IMPORTANT – Please read these terms carefully.
By using the 1X wallet (as defined below), you agree that you have read, understood, accepted and agreed to the terms for your use of the 1X wallet (“e-Wallet Terms”). If you do not agree to or fall within the e-Wallet Terms and wish to discontinue using the 1X wallet, please do not continue using the 1X wallet and the platform (as defined below).
The e-wallet terms stated herein constitute a legal agreement between you (the “e-Wallet User(s)”) and 1X Exchange Pte. Ltd. )or its successors and assignees) (hereinafter, “1exchange” or the “Company”).
By using the technology platform accessible at 1exchange (the “Platform”), including any associated software or system, the overall purpose of which is to enable persons to access and use the platform’s electronic wallet (the “e-Wallet” or “1X wallet”), you hereby expressly acknowledge and agree to be bound by these e-Wallet terms, and any future amendments and additions to these e-wallet terms as may be published from time to time on the platform.
Consumer advisory – The Company holds the e-wallet and does not require the approval of the Monetary Authority of Singapore to do so. The Company does not hold the e-wallet for or on behalf of any of the e-Wallet Users (i.e. you). Furthermore, the Company does not issue and shall not be issuing any electronic wallets or payment accounts to any of the e-Wallet Users (i.e. you). You are advised to read these e-Wallet Terms carefully.
The e-wallet is issued by RAPYD HOLDINGS PTE. LTD., (“Rapyd”) which holds a Major Payment Institution Licence (licence no. PS20200311) issued by the Monetary Authority of Singapore (“MAS”) in respect of the regulated activities of carrying on the business of providing payment services and is also licensed for cross-border money transfer services. Rapyd is a third-party service provider that the Company has engaged to provide the services of issuing the e-Wallet to be used on the Platform.
By using the e-Wallet, you acknowledge and agree that you may not be afforded any protections set out in the Payment Services Act (No. 2 of 2019) of Singapore and related subsidiary legislation, notices and guidelines issued by MAS, including the requirements to safeguard money applicable to major payment institutions, or any other user protection measures.
Version of e-Wallet Terms
These e-Wallet Terms are effective from 17 October 2022 and will remain in effect, except in respect of any changes to these e-Wallet Terms, in the future.
Changes to e-Wallet Terms
The Company may from time to time amend, change, or update these e-Wallet Terms to ensure consistency with future developments, industry trends and legal or regulatory requirements, or as it deems appropriate in its reasonable discretion. The Company shall provide you with prior notice of any changes to the e-Wallet Terms, and if you continue to access and/or to use the e-Wallet, whether or not reviewed by you, you are indicating your consent, acceptance, and agreement to the changes of the e-Wallet Terms. If you do not accept these e-Wallet Terms, you must stop using/accessing the Platform and cease to hold, use or purchase fiat currencies via the 1X wallet.
Use of the e-Wallet
You acknowledge and agree that the e-Wallet shall only be used by the e-Wallet Users on and via the Platform in accordance with these e-wallet terms. Additionally, you acknowledge and agree that all persons using and accessing the Platform are required by the Company to use the e-Wallet to effect any transactions, trades (both buy and sell), or payments of fiat currencies on the Platform.
When you use the e-Wallet, the following terms shall apply:-
The Company has the right, at its sole and absolute discretion, to suspend, reject, cancel, refuse, or reverse the processing of any actions, transactions, or use by you of the e-Wallet and your Funds therein for any reason whatsoever, including without limitation, where your use of the e-Wallet:
You must immediately notify (in accordance with the section on ‘notices & communications’ below) the Company in writing without undue delay if you become aware of any unauthorised, fraudulent, suspicious or theft activity from the e-Wallet. The Company has the right to immediately suspend or terminate any use by the e-Wallet User (i.e. you) of the e-Wallet, or disable or block any use by you of the services or functions of the e-Wallet, including any payment or withdrawal of Funds in the e-Wallet (including those that are being processed) where the Company reasonably believes that the activity on the e-Wallet involves fraudulent, illegal or criminal activity or where there has been material breach of these e-Wallet Terms by you.
When topping up the e-Wallet with the Funds, the following terms shall apply:-
When using the Funds in the e-Wallet, the following shall apply:-
Use of Third-Party Service Provider for e-Wallet Technology
The Company engages, and may from time to time further engage, third-party service provider(s), for the provision of the software and/or technology for the e-Wallet.
In some cases, you may be required to comply with additional terms and conditions as may be imposed by such third-party service providers in connection with the use of their service(s). If you are required to comply with any such additional terms and conditions imposed by these third-party service providers, this shall be explicitly made known to you, typically in the form of a redirection or link to an external third-party website or third-party application. The Company shall not be responsible to you or to any other person or entity for your use or access of these third-party website or applications, and you acknowledge that 1exchange does not make guarantees of any kind in respect of these third-party products or services, including any information accessible on third-party websites.
It is your sole responsibility to check and ensure that you are accessing the e-Wallet via the authorised source (i.e. the Platform) and not via any other third-party website or application or platform that is not authorised. The Company reserves the right to prohibit any person to use the e-Wallet, and should you use or attempt to use the e-Wallet via unauthorized means (e.g. through unauthorised third-party access or through unauthorised third-party software or through unauthorised systems / networks), the Company is not liable for such use by you of the e-Wallet.
You will only use the software / technology for the e-Wallet for the purposes for which the e-Wallet is intended to be used, and not for any other purpose. You will not resell, copy, distribute, or disseminate the software / technology of the e-Wallet or such other content relating to the use or function the e-Wallet, without written consent from the Company. You must not use the software / technology for the e-Wallet for any commercial purposes that could be used by you for your own commercial gain or for the commercial gain of other person or entity affiliated or connected to you. You will also not interfere or disrupt the integrity or performance or security of the software / technology for the e-Wallet, or of the data contained therein.
The Company has the right to use the software / technology for the e-Wallet. As such, the Company grants you a revocable, non-exclusive, non-transferable, non-assignable, personal, limited right to use the e-Wallet via the Platform, including its functions and/or services, provided always that the Company is (i) legally permitted by the third-party service provider in respect of the use of the e-Wallet; and (ii) not prohibited by the third-party service provider from allowing the e-Wallet Users to use the e-Wallet via the Platform. All rights to the use of the e-Wallet via the Platform that have not been expressly granted are reserved by the Company to the maximum extent permissible.
Availability of Services
The Company has the sole and absolute discretion, without the need to provide prior notice to you or to any other e-Wallet Users, to determine whether or not it would make some or all of the services or functions of the e-Wallet available on the Platform from time to time.
The availability of some or all of the services or functions of the e-Wallet on the Platform in any specific jurisdiction depends on a number of factors, including, without limitation, whether the provision or receipt of the Services is lawful in that jurisdiction.
The Company reserves the right to suspend, disable, block or revoke any services or functions of the e-Wallet on the Platform, entirely or partly, where it reasonably believes or has reason to suspect that it may be fraudulent, illegal, unlawful for any person (or e-Wallet User) to use the e-Wallet or access certain services or functions of the e-Wallet via the Platform.
Limitation of Liability
The Company makes no representation, warranty or guarantee as to the reliability, timeliness, quality, suitability, availability, accuracy, completeness, or function of the e-Wallet.
The Company does not represent or warrant that:
All conditions, representations and warranties, whether express, implied, statutory or otherwise are hereby excluded and disclaimed to the highest and maximum extent allowed by law, in respect of the Company’s provision of the e-Wallet for your use.
The Service, the Application and/or the Software may be subject to limitations, delays and other problems inherent in the use the internet and electronic communications including the device used by you or other e-Wallet Users being faulty, not connected, out of range of mobile signals or functioning incorrectly. The Company is not responsible for any delays, delivery failures, damages or losses resulting from such problems.
By using the e-Wallet, you agree that you shall defend, indemnify and hold the Company, its licensors, parent organizations, subsidiaries, affiliates, officers, directors, members, employees, attorneys, agents, partners, contractors, advertisers, sponsors, and service-providers harmless from and against any and all claims, costs, damages, losses, liabilities and expenses (including legal fees and costs) arising out of or in connection with your use of the e-Wallet wherein:-
To the fullest extent permitted by law, under no circumstances shall the Company be responsible or liable to you or to any other person or entity connected or related to you for any losses (including loss of profits, business, or opportunities), damages, claims, expenses, or costs (whether direct or indirect) that are incurred, suffered, or sustained by reason of, or arising from, or as a consequence of, or in connection with, your use of the e-Wallet and the availability or unavailability of any services or functions of the e-Wallet.
Fees & Charges & Taxes
The fees charged by the Company for your use of the e-Wallet can be found on the Platform’s website at 1exchange. The Company reserves the sole and absolute discretion to adjust from time to time the fees chargeable to you in connection with your use of the e-Wallet by giving you prior written notice, and these fees shall be binding on you if you continue to use the e-Wallet following such changes in fees. You agree to pay the Company any and all prevailing fees charged by 1exchange from time to time in connection with the use of the e-Wallet.
You agree that your use of the e-wallet may be subject to all prevailing taxes, duties, fees, charges and/or costs, as may be in force and in connection with any future taxes that may be introduced at any point of time in the future, as prescribed by relevant laws. You further agree that you shall be liable to pay all applicable taxes, duties fees, charges and/or costs associated with your Funds in the e-Wallet, without set off or credit or deduction or rebate of the amounts to be paid or payable by you as required.
You agree that the details on the amount of your Funds in the e-Wallet and all transactions thereunder may be provided on request to any tax authorities (or other relevant government bodies / organisations) either in Singapore or in other jurisdiction where the purpose of such request is the lawful payment of tax obligations and/or the assessment and identification of applicable taxation.
Representations and Warranties
By using the e-Wallet or continuing to use the e-Wallet, you make the following representations and warranties:-
By using the e-Wallet, you agree that:-
KYC / Establishing Identity
The Company is required to comply with all applicable laws, regulations, notices and guidelines issued by the relevant government and regulatory authority, including those in respect of the “Prevention of Money Laundering and Countering the Financing of Terrorism” as issued by the MAS.
Pursuant to such applicable laws, regulations, notices and guidelines, you agree to provide the Company with such data and/or information relating to the proof of your identity as the Company may reasonably request or require, from time to time, to allow the Company to establish and verify your identity (or, in the case of a corporate account on the Platform, the identity of the beneficial owners, directors, officers, or individuals with executive authority) both at the time of setting up the e-Wallet account, and at certain periodic intervals thereafter.
You agree and acknowledge that the Company shall collect all such data and/or information you have provided and consent to the use by the Company of such data and/or information as follows:
This e-Wallet Terms, comprising the agreement between you and the Company, shall be governed by Singapore law.
No joint venture, partnership, employment, or agency relationship exists or is created between you, the Company or any third-party provider as a result of these e-Wallet Terms.
If any provision of the e-Wallet Terms is held to be invalid or unenforceable, such provision shall be struck and the remaining provisions shall be enforced to the fullest extent under law.
The failure of the Company to enforce any right or provision in the e-Wallet Terms shall not constitute a waiver of such right or provision unless acknowledged and agreed to by the Company in writing.
The e-Wallet Terms comprises the entire agreement between you and the Company and supersedes all prior or contemporaneous negotiations or discussions, whether written or oral (if any) between the parties regarding the subject matter of the use of the e-Wallet as contained herein.
This Agreement as constituted by the e-Wallet Terms may not be assigned by you without the prior written approval of the Company.
Notices & Communications
The Company may give notice to the e-Wallet Users, from time to time, by means of:-
You may give send your communications and/or notices to the Company (such notice shall be deemed given when received by the Company) by email or by letter sent by courier or registered mail to the Company using the ‘contact us’ details available on the Platform.
e-Wallet Users are invited to directly contact the Company in the event they wish to provide comments, feedback, opinions or complaints about the use of the e-Wallet and are advised to contact the Company using the ‘contact us’ details available on the Platform. The Company will endeavour to respond accordingly to the communications from the e-Wallet Users without undue delay, but always at its sole and absolute discretion.