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.
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 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 a 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 with the respective LROs in the markets for which you are undertaking a transaction utilising the SingX platform 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.
The Services are operated by SingX Pte.Ltd. incorporated in Singapore (company number 201433979Z) with its registered office at 138 Cecil Street, #04-01, Singapore 069538.
The main business for SingX is cross-border payments which include remittances, and business payments Please note that SingX is not a bank and therefore the Singapore Deposit Insurance Scheme (SDIC) does not apply.
When you undertake a transaction which includes SingX Singapore Pte Ltd, the terms contained herein shall similarly apply for the use of the SingX Singapore Pte Ltd services.
1. 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 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 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 your personal information as needed in investigations of fraud or other illegal activity where we believe it is reasonable and appropriate to do so.
2. Transaction History
You can send transaction details to us using any one of the three methods:
(a) you can login to the SingX Business account and create transactions one-by-one using the ‘Single transactions’ menu; or
(b) you can login to the SingX Business account and create transactions in bulk by uploading a duly filled in excel file in the templates provided or
(c) you can send us transactions using our suite of APIs, once integrated and duly signed off.
You can access your details of executed payment transactions and other information relating to your Account by logging into SingX and clicking on the "My Transactions" tab.
3. Duplicate accounts
SingX may refuse to create duplicate accounts for the same user due to security and client identification requirements. SingX reserves the right to refuse the creation of duplicate accounts or accounts which are linked to bank accounts not belonging to you due to security and client identification requirements. In such cases, SingX reserves the right to close these accounts without notification.
4. Eligibility
Before being able to use the Service we have to perform mandatory customer verification. For this purpose, we will collect relevant documentation and information from you.
SingX reserves the right to access various government and private databases so as to verify your information (“electronic ID”).
SingX reserves the right to refuse to accept any new account or new user or any transaction at its discretion. If incomplete details are provided or if you do not provide information requested by SingX to complete its customer verification and meet the anti-money laundering requirements as required by relevant authorities, SingX reserves the right to refuse to proceed with the account opening and/or the transaction.
5. Using the Service
Use of API :
(a) In consideration of you agreeing to abide by the terms of this Agreement, we grant you a non-transferable, non-exclusive licence to use our suite of APIs, if you so select at the time of account opening. We reserve all other rights with respect to our APIs.
(b) SingX in its sole discretion may set some limits on the APIs from time to time (e.g. limiting the number of API requests that you may make or the number of users you may serve). You agree to, and will not attempt to circumvent, such limitations communicated to you from time to time.
(c) You will use commercially reasonable efforts to protect information collected by your API Client, including personal data, from unauthorized access or use and will promptly report to us any unauthorized access or use of such information to the extent required by applicable law.
(d) When using the APIs, you may not sub-license an API for use by a third party; interfere with or disrupt the APIs or the servers or networks providing the APIs; or reverse engineer or attempt to extract the source code from any API or any related software.
Your Account with SingX:
Once your account opening is completed, SingX will assign a business ID to you as part of your login credentials. Simply go to https://business.singx.co 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.
Using SingX Services for Cross Border 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. 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 may need to charge you a fee for that. However, we cannot assure that funds can be returned.
If a transaction is returned back you can either:
(a) create a fresh transaction and instruct us to reprocess the transaction or
(b) request a refund
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 the funds reach the local bank account specified by us before the validity of the transaction expires. If the funds reach us after the validity of the transaction expires, then the transfer will fail and we will need to refund your funds.
From time to time, we will identify on the Website the currencies for which the Service is available. 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, we may withhold your funds in any transaction through our platform.
On June 1st 2020, SingX launched cash pay-outs for Philippines. This means that when sending money to Philippines, 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.
6. Exchange Rates
SingX makes reasonable efforts to undertake transactions at exchange rates aligned to the mid-market rate. SingX relies on aggregated third party information sources and does not guarantee that the rates match any particular benchmark source at any given time.
We reserve the right at our sole discretion to refuse a transaction (including but not limited to: restricting the creation of a new transaction as well as cancelling a transaction already in process). For transactions refused by us, we will notify you as promptly as we reasonably can, provide a reason where it is possible to, and arrange for a refund where applicable.
7. Transaction Limits
The minimum and maximum transaction limits for transactions may vary depending on the market and we reserve the right to change these limits from time to time.
8. Sending Money
To fund a payment transaction you create on our platform, please send money only to a bank account specified on your Dashboard. All money must originate from your bank account. You must be either the main account holder or the joint account holder of the bank account from which you send money to us. Transfers from accounts that do not belong to you are strictly prohibited. You are responsible for all charges, including your bank charges, in transferring the funds to us
SingX keeps your money in established financial institutions. We currently don't offer or charge interest on money in your balances or account held on trust. All monies in this dedicated customer segregated account are held 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.
We recommend that you only pre-fund your account with us for transaction amount you expect for a given day or two.
9. Refused Transactions
SingX may refuse to proceed with the transaction if we cannot match the your name registered with SingX with the name on your bank account from which you send the money. In this case you may be liable for an administration charge. Please refer to section 12 for details.
10. Cancellation of Transactions
You may cancel your transaction any time before sending the money to our bank account. You will not be able to cancel the transaction once it has been actioned by us. SingX reserves the right to allow/ disallow cancellations of a transaction. SingX Fee will not be charged on a cancelled transaction.
11. Your Obligations
You are responsible for ensuring the payment details you provide are accurate. Once payment instructions have been executed by SingX, transactions cannot be reversed and SingX will not be liable in any way for any loss you suffer as a result of a transaction being carried out in accordance with your instructions.
In the unlikely event that you notice an error in either the payment sent or received as a result of using the Services, then you should immediately notify us at help@singx.co.
You agree not to use the Services for any unlawful activity and SingX reserves the right to investigate any suspicious activity or in response to any complaints or reported violations. When investigating any such activity, SingX reserves the right to report suspected unlawful activity to any appropriate person or body and to provide them with any relevant information, including personal data.
12. Fees
SingX charges a fee on every transaction depending on the country you are sending money from/ to. Fees relating to the transaction are clearly displayed on the transaction page before you confirm proceed with a transaction.
SingX may charge an administration fee for transactions which are not successful and a refund has to be processed.
Refunds will be made to your bank account after deducting a processing fee of SGD 2.
- Transactions rejected by our pay-out partners or beneficiary bank due to compliance reasons:
If the transaction is rejected due to compliance reasons by our pay-out partners or by the beneficiary bank, we will process the refund of the full amount as soon as possible. Please note that this refund process can be initiated only after funds are returned to us by the pay-out partner / beneficiary bank.
- Beneficiary registration not completed: In countries like China & Korea, transactions do not get processed until the beneficiary completes a sign-up process with our partner in those respective countries; failure to complete this within the stipulated time will result in an unsuccessful transaction. This time frame is indicated to you at the time of placing the transaction with us. If the transaction is not completed due to the process not being completed by the beneficiary, we will process the refund of the full amount as soon as possible.
- Transactions where there has been an error in entering any beneficiary details: If transaction is rejected due to wrong or incomplete beneficiary details entered by you, SingX will contact you to confirm whether you will be booking a new transaction with amended details or if a refund is to be issued. If you choose to reprocess the transaction with amended beneficiary details , the returned funds will be utilised in full towards this transaction. However, if the funds are to be refunded, the SingX fee will not be refunded. Further, we will wait for a confirmation from our pay-out partner on the status of the transaction, and then process the refund as soon as possible.
- Transactions where only partial amount has been sent to us: If funds are received in part towards a transaction booked , SingX will contact you to confirm whether you will be sending the remaining amount or if a refund is to be issued. If you choose to send the remaining, the transaction will be processed. However, if the funds are to be refunded to your bank account, a processing fee of SGD 2 will be levied. Once we receive this confirmation, the refund will be processed within 1-2 working days.
- Cases where money has been sent to us without a transaction being created: If funds are received in our account without a valid transaction being created on the SingX platform, or if funds were credited to our account by mistake and a refund is requested we will do our best to contact you and remind you to create a transaction. If you wish to get a refund, a processing fee of SGD 2 will be applicable for such refunds.
SingX may change from time to time, the administrative fees it charges for refund cases and reserves the right to do so at its sole discretion.
13. Time frame for processing refunds
All refunds arising from cross-border payment transactions will be made to your pre-funded balance with us.
To withdraw this amount to your bank account, please do write to us at business@singx.co SingX will endeavour to process your withdrawals in a reasonable time frame. Generally, a bank transfer takes between 1–3 working days to appear back in your account
In cases where the money is held by the compliance teams of our pay-out partners or your beneficiary’s banks, we will not be able to initiate the refund until the money is returned to us by the pay-out partner or beneficiary bank. Refunds are generally processed by SingX at the end of the working day, however if you need a refund to be processed urgently, please write to us at business@singx.co. If the email is received within working hours, we will be happy to assist and process the refund for you on an urgent basis at an additional charge of SGD 2.
14. General Terms
- Third Party Services
You acknowledge and agree that SingX is partnering with the 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.
- 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.
- 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.
15. Exclusion and limits of liability
You agree to use the SingX website at your own risk.
- 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.
- 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.
- 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.
- 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.
- 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.
- 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
- 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.
16. Complaints
We are committed to providing you with the highest standards of service. If you feel we have not achieved that, please send your complaints to help@singx.co
17. 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.
18. 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
- "Agreement" means this agreement including all subsequent amendments.
- "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.
- "Days" means calendar days.
- "Fees" means those amounts stated in section 4 of this Agreement.
- "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.
- "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.
- "SingX website(s)" means any URL, such as SingX.co, owned and operated by SingX that we use to provide the Services to you..
- "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.
- "Services" means all payment services and related products available through the SingX website(s).
- "User," "you" or "your" means you and any other person or entity entering into this Agreement with us or using the Service.
