed by intermediary banks, payment providers, or third parties;
• delays, errors, or failures arising from telecommunications or technology failures outside our control;
• losses caused by viruses, malware, or other harmful material introduced by you or your systems.

(b) SingX’s total aggregate liability to you for all claims in any 12-month period shall not exceed the total fees actually paid by you to SingX during that period.

3. Specific Transaction Liability

(a) If we fail to execute, or incorrectly execute, a payment instruction, and unless we can show that the beneficiary’s payment service provider received the funds, we will refund to you the amount of the non-executed or defective transaction. Beyond this, we have no further liability for unauthorized or incorrectly executed payments.

(b) We shall not be liable for erroneous or fraudulent information and unauthorized payment instructions provided by you or your End Customers. While we may attempt recovery of misdirected funds, we cannot guarantee success. You remain responsible for all costs of recovery.

(c) We shall not be liable for any delay, suspension, or failure in processing a transaction if it results from compliance checks or requirements under applicable laws and regulations, including anti-money laundering (AML), counter-terrorism financing (CFT), sanctions, or similar regulatory controls, whether conducted by us, our local remittance partners, correspondent banks, or other financial institutions.

4. Force Majeure

SingX shall not be liable for any failure or delay in performing its obligations where such failure or delay results from events beyond its reasonable control, including but not limited to force majeure events, acts of government, regulatory restrictions, sanctions, or changes in law.

5. Indemnity

You agree to indemnify and hold harmless SingX, its directors, officers, employees, and agents from any claims, losses, liabilities, damages, costs, or expenses (including legal costs) arising from:

• your breach of this Agreement or Applicable Law;
• your acts or omissions, or those of your End Customers or Authorised Users;
• claims by your End Customers relating to payments, data, or regulatory matters.

6. Security Breaches

If viruses, malware, or other harmful material are introduced to the SingX platform from your account or systems, you are liable for the costs of removal, remediation, and any resulting losses. SingX may deduct such costs from your account balance.

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. 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. 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. Cancel or modify SingX Account User(s)

To cancel or modify the rights and entitlements of any SingX Account User(s).

Where your Account is referred to SingX by a Financial Institution specified by you (“Referring Institution”), you authorise the Referring Institution to provide information and documentation to SingX in connection with your Account. However:

(a) For the purposes of regulatory compliance (including KYC and AML/CTF obligations), you remain the customer of record with SingX, and SingX will conduct such due diligence directly on you as it deems necessary.

(b) While you may authorise the Referring Institution to manage aspects of your Account (such as appointing or removing Account Users, or providing instructions), you remain responsible for ensuring such instructions are valid and authorised.

(c) SingX may rely on instructions received from the Referring Institution until such time as you notify us in writing that the Referring Institution’s authority has been revoked.

(d) Nothing in this clause relieves you of your obligations under this Agreement or Applicable Law.

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 an acceptable mode of communication, 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 as follows:

(a) If your Account is domiciled in Singapore, the governing law is the laws of Singapore and disputes shall be resolved by arbitration administered by the Singapore International Arbitration Centre (SIAC) in accordance with the SIAC Rules in force at the time. The seat of arbitration shall be Singapore, the tribunal shall consist of one (1) arbitrator, and the language shall be English.

(b) If your Account is domiciled in Hong Kong, the governing law is the laws of Hong Kong and disputes shall be referred to the Hong Kong International Arbitration Centre (HKIAC) in accordance with the HKIAC Rules.

(c) If your Account is domiciled in Australia, the governing law is the laws of Australia and disputes shall be referred to arbitration administered by the Australian Centre for International Commercial Arbitration (ACICA).

The arbitration provisions above replace any inconsistent jurisdiction references elsewhere in this Agreement. Courts in the relevant jurisdiction shall, however, have non-exclusive jurisdiction for the purposes of interim relief or enforcement of arbitral awards.

Definitions

In this Agreement, unless the context requires otherwise:

“Account” or “SingX Account” means an account held with SingX for the purpose of using the Services in accordance with this Agreement. For the avoidance of doubt, a SingX Account is not a bank account and does not carry deposit insurance.

“Aggregator” means a User that uses the Services to facilitate payment transactions on behalf of multiple underlying customers (“End Customers”), by consolidating or routing such transactions through its own account with SingX. An Aggregator contracts with SingX in its own name and remains solely responsible for the acts, omissions, compliance, and obligations of its End Customers. For the avoidance of doubt, End Customers of an Aggregator are not contracting parties to this Agreement and SingX shall have no contractual relationship with them.

“Agreement” means these Terms of Use, including any policies, schedules, or amendments incorporated by reference.

“Applicable Law” means all laws, regulations, directives, rules, guidelines, regulatory requirements, and industry standards applicable to the Services, including but not limited to the Payment Services Act 2019 (Singapore), Anti-Money Laundering and Counter-Terrorism Financing Act 2006 (Australia), and Money Services Operator licensing requirements (Hong Kong).

“Authorised User” means any individual authorised by the SingX Account Holder to access and use SingX Account on their behalf.

“Authorised Signatory” means any individual authorised by the SingX Account Holder to accept the SingX Terms of Use on its behalf and appoint/ modify/ delete Authorised Users.

“Business Day” means a day (other than a Saturday, Sunday, or public holiday) on which banks are open for business in the relevant jurisdiction for the transaction.

“Days” means calendar days.

“End Customer” means a customer of an Aggregator for whom SingX Services are used. End Customers are not parties to this Agreement and have no contractual relationship with SingX.

“Fees” means the fees, charges, and commissions payable by you for the Services as published by SingX or communicated to you in writing.

“Financial Institution” or “Referring Institution” means a bank, financial intermediary, or other entity that refers you to SingX or provides instructions on your behalf pursuant to this Agreement.

“Force Majeure” means an event or circumstance beyond the reasonable control of SingX, including but not limited to an act of God, natural disaster, war, riot, terrorism, pandemic, labour dispute, cyberattack, telecommunications failure, power outage, regulatory change, sanctions, or government action.

“Licensed Remittance Operator” or “LRO partner” or “LRO” means a regulated third-party remittance provider engaged by SingX to process cross-border transactions.

“Personal Data” means data relating to an identified or identifiable natural person as defined under Applicable Law.

“Policy” or “Policies” means any additional terms, guidelines, privacy policies, or agreements published by SingX or accepted by you in connection with the Services.

“Receiver” means a person or business to whom you or your End Customer wishes to send a payment through the Services.

“Sender” means the person or entity from whose bank account or payment source funds are transferred into a Virtual Account or otherwise credited to your SingX Account. A Sender may be:

• (a) you (the User) or
• (b) your End Customer
• (c) third party

“Services” means the payment and collection related services provided by SingX and defined under the header “Services” above.

“SingX”, “we”, “us”, or “our” means the relevant SingX entity with which you have contracted, as set out in the “Our Relationship With You” section.

“SingX Account Holder” is the SingX customer who contracts with SingX under these Terms of Use for the use of Services.

“SingX Website(s)” means any website, portal, or platform owned and operated by SingX through which the Services are provided, including https://www.singx.co.

“User”, “you”, or “your” means the person or entity entering into this Agreement with SingX and includes Authorised Users acting on their behalf.

“Virtual Account” or “Virtual Account Number” means a unique account number allocated to you by SingX, held with a licensed financial institution, into which funds may be credited for use of the Services. In Australia, the Virtual Account Number may also refer to a unique PayID. The Virtual Account has the following characteristics:

• Incoming payments made to the virtual account will be credited upon receipt to the bank account of SingX.
• The virtual account is not a bank account and will not have any features or functions of a savings or current or multi-currency bank account
• The bank providing the Virtual Account services will neither have any contractual relationship nor have any duty of care under any circumstances towards you.