This FSG is designed to provide you with important information regarding our services prior to providing you with a financial service, including the following:
If you would like further information, please ask us.
The Service Provider is SingX Australia Pty Ltd (ACN 624277201) (“SingX”).
SingX Australia Pty Ltd holds an AFSL [Number 508309] and is authorised to provide general financial product advice and dealing for non-cash payment products, and for market making services in relation to foreign exchange contracts to retail and wholesale clients. SingX predominantly offers clients money transmission services and general advisory and dealing services in relation to spot foreign exchange contracts
SingX AU is a wholly owned subsidiary of SingX Pte Ltd, a Singapore-registered company that owns the SingX technology platform.
Mailing Address: Level 4, 240 Queen Street, Brisbane, QLD 4000
Email: help.au@singx.co
Website: https://au.singx.co
We are obliged to inform you that unless otherwise expressly agreed, we will only provide you with general product advice, which does not take account of your objectives, financial situation or needs. Therefore, you are required to ensure that you obtain prior advice regarding the suitability of our products and services for your personal financial needs, objectives and circumstances, from a licensed professional.
Where we collect and take into consideration, information regarding your financial circumstances and needs, and agree to provide you with personal advice, you will receive a Statement of Advice. While SingX AU believes the advice and information we provide is accurate and reliable, neither SingX AU nor its directors, officers, employees, contractors or associates assume any responsibility for the accuracy and completeness or currency of that advice and information.
If you wish to utilise our services you may issue us with instructions via our website or mobile phone application. You need to be onboarded as a customer of SingX AU will enter into a contract with clients as per our Terms of Use and provide transaction confirmations via email to facilitate transactions. Prior to entering into foreign exchange contracts we will provide clients with a Product Disclosure Statement (“PDS”) and this document, the Financial Services Guide, which contain important information regarding the features, benefits, risks and fees applicable and our relationship prior to providing a financial service. Both these documents should be read carefully to enable you to make an informed decision prior to making any financial transaction. Please also carefully read our Privacy Policy.
Terms of Use: Please click here
Privacy Policy: Please click here
In compliance with s912B of the Corporations Act and ASIC RG 126, we maintain professional indemnity insurance in connection with the financial products and services we provide, including any claims in relation to the conduct of our former representatives/employees.
SingX AU will seek to ensure that comprehensive and accurate records of all client transactions and advice provided, are properly maintained.
SingX AU is responsible for the financial services it provides to you under its Australian Financial Services Licence, and does not act on behalf of any other financial services licensee. SingX AU is a market maker, not an agent, when dealing in over-the-counter foreign exchange contracts. Accordingly, SingX AU acts as principal in all transactions with you in respect of these specific financial products.
When you log into the SingX platform to create a transaction, these fees are shown to you clearly as the ‘SingX Fees’. SingX usually charges a transaction fee of around 0.5%, especially for frequently traded currencies, varying marginally across different currency exchange pairs. For example, if you plan to send $1,000, SingX may charge a fee of $5 (0.5%). Additionally, SingX may charge a flat transaction fee from $2 to $12 for certain currency exchange pairs and additional incidental expenses of up to $1 per transaction for specific local remittances. These charges are all included in Transaction Fees. Only in the case of infrequently traded currencies, the transaction fees could be substantially higher, up to 5%. You must factor this overall fee into the cost of the transaction. If you are comparing rates, you should bear in mind that an attractive exchange rate may be offset by a high transaction fee (or vice versa). The fee is quoted in the currency you are transferring and must be paid in that currency. You must send clear funds totalling your transfer amount plus our transaction fees to us.
In a majority of instances, SingX quotes inter-bank spot rates as the foreign currency exchange rate. In some instances, SingX derives a financial benefit by offering a rate to clients which applies a spread. The FX mark-up refers to the difference between the rate we obtain from our own providers on the wholesale foreign exchange market (e.g. the Interbank Spot Rate) and the rate we quote you. The spread will vary from currency to currency and from time to time. We will not usually be able to tell you what the spread is, but you are always free to compare the exchange rate we quote you with other providers to ensure that we are offering you a good rate.
Although SingX aims to avoid having additional third party fees deducted from your funds, in some cases it is unavoidable. Certain intermediary banks we use to process transactions or receiver’s bank may deduct transaction fees that we have not anticipated. For example, in some jurisdictions, the receiving bank charges a receiving bank fee. We will try and alert you if we are aware but generally we will not know in advance. You should bear this in mind if you are paying the precise amount of an invoice or personal payment. This may result in an amount less than you transferred arriving at the Beneficiary Account. SingX does not levy or receive these fees and will not be liable for payment of such. If you have any questions regarding the likelihood of third party fees being levied by intermediary banks or receiving banks, please contact us at help.au@singx.co, prior to booking and executing a transaction with us
Administration charges may be incurred when our receiving bank refuses your transaction due to incorrect payment details, their regulatory requirements or any other valid reason. Any administrative charges from receiving banks will be deducted from your payment amount. Similarly, you will bear administration charges for refunds if the transaction has failed due to any failure of relevant money laundering or know your client regulations or if the transaction has failed because the validity of our foreign exchange quote had expired by the time funds were sighted.
In instances where business partners or comparison websites direct customers to our website, that ultimately translates into a foreign exchange transaction, we may pay the business partner or comparison website a flat commission (one-time or on a trailing basis) for the service.
Subject to disclosures in any Product Disclosure Statement or other transaction documents, we do not have any relationships or associations which might influence us in providing you with our services.
SingX AU has an internal dispute resolution process in place to resolve any complaints or concerns you may have, as quickly and fairly as possible in all the circumstances. Any complaints or concerns should be advised to us by e-mail (help.au@singx.co). These should be directed to the Compliance Officer of SingX AU who will seek to resolve your complaint within 7 days or such further time period that may reasonably be required given the nature of the complaint. If you are dissatisfied with the outcome, you have the right to lodge a complaint with Australian Financial Complaints Authority (AFCA), of which SingX is a member (Member ID 72514). You may either call AFCA on 1800 931 678 or send an Email to info@afca.org.au . . For more details, please visit https://www.afca.org.au/
Your privacy is important to us and we are committed to compliance with the Privacy Act 1988 (Cth) (the Act). and the Australian Privacy Principles (the APPs). We may disclose your personal information to external parties who act on our behalf in the operation of our business or in connection with the transactions to be undertaken. Such external parties are required and committed to protecting your privacy and where they are offshore we take reasonable steps to ensure that to the maximum extent reasonably possible any information sent has the same level of privacy protection as we provide here in Australia. SingX AU will not otherwise disclose your personal information without your consent, except as authorised or required by privacy laws. Please contact us via the email at help.au@singx.co if you have any concerns. You may access our privacy policy Please click here.