Overview
Currencycloud Pte Ltd (“Currencycloud Singapore”) is licensed by the Monetary Authority of Singapore (the "MAS") as a major payment institution under the Payment Services Act (“PSA”) to provide account issuance, domestic money transfer, cross-border money transfer and e-money issuance payment services.
(a) Clients who are Singapore residents
Funds received from Singapore clients who are contracted with Currencycloud Singapore are safeguarded by Currencycloud Singapore in accordance with the relevant safeguarding requirements as set out in the PSA and Singapore Payment Services Regulations (“Regulations”) and are referred to as “Relevant Funds”.
For the purposes of this section, “Relevant Funds” means any sums received from Singapore clients or for the Singapore client’s benefit in respect of a regulated payment service (as defined under the PSA) and which Currencycloud Singapore is required to safeguard on the Singapore client’s behalf. Relevant Funds are safeguarded by Currencycloud Singapore (a) in segregated trust accounts opened with Currencycloud Singapore’s primary safeguarding institution which are independent of its business bank accounts and /or (b) by guarantee with its secondary safeguarding institution for such amount of the relevant funds as required.
Please note that Relevant Funds received from Singapore clients may be commingled with Relevant Funds received from other customers. While Currencycloud Singapore will maintain records of the amount of funds due to its Singapore clients, in the event of a shortfall, it may not be possibly to isolate or identify the parts of the Relevant Funds in the segregated trust accounts belonging to its Singapore clients resulting in delays in recovering the same. In addition, Singapore clients are exposed to the risk of the safeguarding institution going insolvent or unable to meet its obligations. Should the safeguarding institution become insolvent, there is a risk that Singapore clients may not recover the Relevant Funds. Please note that Relevant Funds are not insured deposits under the Deposit Insurance Scheme.
The purpose for so holding and/or guaranteeing funds is to ensure that in the event of Currencycloud Singapore’s insolvency, or if a financial claim is made against Currencycloud Singapore, no creditor or claimant should be able to claim funds held in these accounts or covered by the guarantee. This is because no other person or institution may have any rights or interest over the funds held in these accounts or covered by the guarantee such as a lien over funds in these accounts.
(b) Notice for clients who are non-Singapore residents
Currencycloud Singapore is licensed by the Monetary Authority of Singapore to provide regulated services including e-money issuance services. Please note that this does not mean you will be able to recover all the money you paid to Currencycloud Singapore if Currencycloud Singapore’s business fails.