1. Purpose of this statement
This statement explains, in general terms, how SGCPAY (AUS) LIMITED (ABN 61 662 299 434) ("SGCPAY", "we", "us" or "our") approaches the handling and safeguarding of customer funds and digital assets. It should be read together with our Terms and Conditions, Risk Disclosure Statement, and Digital Asset Risk Warning.
We aim to be transparent and honest about these arrangements. Importantly, the specific safeguarding arrangements that apply to you depend on the product you use and on the banking or technology partners involved in delivering that product.
2. Arrangements depend on the product and partner
SGCPAY offers, or is developing, a range of products, and different products are delivered through different arrangements. Some services are provided in cooperation with third-party financial institutions and technology providers, and the way funds are held and protected in each case is determined by those arrangements.
As a result, there is no single, uniform safeguarding structure that applies across all products. Where a specific product involves the holding of your funds, we will make available information about how those funds are held for that product and who holds them.
3. What we do not claim
We do not claim to operate any particular trust, custody, or insurance arrangement other than those that genuinely apply to a specific product. We do not represent that customer funds are covered by a government guarantee or compensation scheme unless that is genuinely the case for the relevant product and is stated as such.
You should not assume that funds held in connection with one product are protected in the same way as funds held in connection with another, or in the same way as deposits with a licensed bank.
4. Segregation and handling
Where a product involves holding customer funds, we and our partners seek to apply appropriate operational controls to the handling of those funds, which may include segregation from our own operating funds where required by the relevant arrangement or by law.
The precise treatment, including whether and how funds are segregated, is determined by the arrangement for the specific product and will be confirmed as part of that product's terms.
5. Digital assets
Digital assets are not the same as cash held with a bank. Where digital assets are held on your behalf, the custody arrangements, controls, and risks depend on the product and any partner involved. Digital assets are generally not covered by government guarantee or compensation schemes, and their value can fall, including to zero, as described in our Digital Asset Risk Warning.
The loss or compromise of credentials or private keys can result in permanent loss, and you are responsible for safeguarding your own access credentials.
6. Settlement and finality
A payment instruction, blockchain confirmation, API message, or internal ledger record does not by itself mean that funds have been safeguarded or finally settled. Funds should be treated as settled only when confirmed as cleared and available through the relevant financial institution or network.
Timing of settlement can be affected by third-party systems, compliance checks, and network conditions.
7. Risks to safeguarding
Safeguarding arrangements reduce, but do not eliminate, risk. Risks include the failure or insolvency of a partner institution, operational or technology failures, and, for digital assets, network and custody risks. These risks are described further in our Risk Disclosure Statement.
We take reasonable care in selecting partners and arrangements, but we cannot guarantee against all possible losses.
8. Questions and updates
If you would like to understand how your funds are held for a particular product, you can contact us via the contact form on our website, and we will provide the information relevant to that product.
We may update this statement as our products and partner arrangements develop. The current version is the version published on our website, and the "Last updated" date indicates when it last changed.