IMPORTANT – Please read these terms carefully.
By using the 1X Platform Account (as defined below), you agree that you have read, understood, accepted and agreed to the terms for your use of the 1X Platform Account (“Platform Account Terms”). If you do not agree to or fall within the Platform Account Terms and wish to discontinue, please do not continue using the 1X Platform Account and the Platform (as defined below).
The Platform Account terms stated herein constitute a legal agreement between you (the “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 account (the “Platform Account” or “1X Platform Account”), you hereby expressly acknowledge and agree to be bound by these terms, and any future amendments and additions to these terms as may be published from time to time on the platform.
Regulatory
Consumer advisory – The Company does not hold the account for or on behalf of any of the Users (i.e. you). Furthermore, the Company does not issue and shall not be issuing any accounts to any of the Users (i.e. you). You are advised to read these Platform Account Terms carefully.
The Platform Account is provided by FOMO PAY PTE LTD (“FOMO”) which holds a Major Payment Institution Licence (licence no. PS20200145) 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.
By using Platform Account, 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 Platform Account Terms
These Platform Account Terms are effective from 10 December 2024 and will remain in effect, except in respect of any changes to these Platform Account Terms, in the future.
Changes to Platform Account Terms
The Company may from time to time amend, change, or update these Platform Account 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 Platform Account Terms, and if you continue to access and/or to use the Platform Account Terms, whether or not reviewed by you, you are indicating your consent, acceptance, and agreement to the changes of the Platform Account Terms. If you do not accept these Platform Account Terms, you must stop using/accessing the Platform and cease to hold, use or purchase fiat currencies via the 1X Platform Account.
Use of the Platform Account
You acknowledge and agree that the Platform Account shall only be used by the Users on and via the Platform in accordance with these Platform Account terms. Additionally, you acknowledge and agree that all persons using and accessing the Platform are required by the Company to use the Platform Account to effect any transactions, trades (both buy and sell), or payments of fiat currencies on the Platform.
When you use the Platform Account, the following terms shall apply:-
• The Platform Account must not be used in violation of the provisions of these Terms and/or other applicable terms as prescribed from time to time, including without limitation the terms of service of the Platform and the privacy policy, which shall be accessible at 1exchange.
• You may fund / top up the Platform Account by purchasing and holding certain fiat currencies in the Platform Account, namely Singapore Dollars or such other foreign currencies that may be offered from time to time (“Funds”)
• You may convert the Funds that you hold in the Platform Account between different currencies at the applicable prevailing exchange rate, which rate shall be notified to you immediately prior to such conversion / transfer.
• The Funds in the Platform Account may only be used for the sale and purchase of products or services offered on the Platform, and for no other purpose.
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 Platform Account and your Funds therein for any reason whatsoever, including without limitation, where your use of the Platform Account:
• would cause you or the Company to be in breach of the laws, guidelines, and regulations applicable to your use of the Platform Account (e.g. limits on aggregate amount of stored value, limits on total value of transactions in a calendar year); and
• would cause the Company’s third-party service provider and/or processing partner to be in breach of laws, guidelines, and regulations governing its provision of the service / function via the Platform.
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 your account. The Company has the right to immediately suspend or terminate any use by the User (i.e. you) of the Platform Account, or disable or block any use by you of the services or functions of the Platform Account, including any payment or withdrawal of Funds in the Platform Account (including those that are being processed) where the Company reasonably believes that the activity on the Platform Account involves fraudulent, illegal or criminal activity or where there has been material breach of these Platform Account Terms by you.
When topping up the Platform Account with the Funds, the following terms shall apply:-
• Payments / transfers of the Funds to top-up the Platform Account shall only be made by you via the permitted methods made available on the Platform from time to time (e.g. bank transfer, credit or debit card e.t.c) (“Funding Source”), and the detailed instructions for such payment / transfer shall be provided by the Company on or through the Platform.
• You agree that the Company, its third-party service provider and/or processing partner may be required to verify or authorise your Funding Source.
• When paying / transferring the Funds to the Platform Account, you are deemed by the Company to have agreed to all the applicable terms and conditions of the relevant third-party service provider, processing partner, payment merchant, and/or financial institution from which you are processing the Funding Source.
• You shall be liable for and bear all additional fees or charges (if any) that may apply to or in respect of the payment /transfer of the Funds from your Funding Source, whether imposed by the Company or by any other third party.
• When you make payment / transfer of Funds to the Platform Account from your Funding Source, you must pay to the Company the full amount of the Funds (inclusive of all fees and charges), and if the payment is insufficient or invalidated for any reason, including but not limited, to outstanding dues, claims, freezes, reversals, clawbacks, or disputes then you agree that the Company is permitted by you to determine the appropriate resolution, which may result in the Company allocating or incurring the burden of reimbursing or recovering from the applicable party any amounts due by you or owed to you from the Funds paid / transferred, as the case may be. The Company has the sole discretion to determine the appropriate resolution and/or measure that it deems fit to be undertaken by the Company or its third-party service provider, if any. Notwithstanding the above, you shall always be responsible and liable to the Company or to such other relevant third party for resolving any disputes or issues in relation to the payment / transfer of your Funds to the Platform Account from your Funding Source, and the Company shall not be responsible for any such errors or discrepancies in your payment / transfer of Funds to the Platform Account.
• For the avoidance of doubt, where there is an error or discrepancy in your payment / transfer of Funds to the Platform Account or you have made incorrect payment / transfer, the Company reserves the right to make the necessary amendments or corrections accordingly.
• You agree that there may be holding or withholding of part or the whole of your payments / transfers from your Funding Source, in which case the transaction of the Funds from your Funding Source would then be treated as ‘pending’. These holding / withholding measures may be imposed for various reasons, but primarily shall be used as a reasonable preventive measure to protect you against any unauthorized or fraudulent transactions.
When using the Funds in the Platform Account, the following shall apply:-
• Provision of Accurate Information -To deposit or withdraw or use your Funds in the Platform Account, accurate information must be provided for processing by the Company. If you fail to provide the accurate information, delays may be faced. The Company may also request you to furnish further information to effect any deposit or withdrawal or use of your Funds in the Platform Account. The Company has the right not to process any deposit or withdrawal or use of the Funds in the Platform Account if the information is not accurate or correct.
• Deposit and Withdrawal Limit – The Company may, in its sole and absolute discretion, impose minimum and/or maximum limits on the deposit and/or withdrawal of your Funds.
• Funds on Omnibus Basis – Unless specified otherwise, all of your Funds in the Platform Account are held by you on an omnibus or pooled account basis. Your Funds in the Platform Account shall be recorded by the Company as belonging to you using a ledger technology that is in-built within the software / system, but you agree and acknowledge that this ledger technology does not constitute the issuance of a separate or individual Platform Account to you or of a separate or individual payment account to you directly.
• Checking your Funds – You may check the total amount of your Funds in the Platform Account via the Platform, which shall serve as conclusive evidence of the Funds that you hold in the Platform Account.
• No Interest – You waive and relinquish all claims for interest that may accrue with respect to your Funds in the Platform Account, and you shall not have any rights to use, withdraw, assign or be paid any interest that may otherwise be derived from the amount of your Funds you hold in the Platform Account.
• Foreign Currency Risk – All currency exchange risks regarding any payment / transfer will be your sole responsibility. You acknowledge that any conversion of your Funds from one currency to another that is expressly requested by you or is required for executing any payment on the Platform which you have chosen shall be effected on the Platform Account at the prevailing exchange rates.
• Withdrawal / Payments / Transfers – The Funds in the Platform Account represent a stored value facility of fiat currencies for facilitating payments and receipt of monies by the Users on the Platform. As such, the Funds cannot be resold or transferred to any parties outside of the Platform. You may only transfer and receive Funds from and to other Users on the Platform. You may also transfer and/or withdraw your Funds from the Platform Account to your designated bank accounts held locally or to other financial institutions within the recognised banking network internationally.
Use of Third-Party Service Provider for Platform Account 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 Platform Account.
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 Platform Account 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 Platform Account, and should you use or attempt to use the Platform Account 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 Platform Account.
You will only use the software / technology for the Platform Account for the purposes for which the Platform Account is intended to be used, and not for any other purpose. You will not resell, copy, distribute, or disseminate the software / technology of the Platform Account or such other content relating to the use or function the Platform Account, without written consent from the Company. You must not use the software / technology for the Platform Account 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 Platform Account, or of the data contained therein.
The Company has the right to use the software / technology for the Platform Account. As such, the Company grants you a revocable, non-exclusive, non-transferable, non-assignable, personal, limited right to use the Platform Account 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 Platform Account; and (ii) not prohibited by the third-party service provider from allowing the Users to use the Platform Account via the Platform. All rights to the use of the Platform Account 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 Users, to determine whether or not it would make some or all of the services or functions of the Platform Account available on the Platform from time to time.
The availability of some or all of the services or functions of the Platform Account 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 Platform Account 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 User) to use the Platform Account or access certain services or functions of the Platform Account 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 Platform Account.
The Company does not represent or warrant that:
• The use of the Platform Account will be secure, timely, uninterrupted or error-free or operate in combination with any other hardware, technology, software, system or data;
• The Platform Account will meet your requirements or expectations;
• Any content or data of the Platform Account will be accurate or reliable;
• The use of the Platform Account will meet your requirements or expectations;
• Errors or defects in the function of the Platform Account will be corrected; or
• The Platform Account or underpinning technology are free of viruses, spywares, malwares or other harmful components.
• The Platform Account is being provided to you strictly on an “as is” and “as available” basis.
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 Platform Account 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 Platform Account 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.
Indemnification
By using the Platform Account, 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 Platform Account wherein:-
• you have breached any of the Platform Account Terms;
• you have failed to comply with any applicable law or regulation, whether or not referenced herein;
• you have violated any rights of any third party; or
• you misuse the Platform Account.
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 Platform Account and the availability or unavailability of any services or functions of the Platform Account.
Fees & Charges & Taxes
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 Platform Account by giving you prior written notice, and these fees shall be binding on you if you continue to use the Platform Account 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 Platform Account.
You agree that your use of the Platform Account 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 Platform Account, 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 Platform Account 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 Platform Account or continuing to use the Platform Account, you make the following representations and warranties:-
• You represent and warrant that you are legally able to accept and agree to the Platform Account Terms.
• You represent and warrant that you have the right, authority, and capacity to use the Platform Account and to abide by the Platform Account Terms.
• You represent and warrant that all the information which you provide to the Company shall be true and accurate, at all times.
• You represent and warrant that the Platform Account is for your own sole personal use and is not for use by any unauthorised person or entity.
• You represent and warrant that you shall not assign, novate, or otherwise transfer access to the Platform Account and/or any of the rights arising from your use of the Platform Account to any other person or entity.
• You represent and warrant that you are in compliance with and shall continue to comply with all applicable laws, whether in Singapore or otherwise in any country, state, city or jurisdiction which is applicable to your use of the Platform Account.
By using the Platform Account, you agree that:-You will only use the Platform Account for lawful or legal purposes;
• You will only use the Platform Account for the purpose for which it is intended;
• You will not use the Platform Account for fraudulent purposes to defraud the Company and/or any other person or third party, or for the purposes of enriching yourself through fraudulent means or otherwise unjustly;
• You will not use the Platform Account to cause nuisance, annoyance, inconvenience, or injustice to any other person or third party;
• You will not impair the proper operation of the Platform and/or the function of the Platform Account;
• You will not try to harm or injure or damage the Platform and/or the Company in any way whatsoever;
• You shall only access the Platform Account via the one (1) unique account on the Platform that you are authorised to use, being the account that you have registered and verified your identity for;
• You shall keep secure and confidential your access to the Platform Account, including the details of your account username, password and OTP verification on the Platform;
• You agree to provide accurate, current and complete information to the Company and undertake the full responsibility to maintain and update such information in a timely manner to keep it accurate, current and complete at all times, and you further agree that the Company may, at all times, rely on your information as accurate, current and complete;
• You agree that the Platform Account is provided to you on a reasonable effort basis; and
• You agree to abide by the Platform Account Terms in relation to your use of the Platform Account.
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 Platform Account 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:
• use it for the purposes of establishing your identity;
• implement ongoing ‘Know-Your-Customer’ (“KYC”) monitoring process or program to ensure the Company adheres to the applicable laws, regulations, notices and guidelines;
• share or transmit such data internally, or to affiliates, or with other third-party service providers (both in Singapore and overseas), as the Company may, at its sole discretion, deem appropriate and/or necessary for KYC purposes;
• report such data or information to MAS, or to such other government or enforcement or regulatory authority as may be required under applicable laws, regulations, notices and guidelines.
• You agree to cooperate with the Company in relation to any anti-money laundering and countering terrorism financing screening and any other KYC processes and to assist the Company in complying with any applicable laws, regulations, notices and guidelines.
• You agree and consent to the Company collecting, using, disclosing and processing your Personal Data for the purposes of conducting the usual business and activities of 1exchange and for your use of the Platform Account on the Platform. While the provision by you of your Personal Data to the Company is voluntary, if you do not provide your Personal Data, the Company may not be able to establish your identity and/or conduct complete its KYC process on you. All Personal Data provided by you to 1exchange shall be handled by the Company in accordance with its privacy policy, which can be accessed on the Platform’s website at 1exchange.
General
This Platform Account 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 Platform Account Terms.
If any provision of the Platform Account 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 Platform Account Terms shall not constitute a waiver of such right or provision unless acknowledged and agreed to by the Company in writing.
The Platform Account 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 Platform Account as contained herein.
This Agreement as constituted by the Platform Account Terms may not be assigned by you without the prior written approval of the Company.
Notices & Communications
The Company may give notice to the Users, from time to time, by means of:-
• a general notice posted on the Platform;
• by electronic mail to your email address in the records of the Company;
• or by written communication sent by registered mail or pre-paid post to your address in the record of the Company.
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.
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 Platform Account 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 Users without undue delay, but always at its sole and absolute discretion.
