User advisory<\/strong> \u2013 The electronically stored monetary value issued by XFERS is regarded as “e-money”<\/strong> as defined under the Payment Services Act 2019. XFERS is also the issuer of the XFERS Token, which is characterised as a “digital payment token<\/strong>” under the Payment Services Act 2019. XFERS PTE. LTD. is a major payment institution licence holder for the provision of e-money issuance service. XFERS PTE. LTD. is also temporarily exempted from being licensed for its provision of account issuance services, merchant acquisition services, domestic money transfer services, inward cross-border money transfer services and digital payment token services. Users are advised to read these terms and conditions carefully.<\/p>\n\n\n\n This Terms of Service (\u201cAgreement\u201d<\/strong>) is a contract between you and XFERS PTE. LTD. and applies to your use of Fazz Services and the operation of your Fazz \/ StraitsX Account. If you do not agree to be bound by the terms and conditions of this Agreement, please do not use or access our Services.<\/p>\n\n\n\n You must read, agree with, and accept all of the terms and conditions contained in this Agreement and the Privacy Policy, which include those terms and conditions expressly set out below and those incorporated by reference, before you use Fazz Services or your Fazz \/ StraitsX Account. We strongly recommend that, as you read this Agreement, you also access and read the information contained in the other pages and websites referred to in this Agreement, as they may contain further terms and conditions that apply to you as an XFERS User. Please note: underlined words and phrases are links to these pages and websites. By accepting this Agreement, you also agree that your use of other XFERS websites and Services will be governed by the terms and conditions posted on those websites.<\/p>\n\n\n\n We may amend this Agreement, the Privacy Policy and each of our policies at any time by posting a revised version on our website. The revised version will be effective at the time we post it. If the revised version of this Agreement includes a Substantial Change, we will provide you with 14 calendar days\u2019 prior notice of any Substantial Change. All future changes set out in the revised Agreement already published at the time you register for the Services are incorporated by reference into this Agreement and will take effect as specified. If you do not agree to be bound by the revised terms and conditions, you should discontinue your use or access of our Services and your Fazz \/ StraitsX Account. By continuing to use our Services, your Fazz \/ StraitsX Account and\/or any part thereof on each and every occasion, you agree to and\/or are deemed to have agreed to the revised terms in relation to the Services and your Fazz \/ StraitsX Account and shall be bound by them absolutely as issued or adopted by us from time to time. As such, you should visit this page periodically.<\/p>\n\n\n\n This is an important document which you must consider carefully when choosing whether to use the Fazz Services. Please note the following risks of using the Fazz Services:<\/strong><\/p>\n\n\n\n Notice for Non-Singapore Residents: XFERS PTE. LTD. is licensed by the Monetary Authority of Singapore to provide e-money issuance services. Please note that this does not mean you will be able to recover all the money you paid to XFERS PTE. LTD. if XFERS PTE. LTD\u2019s business fails.<\/strong><\/p>\n\n\n\n You are solely responsible for understanding and complying with any and all laws, rules and regulations of your specific jurisdiction that may be applicable to you in connection with your use of the Fazz Services and your Fazz \/ StraitsX Account, including but not limited to, those related to export or import activity, taxes or foreign currency transactions.<\/strong><\/p>\n\n\n\n RISK WARNING ON DIGITAL PAYMENT TOKEN SERVICES <\/strong><\/p>\n\n\n\n The Monetary Authority of Singapore (MAS) requires us to provide this risk warning to you as a customer of a digital payment token (DPT) service provider. Before you pay XFERS PTE. LTD. any money or DPT, you should be aware of the following. <\/strong><\/p>\n\n\n\n 1<\/strong> <\/strong>INTERPRETATION & DEFINITIONS<\/strong><\/p>\n\n\n\n \u201cAccount\u201d, \u201cFazz Account\u201d <\/strong>or \u201cStraitsX Account\u201d<\/strong> means any account opened directly with XFERS PTE. LTD., including a Guest, Personal, Corporate or Merchant Account, and any future types of Accounts we may introduce, which may hold the following, where applicable:<\/p>\n\n\n\n (a) your user profile containing your Information;<\/p>\n\n\n\n (b) your Fazz Account \/ StraitsX Wallet, which will contain your XFERS e-money, your XFERS Tokens and\/or your non-XFERS Tokens, and which may be used by you to place, transfer or withdraw XFERS e-money, your XFERS Tokens and\/or your non-XFERS Tokens;<\/p>\n\n\n\n (c) your Settlement Wallet; and\/or<\/p>\n\n\n\n (d) your Temporary Holding Balance. <\/p>\n\n\n\n \u201cAPI\u201d<\/strong> means application programming interface.<\/p>\n\n\n\n “Applicable Laws”<\/strong> means any and all applicable laws, statutes and regulations, and any and all directives, notices, guidelines, codes, practice notes, circulars, policy statements, rules, ordinances, orders, requests, requirements, judgements, decrees or writs (in each case whether or not having the force of law) of any governmental, regulatory or judicial body or agency having jurisdiction over any of the parties to this Agreement (i.e. Users, XFERS, Safeguarding Institution) or any of the subject matters of this Agreement, including, without limitation:<\/p>\n\n\n\n (a) the PSA and all subsidiary legislation pertaining to the PSA, as the same may be amended, supplemented or replaced from time to time;<\/p>\n\n\n\n (b) the E-payments User Protection Guidelines published by the MAS, as the same may be amended, supplemented or replaced from time to time;<\/p>\n\n\n\n (c) any directives, notices, guidelines, codes, practice notes, circulars, policy statements, rules, requests or requirements (in each case whether or not having the force of law) from time to time published or issued by MAS, as the same may be amended, supplemented or replaced from time to time, including but not limited to MAS Notices (i) PSN04 Notice on Submission of Regulatory Returns, (ii) PSN07 Notice on Conduct and (iii) PSN08 Notice on Disclosures and Communications; and<\/p>\n\n\n\n (d) all laws, statutes, regulations, guidelines, directives, rules, directions, codes, ordinances, judgements, decrees, writs or orders enacted or issued in relation to anti-money laundering, countering the financing of terrorism and sanctions, including but not limited to the Corruption, Drug Trafficking and Other Serious Crimes (Confiscation of Benefits) Act 1992, the Terrorism (Suppression of Financing) Act 2002, the respective regulations promulgated under the Monetary Authority of Singapore Act 1970, MAS Notice PSN01 Prevention of Money Laundering and Countering the Financing of Terrorism \u2013 Specified Payment Services, MAS Notice PSN02 Prevention of Money Laundering and Countering the Financing of Terrorism \u2013 Digital Payment Token Service, and other related MAS-issued guidelines.<\/p>\n\n\n\n “Attached Bank Account(s)”<\/strong> has the meaning stated in Clause 9.7.<\/p>\n\n\n\n “Business Day”<\/strong> means a day other than a Saturday, Sunday or a public holiday in Singapore.<\/p>\n\n\n\n \u201cChargeback\u201d<\/strong> means a request that a User files directly with his or her bank to invalidate a payment.<\/p>\n\n\n\n \u201cClaim\u201d<\/strong> means a challenge to a payment that a User files directly with us, and we, in our absolute discretion, are of the opinion that the underlying products\/goods\/assets\/property or services paid for using Fazz Services were not received or significantly not as described. <\/p>\n\n\n\n \u201cCommunications\u201d<\/strong> means any emails which we may send to the primary email address that you have provided to us when you opened your Fazz \/ StraitsX Account, as well as any text messages or calls, including autodialled and pre-recorded messages from us, which we may from time to time send to the telephone number (including your mobile telephone number) that you have provided to us.<\/p>\n\n\n\n “Counterfeit XFERS Tokens<\/strong>” has the meaning stated in Clause 12A.1.<\/p>\n\n\n\n “digital payment token<\/strong>” shall have the meaning ascribed to it under Section 2(1) of the PSA and interpreted in light of other applicable regulatory materials, guidance and\/or Frequently Asked Questions (FAQs) issued by the MAS (including, without limitation, the MAS’ response to Question 23 in its FAQs on the Payment Services Act dated 7 March 2022), which, for the avoidance of doubt, would include any digital assets (including, without limitation, any digital tokens or stablecoins) or any other instruments which fall within the definition of “digital payment token” under Section 2(1) of the PSA.<\/p>\n\n\n\n “Downtime” <\/strong>has the meaning stated in Clause 12A.3.<\/p>\n\n\n\n \u201ce-money\u201d<\/strong> shall have the meaning ascribed to it under Section 2(1) of the PSA and interpreted in light of other applicable regulatory materials, guidance and\/or Frequently Asked Questions (FAQs) issued by the MAS (including, without limitation, MAS’ response to Question 23 in its FAQs on the Payment Services Act dated 7 March 2022), which, for the avoidance of doubt, would include any digital assets (including, without limitation, any digital tokens or stablecoins) or any other instruments which fall within the definition of \u201ce-money\u201d under Section 2(1) of the PSA.<\/p>\n\n\n\n \u201cError\u201d<\/strong> means a processing error made by XFERS or its suppliers in which your Account is mistakenly debited or credited.<\/p>\n\n\n\n “fork” <\/strong>has the meaning stated in Clause 12A.3.<\/p>\n\n\n\n \u201cInformation\u201d<\/strong> means any Account information that you (or other Users) provide to us, including but not limited to personal information, financial information, or other information related to you, your business, or other Users.<\/p>\n\n\n\n \u201cInstruction\u201d<\/strong> means any instruction for issuance of XFERS e-money, issuance, purchase or crediting of XFERS Tokens and\/or Non-XFERS Tokens, payment, transfer, exchange, redemption or withdrawal or any other instructions in relation to the Fazz Services.<\/p>\n\n\n\n \u201cMAS\u201d<\/strong> means the Monetary Authority of Singapore.<\/p>\n\n\n\n \u201cMerchant Account\u201d <\/strong>means a Fazz Business and\/or StraitsX Business Account.<\/p>\n\n\n\n \u201cMerchant Account User\u201d<\/strong> means any User who holds or operates a Merchant Account with XFERS PTE. LTD.<\/p>\n\n\n\n “Non-Fazz Account”<\/strong> means any account, device or facility that may hold XFERS Tokens, but which is not opened, maintained and\/or operated by or with XFERS. For the avoidance of doubt, this includes any account opened, maintained and\/or operated by or with Platform Users or Merchant Account Users, and any blockchain address or wallet controlled by any person or entity (other than XFERS).<\/p>\n\n\n\n \u201cNon-Fazz Account Token Holder\u201d<\/strong> means any person or entity that holds XFERS Token(s) in a Non-Fazz \/ StraitsX Account.<\/p>\n\n\n\n “Non-XFERS Token”<\/strong> means any supported digital assets (including, without limitation, any digital tokens or stablecoins) or any other instruments not issued by XFERS on a blockchain \/ distributed ledger which fall within the definition of “digital payment token” under Section 2(1) of the PSA.<\/p>\n\n\n\n \u201cPayment\/Transfer Review\u201d<\/strong> has the meaning stated in Clause 5.8.<\/p>\n\n\n\n “Platform\/Merchant Customer”<\/strong> has the meaning stated in Clause 10.4.<\/p>\n\n\n\n \u201cPlatform User\u201d<\/strong> has the meaning stated in Clause 10.2.1.<\/p>\n\n\n\n \u201cPolicy\u201d<\/strong> or \u201cPolicies\u201d<\/strong> means any Policy or other agreement between you and XFERS PTE. LTD. that you entered into on the Fazz \/ StraitsX website, or in connection with your use of the Fazz Services.<\/p>\n\n\n\n \u201cPSA\u201d<\/strong> refers to the Payment Services Act 2019, as may be amended, supplemented, or replaced from time to time.<\/p>\n\n\n\n \u201cRefund Step-In Event\u201d <\/strong>means XFERS\u2019 inability to process and complete any withdrawal or refund of Relevant Money solely as a result of the appointment of a liquidator, a provisional liquidator, an administrator, a receiver, receiver manager or judicial manager over XFERS PTE. LTD. or any of its assets.<\/p>\n\n\n\n “Relevant Money”<\/strong> shall, insofar as it relates to domestic money transfer service, cross-border money transfer service, merchant acquisition service and\/or e-money issuance service that XFERS provides as a major payment institution (as defined in the PSA) under the PSA, have the meaning ascribed to it in Section 23(14) of the PSA, except that the reference to “major payment institution” in the definition of “relevant money” under Section 23(14) of the PSA shall refer to XFERS, and the reference to a “customer” in the definition of “relevant money” under Section 23(14) of the PSA shall refer to any User (as defined herein). For the avoidance of doubt, “Relevant Money” shall exclude all moneys received by XFERS from or on account of any User, in exchange for (i) the sale and\/or issuance of XFERS Tokens by XFERS, or (ii) the sale of Non-XFERS Tokens by XFERS.<\/p>\n\n\n\n \u201cReserve\u201d<\/strong> means a percentage of the funds (including XFERS e-money, XFERS Tokens and\/or Non-XFERS Tokens) in your Account that we hold in order to protect against the risk of Reversals, Chargebacks, Claims or any other liability related to your Account and\/or use of the Fazz Services.<\/p>\n\n\n\n \u201cRestricted Activities\u201d<\/strong> means those activities described in Clause 13 of this Agreement.<\/p>\n\n\n\n \u201cReversal\u201d<\/strong> means XFERS reverses a payment\/transfer you received because (a) it is invalidated by the sender\u2019s bank, (b) it was sent to you in Error by XFERS, its parent, subsidiaries, affiliates, or any direct or indirect XFERS subsidiary, (c) the sender of the payment\/the transferor did not have authorisation to send the payment\/make the transfer (for example: the sender used a stolen internet banking account, debit card or credit card), (d) the sender of the payment\/the transferor sent multiple payments\/made multiple transfers erroneously, or such other manifest or obvious error, (e) you received the payment\/transfer for activities that violated this Agreement, the Acceptable Use Policy, or any other Policy, or (f) XFERS decided a Claim against you.<\/p>\n\n\n\n \u201cRewards\u201d <\/strong>has the meaning stated in Clause 8.8.<\/p>\n\n\n\n \u201cSafeguarding Institution\u201d<\/strong> means any bank or financial institution referred to in paragraph (a) of the definition of \u201csafeguarding institution\u201d in Section 23(14) of the PSA which is appointed by XFERS to safeguard the Relevant Money by way of an undertaking, in accordance with Section 23 of the PSA.<\/p>\n\n\n\n \u201cServices\u201d<\/strong> or \u201cFazz Services\u201d<\/strong> means all our products and services and any other features, technologies and\/or functionalities offered by us on our website(s) or through any other means, but does not include the issuance\/operation of any Non-Fazz Account.<\/p>\n\n\n\n “Settlement Wallet”<\/strong> has the meaning stated in Clause 8.3.<\/p>\n\n\n\n \u201cStraitsX Wallet\u201d<\/strong> means a payment or other account opened and maintained with us in connection with the Fazz Services, which will contain your XFERS e-money, XFERS Tokens and\/or Non-XFERS Tokens, and which may be used by you to place, transfer or withdraw XFERS e-money, XFERS Tokens and\/or Non-XFERS Tokens.<\/p>\n\n\n\n \u201cSubstantial Change\u201d<\/strong> means a change to the terms of this Agreement that significantly reduces your rights or significantly increases your responsibilities.<\/p>\n\n\n\n “Temporary Holding Balance”<\/strong> has the meaning stated in Clause 8.4.<\/p>\n\n\n\n \u201cUser\u201d<\/strong> means any person or entity who holds a Fazz \/ StraitsX Account and uses the Fazz Services, including you.<\/p>\n\n\n\n \u201cVerified Account\u201d<\/strong> means an Account status that reflects that we have verified the identity of an Account holder and such other requirements as we may deem fit. A Verified Account status does not constitute an endorsement of a User or a guarantee of a User\u2019s business practices.<\/p>\n\n\n\n \u201cWithheld\u201d<\/strong> means any funds (including XFERS e-money, XFERS Tokens and\/or Non-XFERS Tokens) in an Account that cannot be transferred withdrawn, or redeemed, and includes funds (including XFERS e-money, XFERS Tokens and\/or Non-XFERS Tokens) on Reserve.<\/p>\n\n\n\n \u201cXFERS Credits\u201d<\/strong> has the meaning stated in Clause 5.4.<\/p>\n\n\n\n \u201cXFERS e-money\u201d<\/strong> means any e-money issued by XFERS, whether stored in a Fazz Account \/ StraitsX Wallet or a Non-Fazz Account. For the avoidance of doubt, all XFERS Tokens and\/or Non-XFERS Tokens are not considered to be “XFERS e-money”.<\/p>\n\n\n\n “XFERS Token”<\/strong> means any digital assets (including, without limitation, any digital tokens or stablecoins) or any other instruments issued by XFERS on a blockchain \/ distributed ledger which fall within the definition of “digital payment token” under Section 2(1) of the PSA.<\/p>\n\n\n\n “XFERS Token Contract<\/strong>” has the meaning stated in Clause 12A.1.<\/p>\n\n\n\n \u201cXFERS\u201d, “Fazz”, “StraitsX”, \u201cwe\u201c, \u201cus\u201d <\/strong>or \u201cour\u201d<\/strong> means XFERS PTE. LTD., and where applicable, includes the subsidiaries and\/or affiliates of XFERS PTE. LTD.<\/p>\n\n\n\n The headings in this Agreement are for convenience only and shall not affect the interpretation hereof.<\/p>\n\n\n\n 2<\/strong> <\/strong>PAYMENT SERVICES & ELIGIBILITY<\/strong><\/p>\n\n\n\n 2.1<\/strong> <\/strong>Payment Services<\/strong><\/p>\n\n\n\n XFERS PTE. LTD. is a payment services provider and acts as such by creating, hosting, maintaining and providing our Fazz Services to you via the Internet. Our services allow you to send payments\/transfers to anyone with an Account or a Non-Fazz Account, and, where available, to receive payments\/transfers. Our service availability varies by country.<\/p>\n\n\n\n XFERS operates the following e-money or digital payment token systems: (1) where the records relating to XFERS e-money or XFERS Tokens are stored on XFERS’ internal ledger, and (2) where the records relating to XFERS Tokens and\/or Non-XFERS Tokens are stored on a blockchain ledger, and such XFERS Tokens and\/or Non-XFERS Tokens are represented in the form of transferable digital tokens or stablecoins. The latter system is intended to create an open and interoperable network that would enable more flexible third-party development of new applications involving XFERS Tokens. <\/p>\n\n\n\n XFERS also provides account issuance, merchant acquisition, domestic money transfer and inward cross-border money transfer services in respect of XFERS e-money. <\/p>\n\n\n\n XFERS also allows Users to hold XFERS Tokens and\/or Non-XFERS Tokens in their StraitsX Wallet(s), with such XFERS Tokens being recognised by the relevant blockchain system as being held and controlled by XFERS. XFERS will correspondingly maintain an internal ledger which records the XFERS Tokens that it holds and controls on behalf of each User.<\/p>\n\n\n\n Subject to all Applicable Laws, the other terms and conditions of this Agreement (including, without limitation, Clause 6.6 below), and any fees where applicable, XFERS undertakes to redeem \/ purchase from any User, one (1) XFERS Token for one (1) Singapore Dollar (“SGD<\/strong>“) or, as the case may be, one (1) unit of such other currency that the relevant XFERS Token is denominated in or pegged to. XFERS will hold SGD and\/or other currencies or assets (“XFERS Reserves<\/strong>“) to back the redemption \/ purchase of XFERS Tokens in circulation. The composition of the XFERS Reserves used to back the redemption \/ purchase of XFERS Tokens is within the sole control and at the sole and absolute discretion of XFERS. While XFERS may hold XFERS Reserves in interest-bearing accounts or other yield-generating assets or instruments, holders of the XFERS Tokens are not entitled to any interest or other returns earned by the XFERS Reserves<\/p>\n\n\n\n XFERS is not a bank or deposit-taking company, and XFERS does not maintain any bank account or any current, savings or deposit account for Users.<\/p>\n\n\n\n XFERS is not providing the function of a settlement institution but is merely providing technology infrastructure support. All settlements are to be carried out by the Users\u2019 bank.<\/p>\n\n\n\n XFERS is not in the business of moneylending.<\/p>\n\n\n\n XFERS is not a common carrier or public utility.<\/p>\n\n\n\n 2.2<\/strong> <\/strong>Eligibility<\/strong><\/p>\n\n\n\n To be eligible to use the Fazz Services:<\/p>\n\n\n\n (a) You must be able to form legally binding contracts under Singapore law. Without limiting the generality of the foregoing: (i) you must be at least 18 years old or higher; and (ii) (for corporate bodies) you must have obtained the necessary corporate and\/or regulatory approvals to use such Services.<\/p>\n\n\n\n (b) You must not impose a surcharge or any other fee for accepting Fazz \/ StraitsX as a payment method. However, this does not prevent you from passing on the fees charged by Fazz \/ StraitsX for the Services to the User sending the payment\/making the transfer, provided that you accurately communicate that you (and not XFERS) are the party charging the fees to the User. You may charge a handling fee in connection with the sale of products\/goods\/assets\/property or services, as long as the handling fee is not higher than the handling fee you charge for non-XFERS transactions and that you accurately communicate that you (and not XFERS) are the party charging such fees.<\/p>\n\n\n\n 2.3<\/strong> <\/strong>Legal Relationship<\/strong><\/p>\n\n\n\n 2.3.1 The XFERS e-money issued by XFERS is regarded as “e-money” under the PSA. XFERS PTE. LTD., as the holder of a major payment institution licence, is required to ensure that the Relevant Money received by XFERS is safeguarded in a manner prescribed by MAS. In this regard, CIMB Bank Berhad Singapore Branch (“CIMB<\/strong>“), as a Safeguarding Institution, has undertaken to be fully liable to Users for the Relevant Money in accordance with the Payment Services Banking Service Agreement entered into between XFERS and CIMB, as may be amended, supplemented or replaced from time to time. <\/p>\n\n\n\n For the avoidance of doubt, CIMB does not own, operate nor manage the Account, nor is it an issuer of the Account or the XFERS e-money under the PSA. However, as a Safeguarding Institution, CIMB, in addition to XFERS, is liable for the Relevant Money in accordance with the requirements under the PSA. In addition, CIMB will not be liable for all moneys received by XFERS from or on account of any User, in exchange for the sale and\/or issuance of XFERS Tokens by XFERS.<\/p>\n\n\n\n 2.3.2 In providing the Services, XFERS does not act as principal but acts as facilitator on behalf of the Users to send payments\/transfers to other Users or Non-Fazz Account holders via the Users\u2019 Accounts. As such, each payment\/transfer transaction is between you and the other User or Non-Fazz Account holder, where the relationship may be contractual in nature.<\/p>\n\n\n\n We do not have any control over, and are not responsible or liable for, the products\/goods\/assets\/property (whether tangible or intangible) or services that are paid for with our Service. We cannot ensure that a buyer or a seller you are dealing with will actually complete the transaction. Accordingly, neither XFERS, CIMB, nor any of their officers, employees or agents shall be liable in any way for the products\/goods\/assets\/property and services sold or provided by the User or Non-Fazz Account holder including any defect, damage, quality, failure or unavailability of or relating to the products\/goods\/assets\/property purchased from or services provided by the User or Non-Fazz Account holder or for any other disputes concerning the said products\/goods\/assets\/property or services.<\/p>\n\n\n\n 2.4<\/strong> <\/strong>Customer Information<\/strong><\/p>\n\n\n\n In order to open and maintain an Account, you must provide us with correct and updated Information.<\/p>\n\n\n\n 2.4.1 Your personal information & contact details: It is your responsibility to keep your personal information, primary email address and telephone number (including mobile telephone number) up to date so that we can communicate with you. You understand and agree that if we send you a Communication but you do not receive it because your primary email address or telephone number on file is incorrect, out of date, blocked by your service provider, or you are otherwise unable to receive Communications, we will be deemed to have provided the Communication to you. Please note that if you use a spam filter that blocks or re-routes emails from senders not listed in your email address book, you must add our email address to your address book so that you will be able to receive the Communications we send to you. You can update your primary email address, telephone number, or residential\/registered address at any time by logging into the Fazz \/ StraitsX website or by submitting a ticket through this link: https:\/\/support-sg.fazz.com\/hc\/en-us\/requests\/new. If your contact information becomes invalid such that Communications sent to you by us are returned, we may deem your Account to be inactive, and you will not be able to transact any activity using your Account until we receive a valid, working primary email address and\/or telephone number from you.<\/p>\n\n\n\n 2.4.2 Identity verification: You authorise us, directly or through third parties, to make any inquiries we consider necessary to validate your identity. This may include, but is not limited to, asking you for further information or documentation, requiring you to provide a scan of your national identification documents\/card (or passport), proof of address, taxpayer or national identification number, requiring you to take steps to confirm ownership of your email address or financial instruments, ordering a credit report or verifying your Information against third party databases or through other sources.<\/p>\n\n\n\n 2.4.3 Compliance with Applicable Laws: You agree to provide us with all information, documents and \/ or materials that we may from time to time request from you, and to perform any and all such acts or things, including your forbearance to do any and all such acts or things, in each case as may be required or expedient for the purposes of complying, or facilitating our compliance with Applicable Laws, or to avoid violation of any Applicable Laws. Examples of Applicable Laws that we are subject to in connection with its provision of account issuance services, inward cross-border money transfer services, domestic money transfer services, digital payment token services, merchant acquisition service and e-money issuance services, which may give rise to such obligations on your part include but is not limited to:<\/p>\n\n\n\n 2.4.4 Credit report authorisation: If you open a Merchant Account, you are providing us with your written instructions and authorisation in accordance with any applicable law to obtain your personal and\/or business credit report from a credit bureau. You are also authorising us to obtain your personal and\/or business credit report: (a) when you request certain new products, or (b) at any time we reasonably believe there may be an increased level of risk associated with your Account.<\/p>\n\n\n\n 2.4.5 Sharing of personal information: In providing your information to us, you authorise us to share your information to such parties and for such purposes as indicated in our Privacy Policy. You may access the Privacy Policy here: https:\/\/fazz.com\/sg\/privacy-policy\/fazz-biz\/pp-sg\/.<\/p>\n\n\n\n 2.4.6 Restriction on use of other Users\u2019 personal information: Without limiting the generality of Clause 17.8, if you are a recipient of personal information of another Fazz \/ StraitsX User or Non-Fazz Account holder, you shall only use the information for the purpose of performing or enforcing any transactions between you and that User or Non-Fazz Account holder, and you shall not use, disclose or disseminate the information to other parties except in accordance with the law.<\/p>\n\n\n\n 2.5<\/strong> <\/strong>Beneficial Owner<\/strong><\/p>\n\n\n\n You must be the beneficial owner of the Account, and conduct business only on behalf of yourself.<\/p>\n\n\n\n 3.<\/strong> <\/strong>FEES FOR Fazz Services<\/strong><\/p>\n\n\n\n 3.1<\/strong> <\/strong>Fees<\/strong><\/p>\n\n\n\n You agree to pay us any and all prevailing fees charged by us from time to time in connection with the provision or use of the Services. The fees are stated on our website and will be disclosed to you prior to confirmation of the transaction. In the event of any inconsistency, the fees disclosed to you prior to confirmation of the transaction will prevail over the fees stated on the website. The fees are chargeable as long as the Fazz Services were used, even if the placement, payment, transfer, withdrawal, and\/or any other transaction (as the case may be) was unauthorised, made in error, cancelled, subject to Payment\/Transfer Review, Reversal, Chargeback or Claim, or for whatever other reason that the receiving User or Non-Fazz Account holder has not received the money, XFERS e-money, XFERS Tokens and\/or Non-XFERS Tokens (as the case may be).<\/p>\n\n\n\n We may change our fees (including adding new fees) from time to time, which shall be stated on our website and which shall be binding on you if you continue to maintain or use the Services after the effective date for imposing the revised fees.<\/p>\n\n\n\n 3.2<\/strong> <\/strong>Deduction from or Set-off Against Your Account<\/strong><\/p>\n\n\n\n Any fees charged by us may be deducted from or set-off against the funds (including XFERS e-money, XFERS Tokens and\/or Non-XFERS Tokens) in your Fazz \/ StraitsX Account (including any incoming receivables which have not yet been credited into your Fazz \/ StraitsX Account).<\/p>\n\n\n\n 3.3<\/strong> <\/strong>No Fee Refunds<\/strong><\/p>\n\n\n\n The fees charged by us shall be payable in advance and are strictly non-refundable.<\/p>\n\n\n\n 4.<\/strong> <\/strong>ISSUING XFERS E-MONEY \/ PURCHASE OF XFERS TOKENS<\/strong><\/p>\n\n\n\n 4.1<\/strong> <\/strong>Issuance Limits for XFERS E-Money<\/strong><\/p>\n\n\n\n We may, in our sole and absolute discretion, impose limits on the amount of XFERS e-money that we can issue into your Fazz Account \/ StraitsX Wallet. If you have a Verified Account, we may increase your issuance limits. Do note that where we receive any amounts in excess of the issuance limits, or which will cause the amount of XFERS e-money held in your Fazz Account \/ StraitsX Wallet to exceed the maximum limits (as imposed by us pursuant to Clause 8.2 below), we reserve the right not to issue and credit such excess amounts to your Fazz Account \/ StraitsX Wallet in the form of XFERS e-money, but instead reflect them in your Temporary Holding Balance, in accordance with Clause 8.4 below.<\/p>\n\n\n\n Persons who wish to have XFERS e-money issued into their Fazz Account \/ StraitsX Wallet exceeding the limits and\/or for purposes other than personal usage of such XFERS e-money (e.g. business or enterprise usage of XFERS e-money, including, without limitation, the integration of XFERS e-money with any platforms, exchanges, applications or network) should contact us.<\/p>\n\n\n\n 4.2<\/strong> <\/strong>Issuance Methods for XFERS E-Money<\/strong><\/p>\n\n\n\n You may instruct us to issue XFERS e-money to you into your Fazz Account \/ StraitsX Wallet by using the following payment methods:<\/p>\n\n\n\n (a) Bank transfer from your bank account;<\/p>\n\n\n\n (b) Debit card; and<\/p>\n\n\n\n (c) Credit card.<\/p>\n\n\n\n If you have not received the XFERS e-money in your Fazz Account \/ StraitsX Wallet, or if funds in excess of the (i) issuance limits and\/or (ii) maximum limit of XFERS e-money you are permitted to hold in your Fazz Account \/ StraitsX Wallet have not been reflected in your Temporary Holding Balance by the next Business Day, please contact us immediately. <\/p>\n\n\n\n 4.3<\/strong> <\/strong>Purchase Limits for XFERS Tokens<\/strong><\/p>\n\n\n\n We may, in our sole and absolute discretion, impose limits on the amount of XFERS Tokens that may be purchased by a User. If you have a Verified Account, we may increase your purchase limits. Do note that where we receive any amounts in excess of the purchase limits, or which will cause the amount of XFERS Tokens held in your StraitsX Wallet to exceed the maximum limits (as imposed by us pursuant to Clause 8.2 below), we reserve the right not to sell and credit such excess amounts to your StraitsX Wallet in the form of XFERS Tokens, but instead reflect them in your Temporary Holding Balance, in accordance with Clause 8.4 below. <\/p>\n\n\n\n Persons who wish to have XFERS Tokens credited into their StraitsX Wallet exceeding the purchase limits and\/or for purposes other than personal usage of such XFERS Tokens (e.g. business or enterprise usage of XFERS Tokens, including, without limitation, the integration of XFERS Tokens with any platforms, exchanges, applications or network) should contact us.<\/p>\n\n\n\n 4.4<\/strong> <\/strong>Payment Methods for Purchase of XFERS Tokens<\/strong><\/p>\n\n\n\n You may purchase XFERS Tokens from XFERS to be issued to your StraitsX Wallet by using the following payment methods:<\/p>\n\n\n\n (a) Bank transfer from your bank account;<\/p>\n\n\n\n (b) Debit card; and<\/p>\n\n\n\n (c) Credit card.<\/p>\n\n\n\n If you have not received the XFERS Tokens in your StraitsX Wallet, or if XFERS Tokens in excess of the (i) purchase limits and\/or (ii) maximum limit of XFERS Tokens you are permitted to hold in your StraitsX Wallet have not been reflected in your Temporary Holding Balance by the next Business Day, please contact us immediately. <\/p>\n\n\n\n 4A.<\/strong> <\/strong>PURCHASE OF NON-XFERS TOKENS<\/strong><\/p>\n\n\n\n 4A.1<\/strong> <\/strong>Supported Non-XFERS Tokens<\/strong><\/p>\n\n\n\n Where available, you may instruct us to purchase supported Non-XFERS Tokens on your behalf through the Fazz Services. The purchase of Non-XFERS Tokens is available only in connection with Non-XFERS Tokens that StraitsX supports, and this may change from time to time, at the sole and absolute discretion of XFERS.<\/p>\n\n\n\n XFERS is not the issuer of Non-XFERS Tokens. No fiat currency is held on reserve for Non-XFERS Token holders by XFERS or by the Safeguarding Institution. <\/p>\n\n\n\n Should you elect to purchase and\/or hold Non-XFERS Tokens in your StraitsX Wallet, you might be using one of our third party service providers, such as Circle. In addition to this Agreement, you agree to comply with and be bound by any agreement governing your purchase and\/or holding of the Non-XFERS Tokens. For instance, your holding and use of USDC is governed by the Circle USDC Terms (found here: https:\/\/www.circle.com\/en\/legal\/usdc-terms).<\/p>\n\n\n\n You agree and irrevocably authorise XFERS to collect and disclose your transaction information to such third party service providers. Your information will be used in accordance with their respective privacy policies. For instance, Circle will handle your information in accordance with their Circle Privacy Policy (found here: https:\/\/www.circle.com\/en\/legal\/privacy-policy).<\/p>\n\n\n\n 4A.2<\/strong> <\/strong>Purchase Limits for Non-XFERS Tokens<\/strong><\/p>\n\n\n\n We may, in our sole and absolute discretion, impose limits on the amount of supported Non-XFERS Tokens that may be purchased by a User. If you have a Verified Account, we may increase your purchase limits. Do note that where we receive any amounts in excess of the purchase limits, or which will cause the amount of Non-XFERS Tokens held in your StraitsX Wallet to exceed the maximum limits (as imposed by us pursuant to Clause 8.2 below), we reserve the right not to sell and credit such excess amounts to your StraitsX Wallet in the form of Non-XFERS Tokens, but instead reflect them in your Temporary Holding Balance, in accordance with Clause 8.4 below. <\/p>\n\n\n\n Persons who wish to have supported Non-XFERS Tokens credited into their StraitsX Wallet exceeding the purchase limits and\/or for purposes other than personal usage of such Non-XFERS Tokens (e.g. business or enterprise usage of Non-XFERS Tokens, including, without limitation, the integration of Non-XFERS Tokens with any platforms, exchanges, applications or network) should contact XFERS.<\/p>\n\n\n\n 4A.3<\/strong> <\/strong>Payment Methods for Purchase of Non-XFERS Tokens<\/strong><\/p>\n\n\n\n You may instruct us to purchase supported Non-XFERS Tokens from XFERS on your behalf, to be credited to your StraitsX Wallet, by using the following payment methods:<\/p>\n\n\n\n (a) Bank transfer from your bank account;<\/p>\n\n\n\n (b) Debit card; and<\/p>\n\n\n\n (c) Credit card.<\/p>\n\n\n\n We may use third party service providers to facilitate your purchase of Non-XFERS Tokens. In connection with your purchase of Non-XFERS Tokens, we may provide you with instructions to make payment directly to such third party service providers. You are solely responsible for ensuring that you comply with such payment instructions. We bear no responsibility for any losses you might incur as a result of your non-compliance with such payment instructions.<\/p>\n\n\n\n 5.<\/strong> <\/strong>SENDING & RECEIVING PAYMENTS AND TRANSFERS WITH YOUR FAZZ \/ STRAITSX ACCOUNT<\/strong><\/p>\n\n\n\n 5.1<\/strong> <\/strong>Sending and\/or Receiving Limits<\/strong><\/p>\n\n\n\n In accordance with Applicable Laws, the type and extent of information which we require you to provide in order to facilitate the payments or transfers you can send and\/or receive through the Fazz Services may vary. This may vary depending on, among other things, the amount of XFERS e-money being transacted as follows:<\/p>\n\n\n\n (a) where the transaction value does not exceed the equivalent of $20,000 SGD; and<\/p>\n\n\n\n (b) where the transaction value exceeds the equivalent of $20,000 SGD.<\/p>\n\n\n\n We may, in our sole and absolute discretion, impose limits on the amount of payments or transfers you can send and\/or receive through the Fazz Services, whether to and\/or from an Fazz \/ StraitsX Account or a Non-Fazz Account. <\/p>\n\n\n\n If you have a Verified Account, we may increase your sending and\/or receiving limits.<\/p>\n\n\n\n 5.2<\/strong> <\/strong>Default Payment Methods<\/strong><\/p>\n\n\n\n Unless otherwise instructed, when you make a payment or transfer, XFERS will fund your transaction in this order (subject to availability based on your payment methods and country of registration):<\/p>\n\n\n\n (a) Balance XFERS e-money, XFERS Tokens and\/or Non-XFERS Tokens in your Fazz Account \/ StraitsX Wallet;<\/p>\n\n\n\n (b) Bank transfer from your bank account;<\/p>\n\n\n\n (c) Debit card; and then<\/p>\n\n\n\n (d) Credit card.<\/p>\n\n\n\n 5.3<\/strong> <\/strong>Card Charge Authorisation<\/strong><\/p>\n\n\n\n By adding a debit card or credit card to your Account as a payment method, you are providing XFERS with continuous authority to automatically charge that card to obtain the relevant funds when the card is used as a payment method pursuant to this Agreement. You can stop the continuous authority in respect of any card by removing that card as a payment method in your Account profile.<\/p>\n\n\n\n If you pay for a transaction with your debit card or credit card without adding it as a payment method, you are providing us with irrevocable authority to charge that card to obtain the relevant funds required for that transaction.<\/p>\n\n\n\n 5.4<\/strong> <\/strong>Obtaining XFERS Credits <\/strong><\/p>\n\n\n\n In addition to the XFERS e-money, XFERS Tokens and\/or Non-XFERS Tokens stored in your Fazz Account \/ StraitsX Wallet, you may obtain XFERS Credits which may be used to pay for your transactions with Merchant Account Users or Platform Users.<\/p>\n\n\n\n You may obtain XFERS Credits in the following ways:<\/p>\n\n\n\n (a) We may issue you XFERS Credits as part of a promotional campaign which we may conduct from time to time (for example, cashback schemes, loyalty reward schemes, bonus top-up schemes, etc);<\/p>\n\n\n\n (b) You may purchase XFERS Credits from us using the balance in your Fazz \/ StraitsX Account;<\/p>\n\n\n\n (c) You may purchase XFERS Credits from us by making a bank transfer from your bank account; or<\/p>\n\n\n\n (d) You may purchase XFERS Credits from us by using your debit card or credit card.<\/p>\n\n\n\n You may use your XFERS Credits to:<\/p>\n\n\n\n (i) pay (partially or fully) for transactions with our selected Merchant Account Users or Platform Users; or<\/p>\n\n\n\n (ii) pay us any fees for using Fazz Services.<\/p>\n\n\n\n XFERS may at its sole and absolute discretion reject your request to purchase XFERS Credits for any reason whatsoever.<\/p>\n\n\n\n XFERS Credits are not redeemable for cash nor are they refundable under any circumstances. They cannot be resold or exchanged for value under any circumstances. XFERS Credits shall not be regarded, construed, or used as valuable or exchangeable instruments under any circumstances.<\/p>\n\n\n\n You may check your XFERS Credits balance in your Fazz \/ StraitsX Account. The XFERS Credits balance set out in your Account shall serve as conclusive evidence of your XFERS Credits.<\/p>\n\n\n\n XFERS Credits will only be valid for (6) six months from the date of their last purchase or spend, whichever is later. The expiry date set out in your Account will serve as conclusive evidence of the expiry date of your XFERS Credits. XFERS shall have the right to deal with the expired XFERS Credits in such manner as it deems fit in its absolute discretion. You hereby agree that you will have no claim whatsoever against XFERS for any expired XFERS Credits.<\/p>\n\n\n\n As your XFERS payments may involve credit or debit cards transaction through our third party service providers and financial institutions, if such transaction results in a reversal or chargeback from our third party service providers or financial institutions, we reserve the right to charge you an administrative fee in addition to a claw-back of the amount from your XFERS Credits or your Account balance, or any other way we deem fit.<\/p>\n\n\n\n 5.5<\/strong> <\/strong>Sending Payments\/Transfers from your Fazz Account \/ StraitsX Wallet<\/strong><\/p>\n\n\n\n If you are making a payment and\/or transfer from your Fazz Account \/ StraitsX Wallet and your Fazz Account \/ StraitsX Wallet does not have sufficient XFERS e-money, XFERS Tokens and\/or Non-XFERS Tokens, you are required to add XFERS e-money, XFERS Tokens and\/or Non-XFERS Tokens to your Fazz Account \/ StraitsX Wallet, which may be done through one or more of the following ways:<\/p>\n\n\n\n (a) Instruct that we issue XFERS e-money or credit XFERS Tokens and\/or Non-XFERS Tokens into your StraitsX Wallet by: <\/p>\n\n\n\n (i) transferring money from your bank account into XFERS\u2019 designated bank account (as stated on our website); or<\/p>\n\n\n\n (ii) entering your debit card or credit card details and provide XFERS with irrevocable authority to charge that card to obtain the relevant funds required for that transaction; or<\/p>\n\n\n\n (b) transfer XFERS Tokens and\/or Non-XFERS Tokens from your Non-Fazz Account into XFERS’ designated wallet address as stated on our website.<\/p>\n\n\n\n If you transfer money from your bank account, we will not issue XFERS e-money or credit XFERS Tokens and\/or Non-XFERS Tokens into your Fazz Account \/ StraitsX Wallet unless we receive the money in the XFERS designated bank account(s) as stated on our website, with the correct initials \/ transaction reference code (as generated by the XFERS system).<\/p>\n\n\n\n If you transfer XFERS Tokens and\/or Non-XFERS Tokens from your Non-Fazz Account, your StraitsX Wallet will not be credited with XFERS Tokens and\/or Non-XFERS Tokens unless we receive the Tokens in the XFERS designated wallet address with the correct initials \/ transaction reference code (as generated by the XFERS system). The transfer of XFERS Tokens and\/or Non-XFERS Tokens from your Non-Fazz Account is also subject to Clause 5.7 below. <\/p>\n\n\n\n Upon receiving sufficient money in exchange for the issuance of XFERS e-money \/ purchase of XFERS Tokens and\/or Non-XFERS Tokens, we will credit your Fazz Account \/ StraitsX Wallet accordingly with XFERS e-money, XFERS Tokens and\/or Non-XFERS Tokens (subject to any issuance limits, purchase limits, transfer limits and\/or maximum limit(s) of XFERS e-money, XFERS Tokens and\/or Non-XFERS Tokens that you can hold in your Fazz Account \/ StraitsX Wallet, which we may impose pursuant to Clause 4.1 and 4.3 <\/strong>and Clause 8.2 respectively) and effect the transfer to the User or the Non-Fazz Account holder you wish to pay\/transfer. Any amounts topped-up in excess of the issuance limits, transfer limits or which will cause the amount of XFERS e-money, XFERS Tokens and\/or Non-XFERS Tokens held in your Fazz Account \/ StraitsX Wallet to exceed the maximum limits may be reflected in your Temporary Holding Balance instead.<\/p>\n\n\n\n If the User or Non-Fazz Account holder does not receive the funds after the following period of time, please contact XFERS immediately:<\/p>\n\n\n\n (a) three (3) Business Days after the XFERS e-money, XFERS Tokens and\/or Non-XFERS Tokens in your Fazz Account \/ StraitsX Wallet has been debited, where you and the recipient are both in Singapore; and<\/p>\n\n\n\n (b) seven (7) Business Days after the XFERS e-money, XFERS Tokens and\/or Non-XFERS Tokens in your Fazz Account \/ StraitsX Wallet has been debited, where you are in Singapore and the recipient is outside Singapore (or in a case where the recipient is in Singapore, where you are outside Singapore). <\/p>\n\n\n\n 5.6<\/strong> <\/strong>Receiving Payments\/Transfers<\/strong><\/p>\n\n\n\n If you are receiving payments and\/or transfers from credit card or debit card transactions on XFERS, you might be using one of our third party service providers, such as Stripe Payments Singapore Pte Ltd (\u201cStripe\u201d<\/strong>). We may change the service providers we use any time without prior notice.<\/p>\n\n\n\n In addition to these terms, you agree to comply with the User Agreement governing your use of the services of our service providers. For instance, your use of Stripe\u2019s services are governed by Stripe Connected Account Agreement (found here: https:\/\/stripe.com\/connect\/account-terms).<\/p>\n\n\n\n You agree and irrevocably authorise XFERS to collect and disclose your transaction information to such third party service providers. Your information will be used in accordance with their respective privacy policies. For instance, Stripe will handle your information in accordance with their Stripe Privacy Policy (found here: https:\/\/stripe.com\/privacy).<\/p>\n\n\n\n 5.7<\/strong> <\/strong>\n
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