User advisory – XFERS PTE. LTD. (“XFERS”) is not a bank or deposit-taking company, and does not maintain any bank account or any current, savings or deposit account for Users. Fazz Earn is not a deposit or savings account, and is not covered by the Deposit Insurance Scheme. Users are advised to read these terms and conditions carefully.
This Terms of Service (“Agreement”) is a contract between you and XFERS PTE. LTD. and applies to your use of Fazz Earn Services and the operation of your Fazz Earn 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.
This is an important document which you must consider carefully when choosing whether to use the Fazz Earn Services. Specifically, Fazz Earn is not a risk-free product, and before using our Services, you should be aware of the risk disclosures in Clause 11 below and the following:
- By crediting your Fazz Earn Account, you are thereby lending these monies to XFERS PTE. LTD.
- The value reflected in your Fazz Earn Account Balance is not considered “e-money” under the Payment Services Act 2019.
- XFERS PTE. LTD. is not licenced by MAS to provide any investment services. You may not be able to recover any loans made to XFERS if our business fails.
Please note that we may close, suspend, or limit your access to your Fazz Earn Account or the Fazz Earn Services, and/or limit access to your funds if you violate this Agreement.
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 Earn Services and your Fazz Earn Account.
1 INTERPRETATION & DEFINITIONS
“Account” or “Fazz Earn Account” means any Fazz Earn account opened directly with XFERS, in accordance with this Agreement. Your Fazz Earn account is separate and distinct from your Fazz / StraitsX payment account, or any other account opened directly with XFERS.
“Applicable Laws” 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) or any of the subject matters of this Agreement, including, without limitation all laws, statutes, regulations, directives, rules, directions, codes, ordinances, judgements, decrees, writs or orders enacted or issued in relation to anti-money laundering and countering the financing of terrorism.
“Balance” or “Account Balance” means the account balance of your Fazz Earn Account, representing the amount of money which you may withdraw from your Fazz Earn Account.
“Business Day” means a day other than a Saturday, Sunday or a public holiday in Singapore.
“Communications” means any emails which XFERS may send to the primary email address that you have provided to XFERS when you opened your Fazz Earn Account, as well as any text messages or calls, including autodialled and pre-recorded messages from XFERS, which XFERS may from time to time send to the telephone number (including your mobile telephone number) that you have provided to XFERS.
“e-money” shall have the meaning ascribed to it under Section 2(1) of the PSA, 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 “e-money” under Section 2(1) of the PSA.
“Error” means a processing error made by XFERS or its suppliers in which your Account Balance is mistakenly deducted or credited.
“Information” 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.
“Instruction” means any instruction to credit or withdraw from your Account Balance or any other instructions in relation to the Fazz Earn Services.
“MAS” means the Monetary Authority of Singapore.
“Platform” means the Fazz Earn online platform (accessible through our website) operated by XFERS including any software or information provided as part of or in connection with the Platform.
“PSA” refers to the Payment Services Act 2019 (No. 2 of 2019), as may be amended, supplemented, or replaced from time to time.
“Services” or “Fazz Earn Services” means all the products and services and any other features, technologies and/or functionalities labeled as “Earn” or “Fazz Earn” offered by us on our website(s) or through any other means.
“Substantial Change” means a change to the terms of this Agreement that significantly reduces your rights or significantly increases your responsibilities.
“User” means any entity which holds an Fazz Earn Account and uses the Fazz Earn Services, including you.
“Verified Fazz Account” means means any account (other than a Fazz Earn Account) opened directly with XFERS, including a FazzBiz Account, with an account status that reflects that XFERS has verified the identity of the account holder and satisfied such other requirements as XFERS may deem fit.
“XFERS e-money” means any e-money issued by XFERS PTE. LTD., whether stored in an XFERS payment account or a non-XFERS account.
“Fazz Earn” or “Fazz Earn Product” refers to the Fazz Earn product offered by XFERS.
“XFERS”, “we“, “us” or “our” means XFERS PTE. LTD., and where applicable, includes the subsidiaries and/or affiliates of XFERS PTE. LTD.
The headings in this Agreement are for convenience only and shall not affect the interpretation hereof.
2 FAZZ EARN ACCOUNT & ELIGIBILITY
Only companies or corporations (as defined in the Companies Act 1967) are eligible to use the Fazz Earn Services. To be eligible to use the Earn Services:
(a) Your company/corporation must have obtained the necessary corporate and/or regulatory approvals to use such Services.
(b) Your company/corporation must be formed or incorporated or existing in Singapore, or in one of the countries in which Earn is supported. Our service availability varies by country.
(c) Your company/corporation must be a holder of a Verified Fazz Account in order to use the Fazz Earn Services.
2.2 Customer Information
In order to open and maintain an Account, you must provide us with correct and updated Information.
2.2.1 Identity verification: You must complete or have completed the account-opening and account-verification procedures with XFERS PTE. LTD. You agree that XFERS may receive or request, and keep copies of, any of the information which you provide in connection with the on-boarding process, including information you may have provided for the purposes of identity verification and the detection of money laundering, terrorist financing, fraud or any other financial crimes, to make any inquiries we consider necessary to validate your identity. You further agree that XFERS may ask you for further information or documentation directly on an ongoing basis, in order to comply with our obligations to detect and prevent money laundering, terrorist financing, fraud or any other financial crimes. This includes requiring you to provide a scan of your proof of address, 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. Your access to the Fazz Earn Services and the limits that apply to your Fazz Earn Account or use of the Fazz Earn Services may be altered as a result of information collected about you on an ongoing basis.
2.2.2 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 XFERS can communicate with you. You understand and agree that if XFERS sends 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, XFERS 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 XFERS to your email 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 XFERS website or by contacting email@example.com. If your contact information becomes invalid such that Communications sent to you by XFERS are returned, XFERS 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.
2.2.3 Provision of information: You agree to provide us with all information that we may require from you in order for us to comply with Applicable Laws.
2.3 Earn Account
2.3.1 By crediting your Fazz Earn Account, you are thereby lending such money to XFERS. XFERS, acting as principal and for its own account, utilises the funds borrowed from Users and in order to invest in financial instruments, including but not limited to government bonds and money market funds. In providing the Fazz Earn Services, XFERS does not hold any funds beneficially for you, on your behalf or as your agent.
2.3.2 Any contractual entitlement you have in the course of our provision of the Fazz Earn Services is solely in respect of the value of your Account Balance, and you will not have any claim to any interest in the financial instruments which XFERS invests in. The Fazz Earn Services do not provide you with any form of remittance or money transfer service.
2.3.3 XFERS earns its remuneration in the form of the difference between the yield we receive by investing in financial instruments and the interest we credit your Account Balance with.
2.4 Beneficial Owner
You must be the beneficial owner of the Account, and conduct business only on behalf of yourself.
3 CREDITING YOUR FAZZ EARN ACCOUNT
3.1 You may credit your Fazz Earn Account using any of the following methods:
(a) From your Verified Fazz Account: you may instruct XFERS to transfer XFERS e-money from your Verified Fazz Account into your Fazz Earn Account.
If your Fazz Earn Account Balance is not credited by the end of the next business day after your Verified Xfers Account has been debited, please contact us immediately.
3.2 Each time you credit your Fazz Earn Account, you shall be solely responsible for ensuring that the balance reflected in your Fazz Earn Account is accurate and corresponds to the amount paid or transferred to your Fazz Earn Account after deducting any applicable fees.
3.3 Additionally, XFERS’ records of all balances and transactions shall, save for manifest error or fraud, be conclusive and binding on you for all purposes. In the event that XFERS determines there is any fraud or manifest error in such records, XFERS shall have the sole and absolute discretion to determine what shall be the correct balances and transactions in respect of your Fazz Earn Account, and all such determinations shall be conclusive and binding on you for all purposes.
4 YOUR FAZZ EARN ACCOUNT BALANCE & INTEREST
4.1 Account Balance Limits
We may, in our sole and absolute discretion, impose limits on the Balance which you can hold in your Fazz Earn Account, and/or on the amount of value you may credit your Fazz Earn Account with, either on a per-transaction basis or over the course of a defined period. Any such limits will be displayed on our website from time to time.
4.2 Account Balance
Your Fazz Earn Account Balance represents the sum of:
(a) the aggregate amount of funds which you have credited your Fazz Earn Account with;
(b) any interest accrued on (a);
(c) any positive or negative adjustments for Errors under Clause 12.4; and
(d) LESS any amounts you have withdrawn from your Fazz Earn Account.
Subject to Clause 5.1 below, you may withdraw all or any part of your Account Balance at any time. You acknowledge that although your Account Balance is denominated in fiat currency, XFERS does not hold any money or financial instruments beneficially for you, on your behalf or as your agent.
4.3.1 Interest shall accrue on your Account Balance, at the prevailing interest rate as may be determined in our sole and absolute discretion.
4.3.2 XFERS reserves the right to vary the interest rate applicable to your Fazz Earn Account Balance from time to time, in its sole and absolute discretion. The prevailing interest rate (annual percentage yield (APY), which takes into account interest that is compounded and added to your Account Balance) shall be displayed on our website.
4.3.3 Interest accrues on a daily basis and compounds on a daily basis. Interest will be payable in arrears and your Account Balance will be updated to reflect the interest earned on a daily basis. For the avoidance of doubt, your Account Balance each day may not take into account any credits and/or withdrawals if a request for such credits and/or withdrawals has been initiated by you (even if not fulfilled) on the same day.
4.3.4 When you submit a withdrawal request, interest shall stop accruing on the amount that is subject to the withdrawal request from the time the withdrawal request is made.
5 WITHDRAWAL FROM YOUR FAZZ EARN ACCOUNT
5.1 At any time, you may withdraw all or part of your Account Balance using any of the following methods:
(a) To your Verified Fazz Account: you may instruct XFERS to debit your Fazz Earn Account Balance and transfer funds into your Verified Fazz Account.
5.2 Subject to Clause 6.1, XFERS will facilitate the withdrawal of all or part of your Account Balance as soon as practicable for any withdrawal request made through the Platform.
5.3 Each time you withdraw your Account Balance, you shall be solely responsible for ensuring that the balances reflected in your Account Balance (and your Verified Fazz Account, if applicable) are accurate and correspond to the withdrawal amount requested.
6. FEES FOR FAZZ EARN SERVICES
You agree to pay XFERS any and all prevailing fees charged by XFERS from time to time in connection with the provision or use of the Fazz Earn 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.
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 Fazz Earn Services after the effective date for imposing the revised fees.
6.2 Deduction from or Set-off Against Your Account
Any fees charged by XFERS may be deducted from or set-off against the funds in your Fazz Earn Account (including any incoming receivables which have not yet been credited into your Fazz Earn Account).
6.3 No Fee Refunds
The fees charged by XFERS shall be payable in advance and are strictly non-refundable.
For the purposes of the Securities and Futures Act (Cap. 289), the User covenants with XFERS that for so long as the User has a positive Fazz Earn Account Balance, the User is and will continue to be:
(a) an entity regulated to carry on any financial activity by the Monetary Authority of Singapore (“MAS”), or if incorporated in a jurisdiction other than Singapore, by a public authority of that jurisdiction that exercises a function that corresponds to a regulatory function of the MAS; and/or
(b) a company/corporation with net assets of more than SGD10,000,000 in value (or its equivalent in a foreign currency) as determined by the most recent audited balance sheet of the corporation.
8. REPRESENTATIONS & WARRANTIES
The User undertakes and represents to and for the benefit of XFERS that:
8.1 it is validly existing and in good standing under the laws of the jurisdiction of its incorporation and of any jurisdiction in which it carries on business, and has all necessary licences, consents and approvals to carry on its business;
8.2 it has the legal right, capacity, authority, and all necessary consents and approvals to enter into and perform its obligations under this Agreement;
8.3 the entry into and performance of its obligations under this Agreement does not:
(a) violate or conflict with any applicable law or any requirement of any governmental or regulatory authority to which it is subject;
(b) violate or conflict with any provision in its constitutional documents, including its Memorandum or Articles of Association or bylaws; or
(c) breach any agreement or instrument to which it is a party or by which it is bound;
8.4 it is not insolvent under the law of its jurisdiction of incorporation or of any jurisdiction in which it carries on business, and is not unable to pay its debts as they fall due, nor has it stopped paying its debts as they fall due;
8.5 no insolvency proceedings have been commenced or applied for, nor has any liquidator, receiver or similar officer been appointed, in relation to it or any of its assets;
8.6 no arrangement or compromise has been made by it with its creditors, nor is it in the process of negotiating such arrangement or compromise;
8.7 no resolution has been passed, proceedings commenced or order made for its winding up or any other re-organisation or restructuring; and
8.8 all information supplied by it to XFERS is true, accurate and complete in all material respects.
9 YOUR INSTRUCTIONS AND AUTHORISATIONS
9.1 Giving instructions
You are solely responsible for accurately entering any Instruction, including (but not limited to) in respect of crediting or withdrawing from your Fazz Earn Account, and describing or providing all necessary information in order to enable us to carry out any Instruction. XFERS is not responsible for confirming such information, or for monitoring or refusing to process duplicate Instructions.
Prior to us carrying out any of your Instructions, you are required to, and agree to provide us with all information that we may require from you, including but not limited to any information required by us to comply with any Applicable Laws, failing which we reserve the right to not carry out any of your Instructions.
Your Instructions shall be irrevocable and unconditional and shall be binding on you, and such Instructions may be acted or relied upon by us irrespective of any other circumstances. As such, once you give any Instruction, you shall not rescind or withdraw such Instruction without our consent.
XFERS shall not be under any obligation to verify the identity or authority of any person giving any Instruction and the authenticity of such Instruction. XFERS shall not be liable for relying or acting on Instructions which are given or purported to be given by any person(s) whom we believe to be a User.
Your Instructions shall not be considered to be received by XFERS until they have actually reached XFERS’ central system successfully.
Additionally, XFERS’ records of all Instructions will be conclusive and binding on you for all purposes.
9.2 Rejecting Instructions
You acknowledge and agree that XFERS may refuse to act upon an Instruction for any reason whatsoever and may defer acting thereon or seek further information with respect to the Instruction as it thinks fit. Additionally, XFERS is authorised (but not obliged) to act on any Instruction which XFERS believes was given by you.
Without limiting the generality of this provision, XFERS may refuse to act upon an Instruction in particular if:
(a) Your Fazz Earn Account is suspected by us, or a third party service provider to be a counterfeit, or to have been fraudulently or illegally issued or revalued, or to have been illegally accessed, modified or used in any way;
(b) The Instruction is suspected to have been given in furtherance of any illegal, unlawful or criminal activity, including but not limited to any money laundering and terrorism financing activity, or any activity in breach of sanctions laws;
(c) There is any breakdown in the XFERS system or a part of it which disables you from accessing your Fazz Earn Account; or
(d) We determine that your Account Balance is incorrectly or erroneously stated or reflected on any records as having a higher or other value than its actual value due to any defect, damage, error or failure of, or programming in relation to, the XFERS system (including any data processing system or network system) or for any reason.
9.3 Notification of Instructions/Completion Notifications
XFERS may transmit a notification via electronic communications to you upon receipt of an Instruction. You are responsible to ensure the confirmation is in accordance with your Instruction. Such completion notification shall be deemed to have been received by you immediately after transmission and you should check such completion notification. You should contact us if you do not receive any completion notification within the time usually required for a similar notification to be received.
10 CLOSING YOUR FAZZ EARN ACCOUNT
10.1 How to Close Your Fazz Earn Account
You may terminate this Agreement and close your Account at any time by following the instructions in your Account profile. Upon closure of your Account, interest shall stop accruing on your Account Balance. You must withdraw your Account Balance to your linked XFERS Account prior to closing your Account. You agree that you will continue to be responsible for all obligations related to your Account even after it is closed.
11 RISK DISCLOSURES
Fazz Earn is not a risk-free product. By lending funds to XFERS or otherwise using the Fazz Earn Services, you will not be entitled to any profits or income XFERS may generate from any subsequent use of the funds lent by you (or otherwise), nor will you be exposed to any losses which XFERS may suffer as a result thereof. You are, however, exposed to the possibility of XFERS becoming unable to repay its obligations in part or in full, in which case you may not be able to recover all the funds you lend to XFERS.
11.1 Acknowledgement of Risks
Before using the Fazz Earn Services, you should ensure that you fully understand and can afford to undertake the risks involved. You should carefully read and make sure you understand this Clause 11.1, which lists some, but not all of the risks involved in using the Earn Services. You are solely responsible for understanding the risks associated with the Fazz Earn Services, and you should assess whether such risks are appropriate for your particular use or circumstances.
11.1.1 Technical risk: the Earn platform may experience unforeseen outages or technical errors beyond XFERS’ reasonable control. Should such unforeseen outages or technical errors occur, XFERS will take reasonable steps to restore functionality as promptly as possible.
11.1.2 Investment risk: although XFERS does not hold financial instruments or your Account Balance beneficially for you, on your behalf or as your agent, you should consider the usual risks of investing and participating in collective investment schemes, before using the Fazz Earn Services. In particular, all relevant documentations pertaining to the product should be read to make an independent assessment of the appropriateness of the transaction. The Fazz Earn Services do not take into account the specific investment objectives, financial situation or particular needs of any particular User. Investments can be volatile and there is no assurance that XFERS’ investments will be able to attain its objectives. The occurrence of adverse economic events may affect the ability of XFERS to repay or fulfill withdrawal requests from Users.
11.1.3 Regulatory risk: the risk that regulatory bodies may implement changes to Applicable Laws and regulations affecting the Fazz Earn Services. While XFERS has taken every reasonable effort to ensure that the Fazz Earn Services are compliant with Applicable Laws, any changes in Applicable Laws or other regulatory actions could negatively impact XFERS, including but not limited to the availability of Fazz Earn Services to Users in certain jurisdictions.
These disclosures have not been reviewed by the Monetary Authority of Singapore, or any regulatory authority elsewhere.
11.2 Not an Offer or Solicitation
The content of our website and the Fazz Earn Services do not constitute an offer to buy or sell or a solicitation of an offer to buy or sell investments, securities, partnership interests, commodities or any other financial instruments. The content of our website and the Fazz Earn Services also do not constitute, and may not be used for or in connection with, an offer or solicitation by anyone in any jurisdiction in which such an offer or solicitation is not authorised or permitted, or to any person to whom it is unlawful to make such offer or solicitation.
XFERS does not provide any legal, tax or financial advice, nor make any offers, recommendations or invitations to deal in digital assets.
It is your responsibility to determine what, if any, taxes apply to your intended use of the Fazz Earn Services, and it is your responsibility to collect, report and remit the correct tax to the appropriate tax authority. XFERS is not responsible for determining whether taxes apply to your intended use of the Fazz Earn Services.
12 ERRORS & UNAUTHORISED TRANSACTIONS
12.1 Safeguarding your Account ID, Password and Devices
You are responsible for maintaining adequate security and control of any and all IDs, passwords, personal identification numbers (PINs) or any other codes that you use to access the Fazz Earn Services or to send any Instruction to us. All such codes should be protected, and you should not (a) voluntarily disclose any code to any third party, except as instructed by us for any purpose including to initiate or execute any payment/transfer transaction through your Earn Account, (b) disclose any code in a recognisable way on your Fazz Earn Account or any other account; or (c) keep a record of any code in a way that allows any third party to easily misuse the code.
If you keep a record of any code, you should make reasonable efforts to secure the record, including (a) keeping the record in a secure electronic or physical location accessible or known only to you, and (b) keeping the record in a place where the record is unlikely to be found by a third party.
When using a device to access your Fazz Earn Account, you should (a) update your device’s browser (e.g. Chrome, Safari, Internet Explorer, Firefox) to the latest version available, (b) patch the device’s operating systems (e.g. Windows operating system (OS), Macintosh OS, iOS, Android OS) with regular security updates provided by the operating system provider, (c) install and maintain the latest anti-virus software on the device, where applicable, and (d) use strong passwords, such as a mixture of letters, numbers and symbols.
You should never allow remote access or share your computer screen with someone else when you are logged on to your Fazz Earn Account. XFERS will never under any circumstances ask you for your passwords or to screen-share or otherwise seek to access your computer or Fazz Earn Account. You should not provide your details to any third party for the purposes of remotely accessing your Fazz Earn Account. Always log into your Fazz Earn Account through our website to review any required actions if you have any uncertainty regarding the authenticity of any communication or notice.
12.2 Transaction Notifications
You are also responsible for enabling transaction notification alerts on any device used to receive transaction notifications from us, opting to receive all transaction notifications for all outgoing transactions (of any amount) made from your Fazz Earn Account, and to monitor the transaction notifications sent to your primary email address and/or telephone number. We may assume that you will monitor such transaction notifications without further reminders or repeat notifications.
12.3 Unauthorised Transactions
You are responsible for the control and use of your Fazz Earn Account and any Instructions sent from your Earn Account are deemed to be authorised and are binding on you. As stated in Clause 9.1, we are not in the position (nor are we obligated) to verify the identity or authority of any person(s) using your Fazz Earn Account.
If you discover a transaction in your Fazz Earn Account that you did not authorise, you should contact us immediately, or in any case as soon as practicable after discovery of the unauthorised transaction by submitting a support ticket through this this link: https://support.xfers.com/hc/en-us/requests/new, and provide us with all information that we may request from you.
You undertake to make a police report where we request for you to do so.
We will rectify any Error that we discover.
(a) If an Error results in your Account Balance containing less than the correct amount which you are entitled to, XFERS will restore your Account Balance with the difference.
(b) If an Error results in your Account Balance containing more than the correct amount which you are entitled to, XFERS will deduct the excess from your Account Balance.
13 YOUR LIABILITY – ACTIONS WE MAY TAKE
13.1 Your Liability
You are responsible for all fees, fines, penalties and other liability incurred by XFERS, other affected User(s), or a third party caused by or arising out of your breach of this Agreement, and/or your use of the Fazz Earn Services. You agree to reimburse XFERS, other affected User(s), or a third party for any and all such liability.
You are also liable for using the services of our third party service providers in a manner prohibited by them in their agreement with you, or providing inaccurate or incomplete information while using their service.
13.2 Reimbursement for Your Liability
If you are liable for any amounts owed to XFERS in relation to your use of the Fazz Earn Services, XFERS may immediately remove such amounts from your Account Balance. If your current Account Balance is insufficient to meet your liability, XFERS will deduct any amounts which you are liable for from your Account Balance and instate your Fazz Earn Account with a negative balance up to the remaining amount of your liability, and you shall add funds to your Account (in accordance with Clause 3.1 above) as soon as possible to restore your Account Balance to a zero or positive balance, or to pay XFERS through an alternative method agreed to by XFERS.
13.3 Actions by XFERS – Holds
Risk-based holds: XFERS, in its absolute discretion, may place a hold on any or all amounts in your Account Balance when XFERS believes there may be a high level of risk associated with you or your Earn Account. XFERS’ determination may be based on different factors and XFERS may rely on information it receives from third parties. If XFERS places a hold on any amount, this will be indicated on your Account dashboard. We will release the hold on any amount(s) in your Account Balance after 30 calendar days unless we have a reason to continue to hold the payment such as (a) if we have any reason to believe that you have violated the terms of this Agreement or any other Policy and that such a violation results in the need to continue holding the amount(s), or (b) we believe that you may be engaging in potentially fraudulent or suspicious activity and/or transactions. In such an event, XFERS may continue holding the amount(s) in your Account Balance until the matter is resolved pursuant to this Agreement. XFERS, in its absolute discretion, may release the hold earlier under certain circumstances.
13.4 Actions by XFERS – Account Closure, Termination of Service, Limited Account Access; Confidential Criteria
XFERS, in its sole and absolute discretion, reserves the right to terminate this Agreement and/or access to the Fazz Earn Services for any reason and at any time upon notice and payment to you of any unrestricted funds held in your balance. If we limit access to your Fazz Earn Account, you may have the opportunity to request restoration of access if, in our sole and absolute discretion, we deem it appropriate. Further, you acknowledge that XFERS’ decision to take certain actions, including limiting access to your Fazz Earn Account or placing Holds, may be based on confidential criteria that is essential to our management of risk, the security of Users’ Accounts and the XFERS system. You agree that XFERS is under no obligation to disclose the details of its risk management or its security procedures to you.
14.1 Disputes with XFERS regarding Fazz Earn Services
14.1.1 Contact XFERS first: If a dispute arises between you and XFERS, our goal is to learn about and address your concerns and, if we are unable to do so to your satisfaction, to provide you with a neutral and cost effective means of resolving the dispute quickly. Disputes between you and XFERS regarding the Fazz Earn Services may be reported to our customer support department via https://support-sg.fazz.com/hc/en-us/requests/new.
14.1.2 Arbitration: For any claim (excluding claims for injunctive or other equitable relief) where the total amount of the award sought is less than $10,000.00 SGD (or equivalent in other currencies), the party requesting relief may elect to resolve the dispute in a cost effective manner through binding non-appearance-based arbitration. If a party elects arbitration, that party will initiate such arbitration through the Singapore International Arbitration Centre or any other established alternative dispute resolution (“ADR”) provider mutually agreed upon by the parties. The ADR provider and the parties must comply with the following rules: a) the arbitration shall be conducted by telephone, online and/or be solely based on written submissions, the specific manner shall be chosen by the party initiating the arbitration; b) the arbitration shall not involve any personal appearance by the parties or witnesses unless otherwise mutually agreed by the parties; and c) any judgment on the award rendered by the arbitrator may be entered in any court of competent jurisdiction.
14.1.3 Law and forum for disputes: Except as otherwise agreed by the parties or as described in Clause 14.1.2 above, you agree that any claim or dispute you may have against XFERS must be resolved by a court located in Singapore or where the defendant is located. You agree to submit to the jurisdiction of the courts in Singapore for the purpose of litigating all such claims or disputes. This Agreement shall be governed in all respects by the laws of Singapore as such laws are applied to agreements entered into and to be performed entirely within Singapore, without regard to conflict of law provisions.
14.1.4 Improperly filed litigation: All claims you bring against XFERS must be resolved in accordance with Clause 14.1 of this Agreement. All claims filed or brought contrary to Clause 14.1 shall be considered improperly filed and a breach of this Agreement. Should you file a claim contrary to Clause 14.1, XFERS may recover all attorneys’ fees and costs (including in-house attorneys and paralegals), provided that XFERS has notified you in writing of the improperly filed claim, and you have failed to promptly withdraw the claim.
15.1 Notices to You
You agree that XFERS may provide you communications about your Fazz Earn Account and the Fazz Earn Services electronically. Such communications may be sent by XFERS, or our parent, subsidiaries, affiliates or service providers. XFERS reserves the right to close your Fazz Earn Account if you withdraw your consent to receive electronic communications. Any electronic communications will be considered to be received by you: (1) within 24 hours of the time we post it to our website; or (2) immediately upon our sending of an email to you. Any notice sent to you by postal mail will be considered to be received by you 3 Business Days after we send it.
15.2 Notices to You from our Third Party Service Providers
You authorise us to receive notices and forms on your behalf from third party service providers. XFERS reserves the right to close your Fazz Earn Account or restrict the Fazz Earn Services provided to you if you withdraw your consent to enable us to receive such notices or forms.
15.3 Notices to XFERS
Unless otherwise stated in this Agreement, notice to XFERS must be sent by postal mail to the registered address of XFERS PTE. LTD., Attention: Legal Department.
16 MISC. TERMS
16.1 Limitation of Liability
Notwithstanding anything to the contrary contained here, and subject to Applicable Laws, XFERS and its parent, subsidiaries and affiliates, officers, directors, agents, joint ventures, employees or service providers shall not be liable, whether or not arising out of negligence of each of XFERS and its parent, subsidiaries and affiliates, officers, directors, agents, joint ventures, employees or suppliers, for any losses, loss of profits, consequential or special losses, damages, expenses, claims, liability and costs (including cost on a solicitor and client basis) that you may incur or suffer in connection with:
(a) The creation, use, suspension or closure of an Fazz Earn Account; or
(b) Any delay in creation and/or verification of an Fazz Earn Account or suspension and discontinuance of creation and verification of Account; or
(c) Any period where any equipment, software or system is unavailable for processing the Fazz Earn Services; or
(d) Any delay or detention arising from use of an Fazz Earn Account (including locked or suspended Earn Account).
In all other cases, the total liability of XFERS and its parent, subsidiaries and affiliates, officers, directors, agents, joint ventures, employees or service providers shall be limited to the actual amount of direct damages and shall not exceed $500.00 SGD or your Account Balance as of the date your claim arises, whichever is lower.
16.2 Services Limitation
XFERS is not a bank and the Fazz Earn Services are not banking or deposit-taking services. XFERS is not acting as agent, trustee, fiduciary or escrow with respect to your funds.
16.3 No Warranty
THE FAZZ EARN SERVICES ARE PROVIDED “AS IS” AND WITHOUT ANY REPRESENTATION OF WARRANTY, WHETHER EXPRESS, IMPLIED OR STATUTORY. XFERS, OUR PARENT, SUBSIDIARIES AND AFFILIATES, OUR OFFICERS, DIRECTORS, AGENTS, JOINT VENTURES, EMPLOYEES AND OUR SUPPLIERS SPECIFICALLY DISCLAIM ANY IMPLIED WARRANTIES OF TITLE, MERCHANTABILITY, FITNESS FOR A PARTICULAR PURPOSE AND NON-INFRINGEMENT. XFERS does not guarantee continuous, uninterrupted or secure access to any part of the Fazz Earn Services, and operation of our site may be temporarily suspended for maintenance or upgrade or interfered with by numerous factors outside of our control. XFERS will make reasonable efforts to ensure that requests for credits or withdrawals involving Fazz Earn Accounts are processed in a timely manner but XFERS makes no representations or warranties regarding the amount of time needed to complete processing because the Fazz Earn Services are dependent upon factors outside of our control. Some jurisdictions do not allow the disclaimer of implied warranties, so the foregoing disclaimers may not apply to you. This paragraph gives you specific legal rights and you may also have other legal rights that vary from country to country.
16.4 Site Accuracy
The XFERS website may not always be entirely complete or current. In an effort to continue to provide you with as complete and accurate information as possible, information may, to the extent permitted by applicable law, be changed or updated from time to time without notice, including without limitation information regarding our policies and the Fazz Earn Services.
Links to third-party materials (including without limitation any third-party websites) are not controlled by us. XFERS is not responsible for any aspect of the information, content, or services contained in any such third-party materials accessible or linked to from the XFERS website.
You shall indemnify and hold harmless XFERS in respect of any and all damages, losses (including consequential losses and special damages), costs (including costs on a full indemnity basis), expenses, claims, proceedings or actions suffered or incurred by XFERS or any third party by reason of any breach or non-compliance by you of this Agreement or by XFERS in enforcing any of the terms of this Agreement or preventing any breach thereof.
16.6 Force Majeure Event
Neither XFERS nor any of its parent, subsidiaries and affiliates, officers, directors, agents, joint ventures, employees or suppliers shall be liable for non-performance, error, interruption or delay in the performance of their obligations under this Agreement, in the XFERS system’s operations, if this is due, in whole or in part, directly or indirectly to an event or failure which is beyond its reasonable control which includes without limitation: –
(a) Flood, lightning, acts of God, fire, earthquakes, epidemics, pandemics and other natural disasters;
(b) Judgements, legislation, acts, orders, directives, policies, restrictions, regulations, bye-laws, prohibitions or measures of any kind on the part of any court, governmental, parliamentary and/or regulatory authority imposed or to be imposed after the fact;
(c) Power failure;
(d) Acts or defaults of any telecommunications network operator;
(e) Circumstances where communications lines and/or computer systems of XFERS or any of its parent, subsidiaries and affiliates, officers, directors, agents, joint ventures, employees or suppliers cannot be used for reason attributable to third party telecommunications carriers; and
(f) Acts or omissions of any service provider or any party for whom XFERS and/or any of its parent, subsidiaries and affiliates, officers, directors, agents, joint ventures, employees or suppliers are/is not responsible.
16.7 Intellectual Property
“XFERS”, “FAZZ”, “STRAITSX” and all other URLs, logos and trademarks related to the Earn Services are either trademarks or registered trademarks of XFERS PTE. LTD. or its licensees. You may not copy, imitate or use them without XFERS’ prior written consent. In addition, all page headers, custom graphics, button icons, and scripts are service marks, trademarks, and/or trade dress of XFERS. You may not copy, imitate, or use them without our prior written consent. You may use HTML logos provided by XFERS through our merchant services or affiliate programs without prior written consent for the purpose of directing web traffic to the Fazz Earn Services. You may not alter, modify or change these HTML logos in any way, use them in a manner that is disparaging to XFERS or the Fazz Earn Services or display them in any manner that implies XFERS’ sponsorship or endorsement. All right, title and interest in and to the XFERS website, any content thereon, the Fazz Earn Services, the technology related to the Fazz Earn Services, and any and all technology and any content created or derived from any of the foregoing is the exclusive property of XFERS and its licensors.
16.8 Personal Data Protection
If you receive Information about another User through the Fazz Earn Services, you must keep the Information confidential and only use it in connection with the Fazz Earn Services. You may not disclose or distribute a User’s Information to a third party or use the Information for marketing purposes, unless you receive that User’s express consent to do so.
16.10 Complete Agreement and Survival
This Agreement, along with any applicable Policies or agreements on the XFERS website, sets forth the entire understanding between you and XFERS with respect to the Fazz Earn Services. Clauses 1 (Interpretation & Definitions), 10 (Closing Your Fazz Earn Account), 13 (Your Liability – Actions We May Take), 14 (Disputes), 15 (Notices) and 16 (Misc. Terms), as well as any other terms which by their nature should survive, will survive the termination of this Agreement. If any provision (or parts thereof) of this Agreement is held to be invalid or unenforceable, such parts of the provision shall be struck out to the extent of the invalidity/unenforceability and the remaining provisions shall be enforced.
You may not transfer or assign any rights or obligations you have under this Agreement without XFERS’ prior written consent. Any attempted transfer or assignment in violation hereof shall be null and void. Subject to the foregoing, these Terms will bind and inure to the benefit of the parties, their successors and permitted assigns. XFERS reserves the right to transfer or assign this Agreement or any right or obligation under this Agreement at any time without requiring any action or consent on your part.
16.12 Contract (Rights of Third Parties) Act (Cap. 53B)
All other persons who are not a party to this Agreement have no right under the Contract (Rights of Third Parties) Act (Cap. 53B) to enforce any term of this Agreement.
16.13 Translated Agreement
Any translation of this Agreement is provided solely for your convenience and is not intended to modify the terms of this Agreement. In the event of a conflict between the English version of this Agreement and a version in a language other than English, the English version shall apply.
16.14 No Waiver
No delay or failure on the part of XFERS in exercising any power, right or remedy under this Agreement shall operate as a waiver of such power, right or remedy.
Published Date: 1 August 2022 Effective Date: 1 August 2022