Assets Customer Agreement (Singapore)

Last updated: 08/01/2024

Consumer advisory - Consumers (users) are advised to read this Agreement carefully. In addition, Wise Asia-Pacific Pte Ltd is not a bank and therefore the Singapore Deposit Insurance Scheme (SDIC) does not apply. Your money and assets will be held in accordance with the applicable regulations and licenses as described here.

How to read this Agreement

This Agreement contains 28 sections. The headings are for reference only. Some capitalised terms have specific definitions which are listed in section 3. Underlined words in this Agreement contain hyperlinks to further information.

This Agreement includes important Investment Risk Warnings at section 19. Please familiarise yourself with such warnings.

1. Parties to this Agreement

1.1 This Agreement is between you (hereinafter called the “Customer” or “you” as applicable) and Wise Asia-Pacific Pte Ltd (hereinafter called “Wise”, “Wise Asia-Pacific”, “we”, “us”, or “our” as applicable).

1.2 All payment services, in addition to this Agreement, are subject to the Wise Customer Agreement.

2. Why you should read this Agreement

2.1 What this Agreement covers. This Agreement contains the terms and conditions on which Wise Asia-Pacific Pte Ltd will provide investment services (hereinafter referred to as the “Services”), and continue to provide you with payment services covered under the Wise Customer Agreement. It is essential that you read and understand the terms and conditions in this Agreement. If you have any questions please let us know.

2.2 Why you should read them. Please read this Agreement carefully before you start to use our Services. This Agreement (always together with the documents referred to in it) tells you who we are, how we will provide the Services to you, how this Agreement may be changed or ended, what to do if there is a problem and other important information. If you think that there is a mistake in this Agreement or wish to request any changes, please contact us to discuss.

2.3 Other additional documents which apply to you. This Agreement refers to the following additional documents, and in each case these shall also apply to your use of our Services:

(a) Our Privacy Policy, which sets out the terms on which we process any personal data we collect about you, or that you provide to us. By using our Services, you consent to such processing and you promise that all data provided by you is accurate.

(b) Our Cookie Policy, which sets out information about the “cookies” on our Website.

(d) Our Frequently Asked Questions ("FAQ") which provides answers to common customer questions.

(e) In order to receive some of our Services, you may be asked to agree to additional terms and conditions which we will notify you about at the relevant time.

(f) This Agreement is subject to the continued existence of and your compliance with your Customer Agreement with Wise, including the terms, conditions, acceptable use policies and other documents referred therein.

(g) Our Best Execution Policy which outlines how Wise Asia-Pacific meets its obligation to take all sufficient steps to provide to its customers the most advantageous result when executing transactions on their behalf given the prevailing market environment.

2.4 Future changes to this Agreement. All future changes set out in the Customer Updates section of our Website at the time you sign-up for our Services are incorporated into this Agreement.

2.5 You accept this Agreement. By visiting our Website and/or using our Services (including downloading and using our App, or via a social media platform), you confirm that you accept and agree to this Agreement (including the Customer Updates and the additional documents referred to above). If you do not agree, please do not use our Services.

2.6 Where to get a copy of this Agreement. You can always see the most current version of this Agreement on our Website. If you want a paper copy of this Agreement, please contact Customer Support.

3. Glossary

In this Agreement:

“App” means our mobile application software, the data supplied with the software and the associated media.

“Buy Order” is an instruction from you to us to buy Units in a Fund issued by the Fund Manager on your behalf at the price issued at the next applicable Net Asset Valuation.

“Cut-off Time” is 2:30 PM Singapore Time. All Buy Orders and/or Sell orders received by this time will be placed the same Trading day.

“E-money” shall have the meaning given to it in the PSA.

“E-money Balance” is, in relation to any currency, the balance from time to time of E-money held in your Wise Account denominated in that currency, but excluding any E-money allocated to an E-money Jar, which balance shall be labelled as “cash” in the App and on the Website, and from which you may send, spend, or withdraw, as governed by your Customer Agreement with Wise.

“E-money Jar” is, in relation to any currency, the balance from time to time of money held in your Wise Account denominated in that currency, which balance shall be labelled as “cash” in the App and on the Website, which you have instructed us to identify separately, in a “jar”, from the remainder of your E-money Balance in that currency, and from any E-money Balances or E-money Jars you may hold in any other currency, as governed by your Customer Agreement with Wise.

“Fund” refers to any collective investment scheme or fund that we may make available as part of the Services.

“Factsheet” means the factsheet relating to the relevant Fund.

“Fund Manager” refers to the fund manager relating to the relevant Fund.

“GST” means Goods and Services Taxes and refers to:

(a) any GST or other consumption/turnover taxes imposed in Singapore on the provision of goods and services, under relevant legislation and/or statutes;

(b) any value added taxes (VAT) imposed by the Value Added Tax Act 1994 of English and Wales and legislation and regulations supplemental thereto; and

(c) to the extent not included in paragraph (a) or (b) above, any other tax of a similar nature including (but not limited to) VAT, goods and services taxes, consumption taxes, digital services taxes, sales taxes or anything similar, to the taxes referred to in the above paragraphs, whether imposed in Singapore, a member state of the EU or United Kingdom, or imposed elsewhere in the World in substitution for, or levied in addition to, the taxes referred to in the above paragraphs or imposed elsewhere.

“Investment Account” means the account opened by you with Wise Asia-Pacific through the entering into of this Agreement, which shall allow you to invest in Funds.

“Invested Balance” refers to the balance from time to time that you have invested in a Fund from your E-money Balance, which balance shall be viewable in the App and on the Website, in accordance with the terms of this Agreement.

“Invested Jar” refers to the balance from time to time that you have invested in a Fund from an E-money Jar , which balance shall be viewable in the App and on the Website, in accordance with the terms of this Agreement.

“MAS” refers to the Monetary Authority of Singapore, Singapore’s central bank and integrated financial regulator.

“Net Asset Valuation” is the aggregate value of the securities, minus any relevant liabilities and calculated in accordance with the terms of the Fund Prospectus every Trading Day. This determines the value of Units in a Fund issued by the Fund Manager.

“PSA” means the Payment Services Act 2019 of Singapore, as amended, revised or modified from time to time.

“Prospectus” means the prospectus published by the Fund Manager.

“Sell Order” is an instruction from you to us to redeem Units in a Fund held in your Investment Account on your behalf at the price issued at the next available Net Asset Valuation.

“SFA” means the Securities and Futures Act 2001 of Singapore, as amended, revised or modified from time to time.

“Trading Day” means a day other than a Saturday, Sunday or a public holiday in Singapore when financial institutions are open for business.

“Transfer Agent” means the transfer agent of the Fund from time to time.

“Unit” means either the whole or a fraction of a unit in a Fund which represents your participation in and associated rights in respect of the Fund.

“US Person” means a US Person as defined under FATCA or Regulation S.

“Website” means any webpage, including but not limited to www.wise.com, where we provide or further explain the Services to you.

“Wise Account” means the account you opened with Wise Asia-Pacific as governed by your Customer Agreement with Wise Asia-Pacific .

4. Who are we and how to contact us

4.1 Our company information. Wise Asia-Pacific Pte. Ltd. is a company incorporated under the laws of Singapore with Unique Entity Number 201422384R.

4.2 Our Registered office. Our registered address is 1 Paya Lebar Link, PLQ2, #13-06/08, Paya Lebar Quarter, Singapore 408533.

4.3 We are licensed by the MAS:

4.3.1 As a major payment institution under the PSA to carry on:

(a) account issuance service;

(b) domestic money transfer service;

(d) e-money issuance service.

Please note that such licensing does NOT guarantee the performance of the major payment institution licensee and customers take the risks associated with fluctuations in the relevant exchange rates over time from the remittance. Wise Asia-Pacific is not a bank and therefore the Singapore Deposit Insurance Scheme (SDIC) does not apply.

4.3.2 To conduct regulated activities under a Capital Markets Services Licence granted under the SFA to:

(a) deal in capital markets products that are units in a collective investment scheme; and

(b) provide custodial services.

Please note that the regulatory protection available to you for the regulated activities that Wise under the SFA will not apply to the regulated services that are provided under the PSA, and vice versa.

4.4 How to contact us. You can contact us by email, web chat or telephone. Our contact details are provided on the “Contact” page of our Website.

5. Who can use our Services & Client Classification

5.1 You must be 18 years old or over. You must be 18 years or older to use our Services and by opening an Investment Account you declare that this is the case. We may ask you at any time to show proof of your age.

5.2 You must have authority to bind your business. If you are not an individual consumer, you confirm that you have authority to bind any business or entity on whose behalf you use our Services, and that business or entity accepts these terms.

5.3 Your use of the Services must not violate any applicable laws. You commit to us that your opening and/or use of an Investment Account does not violate any laws applicable to you. You take responsibility for any consequences of your breach of this section.

5.4 Existing Wise Account. You must already have a Wise Account in order to open an Investment Account, and in addition you are required to have at least a neutral balance in an E-money Jar so as to facilitate your investment through Wise Asia-Pacific in the Fund.

6. Your Investment Account

6.1 About your Investment Account:

6.1.1 Your Investment Account will be an account provided by Wise Asia-Pacific and will hold the Units you purchase through Wise Asia-Pacific.

6.1.2 By opening and maintaining your Investment Account, Wise Asia-Pacific will enable you to purchase Units in a Fund on an execution only basis.

6.1.3 We will not owe you a duty to give, and will not give you, any financial or investment advice or recommendations in relation to the merits of any transaction which you instruct Wise Asia-Pacific to undertake on your behalf under this Agreement or otherwise.

6.1.4 We will notify you separately whether the Units in a Fund is a “complex” investment that is a Specified Investment Products (as defined in MAS Notice SFA 04-N12: Notice on the Sale of Investment Products and MAS Notice FAA-N16: Notice on Recommendations on Investment Products). If so, we will inform you separately on the carrying out of a “customer knowledge assessment” to determine that you have the necessary knowledge and experience to understand the risks involved. Additional terms and conditions may also apply. Please note that we are not required to conduct a "customer knowledge assessment" for you when you transact in products that are not Specified Investment Products, and we do not assess the suitability or appropriateness of the investment for you. You should make sure that you understand the risks of purchasing Units in the relevant Fund and that you have made your own assessment that the Fund is appropriate for you.

6.1.5 By entering into this Agreement, you confirm that you have read and understood the respective Funds’ Prospectus and Factsheet and the investment risk warnings in this agreement or as published by us from time to time and will review each of these documents each time you submit a Buy Order. You also confirm that you will meet and will continue to meet all the requirements in order to invest in each relevant Fund, and will notify us as soon as you are unable to meet the requirements therein.

6.1.6 Your Investment Account shall belong to you as the registered Investment Account holder.

6.1.7 You shall not allow anyone to operate or access your Investment Account on your behalf.

6.2 Statements and other documents:

6.2.1 Statements of account relating to your Investment Account, contract notes, or any other statements, confirmations or other documents (collectively, "Statements") relating to any transaction may be sent by Wise to you at such intervals as Wise may determine from time to time.

6.2.2 You hereby consent to the provision by Wise of contract notes and statements by electronic means and agree that Wise may deliver such contract notes by electronic mail to the electronic mail address provided to Wise by you. You agree that delivery of such contract notes and statements shall be in lieu of printed contract notes and statements and you will not receive printed versions. We will not impose any additional fees or charges in connection with the provision of contract notes and statements by electronic means.

6.2.3 You acknowledge that all valuations, Investment Account overviews and summaries are provided on a reasonable efforts basis and should not be relied upon with regards to the liquidation value of any given position or combination of positions.

6.2.4 To the extent that you will receive Statements from Wise, you agree to examine all such Statements setting out or recording any transactions on the Investment Account. You will have 7 calendar days from the date of such Statement to object in writing to any of the matters in such Statements. Except as provided in this section 6.2.4, and provided we are not fraudulent or in wilful default, we shall be free from all claims in respect of any Investment Account or the details of the transactions or Services contained in such documents.

6.2.5 In relation to any Statement that you have received from Wise, you agree and acknowledge that we have the right, to reverse any entry, demand a refund, and/or debit the Investment Account in respect of any overpayment or wrongful credit in the Investment Account.

6.2.6 You agree and acknowledge that we may, without prejudice to any of the foregoing, at any time and without prior notice to you, rectify any clerical errors that have been made.

6.3 You understand, acknowledge and agree that Wise (or any of Wise's affiliates or connected persons) may assume the role of the counterparty and deal as principal for its own account, or act as agent for any counterparty in relation to Units in the Fund which you transact in, through or with our involvement. Please refer to clause 9.2 for more details.

7. Getting started

7.1 To start using our Services, you must open an Investment Account and provide your details as prompted.

7.2 Information must be accurate. All information you provide to us must be complete, accurate and truthful at all times. You must update this information whenever it changes. We cannot be responsible for any financial loss arising out of your failure to do so. We may ask you at any time to confirm the accuracy of your information and/or provide additional supporting documents and where we do so you acknowledge that not responding to our request may result in us rescinding your access to the Services temporarily or permanently.

7.3 Transacting on your own account. All activities undertaken or instructions received in respect of your Investment Account shall be deemed to be activities carried out by you. You shall only use the Services to transact on your own account and not on behalf of any other person or entity. Using our Services to invest on the behalf of third parties will constitute a breach of this Agreement.

7.4 You shall be permitted to invest the whole of each of your E-money Jars.

8. Getting to know you

8.1 We are required by law to carry out all necessary security and customer due diligence checks on you (including any parties involved in your transaction) in order to provide any Services to you. You agree to comply with any request from us for further information and to provide such information in a format acceptable to us. In addition, you agree that we may make, directly or through any third party, any inquiries we consider necessary to validate the information you provided to us, including checking commercial databases or credit reports. You authorise us to obtain one or more of your credit reports, from time to time, to establish, update, or renew your Investment Account with us or in the event of a dispute relating to this Agreement or activity under your Investment Account.

9. How to invest

9.1 To begin investing your E-money Balance or an E-money Jar, you need to log into your Wise Account and follow the steps as they appear on screen.

9.2 You must submit an instruction through your Wise Account to invest your E-money Balance or an E-money Jar into a Fund. Where you submit this instruction, you are instructing us to transfer an amount of E-money into your Investment Account from your E-money Balance or an E-money Jar, and to submit a Buy Order for the Units in the relevant Fund for this amount of E-money.

9.2.1 The maximum amount you may transfer to your Investment Account and invest into Funds is limited to the amount held in the relevant E-money Balance or E-money Jar at the Cut-off Time.

9.2.2 All notices or instructions from you (or your authorised signatory(ies), as the case may be) to Wise in relation to any units in the Fund may only be given through the App or on the Website, unless otherwise agreed by us.

9.2.3 Wise (or any of Wise’s affiliates or connected persons) usually submits your Buy Orders and Sell Orders to the Fund as your agent. In general, if the Fund accepts the order: (i) in the case of a Buy Order, Wise will receive the Units and hold them as your custodian, and you will be reflected on Wise’s records as the beneficial owner of the Units; (ii) in the case of a Sell Order, Wise will assist you to redeem the Units with the Fund.

9.2.4 In order to provide you with the flexibility to make transactions in very small denominations (i.e. of up to 10 decimal places, as opposed to the general market offering of up to 2 decimal places), there are situations where Wise may transact as principal against you:

(i) if Wise places a Buy Order on your behalf on an aggregated basis and the Fund Manager rounds down the number of Units the Fund issues, Wise will reallocate additional fractional Funds Units to you from Wise’s own pool of Funds Units to ensure that the full amount of your Investment Amount is met. This reallocation of fractional Funds Units from Wise to you is transacted at no additional cost to you. These reallocated Units will be held in the same way as your other Units; and (ii) if Wise places a Sell Order on your behalf on an aggregated basis and the Fund Manager rounds down the number of Units purchased by the Fund, Wise will reallocate your additional fractional Funds Units to its own pool of Funds Units. You agree that Wise can reallocate your additional fractional Funds Units to its own pool of Funds Units at no additional sale price. This is consideration for providing you with the flexibility to make transactions in very small denominations. You acknowledge and agree to Wise acting as principal in these situations.

9.2.5 You (or your authorised signatories) agree to indemnify Wise against any and all losses, claims, proceedings, damages, costs and expenses (including legal costs on a full indemnity basis) incurred or sustained by Wise arising out of or in connection with any instruction from you or your use of your Investment Account.

9.2.6 You agree that your (or your authorised signatories’) instructions shall be at your own risk and Wise may decide (which decision shall be final and conclusive) to treat such instructions and the signature or mark (if any) as being true and correct without further verification. Wise may also (but is not obliged to) request for further verification of your instructions.

9.2.7 Wise shall have absolute discretion in deciding whether to act on your instructions. Wise is not required to provide you with any reasons for declining to act on your instructions.

9.2.8 Wise may record electronically any conversation between you (or your authorised signatories) and Wise, and may maintain copies of such recordings or transcripts although it is not obliged to or may erase or destroy the same from time to time. By entering into any transaction under this Agreement, you (or your authorised signatories) hereby unconditionally and irrevocably consents to such recording and to the production of such recordings or transcripts of the same as evidence in any proceedings including but not limited to legal proceedings.

9.2.9 To the extent permitted by law, Wise shall not be liable for any losses, damages, claims, costs or expenses of any nature incurred by you howsoever arising under this Agreement or resulting from any error in, inaccuracy of or incorrect submission of Buy Orders from you or from any delays in transmission of notices, instructions or orders from you (or your authorised signatories), or breakdown or failure of any communication system, or for any cause beyond Wise's control.

9.2.10 Any payment made by Wise pursuant to any instructions from you (or purporting to be from you) (or your authorised signatories) shall be a complete discharge and will absolve Wise from any liability to you or to any other party.

9.3 Any further E-money received into your Investment Account (including as a result of reversals) will at the Cut-off Time be deemed a Buy Order for an equivalent value of units.

9.4 For an order to be executed on the same Trading Day, the order must be placed prior to the Cut-off Time. If you add E-money to your Investment Account after the Cut-off Time, the Buy Order will be placed the next Trading Day at the Cut-off Time.

9.5 A Buy Order will not be placed if a request to withdraw the Buy Order is received prior to the Cut-off Time of that Trading Day. To withdraw your Buy Order to that Fund, you need to contact us. Buy Orders cannot be reversed or cancelled after the Cut-off Time.

9.6 If you submit a Buy Order or Sell Order on a non-Trading Day, then your order will be executed on the next available Trading Day.

9.7 Wise Asia-Pacific will update the value of the Units held in your Investment Account following each publication of the Net Asset Valuation of the Fund by the Fund Manager.

9.8 You will be able to see within the App or on the Website how many Units we bought or sold for you each day after the publication of the Net Asset Valuation.

9.9 Should we, in our reasonable opinion, be responsible for an error which results in the incorrect submission of a Buy Order or Sell Order, we shall use best endeavours to promptly correct such error by crediting the appropriate E-money Balance or E-money Jar with E-money or crediting an Invested Jar with the correct number of units, as applicable.

9.10 Notwithstanding any provision to the contrary within this Agreement, submission of a Buy Order or Sell Order prior to the Cut-off Time shall not guarantee that the respective order is executed on the same Trading Day.

9.10.1 If the Fund Manager exercises its discretion under the Prospectus to reject a trade and your Buy Order or Sell Order cannot be executed, Wise Asia-Pacific shall use its best endeavours to inform you of this event as soon as possible. However, Wise Asia-Pacific will not be responsible for any loss caused in connection with such failed execution or any delay in informing you.

9.10.2 In addition, if for operational, legal or regulatory reasons (or any other reason outside of our control) your Buy Order or Sell Order cannot be executed on a given Trading Day, Wise Asia-Pacific shall use its best endeavours to facilitate the execution of that order on the next Trading Day. However, Wise Asia-Pacific will not be responsible for any loss caused in connection with such late execution or any failure to execute.

9.11 Where a cancellation period applies to your Buy Order of a Fund under any applicable regulations (which would at the minimum be 7 calendar days), you are allowed to cancel your Buy Order within the cancellation period that applies to that Fund by contacting us. Any Cancellation Order must be for the full amount of the Buy Order and will be irrevocable upon submission. Upon the receipt of your Cancellation Order, we will:

9.11.1 If your Buy Order has not been transmitted to the Transfer Agent, cancel the Buy Order;

9.11.2 If your Buy Order has been transmitted to the Transfer Agent, assist you in arranging for the return of your Units. In calculating the amount to be refunded, the relevant price for calculating the said amount will be the dealing price following the receipt of the Cancellation Order, subject to requirements under the prevailing Code of Collective Investment Schemes and any other regulations or exemptions that apply to the Fund, and less any reasonable administrative expenses incurred by us in processing your Cancellation Order. A Cancellation Order may, unless we agree otherwise, only be made in respect of Buy Orders that meet all the following requirements:

9.11.3 The Buy Order is for a Fund for which there is a legal obligation to offer a cancellation period;

9.11.4 Your account with us is opened in your personal capacity as an individual; and

9.11.5 If you are an existing participant in a Fund, Cancellation Orders will generally only be permitted for your first trade in that Fund (whether that trade is placed through us or through some other third party). For subsequent Buy Orders, we will only permit a Cancellation Order to be placed where your Buy Order is placed within the cancellation period for your first trade of the Fund.

Please note that nothing in this clause obliges us to permit you to cancel an order where this is not required by applicable regulations.

10. Money in the Investment Account

10.1 Money held in your Investment Account will be held by us in accordance with the requirements of the SFA (and its subsidiary legislation). This means that the money will be held on your behalf by us in a trust account with the Development Bank of Singapore (“DBS”) and the Oversea-Chinese Banking Corporation Limited (OCBC Bank). Where the money is in a currency other than SGD, we may place such money into an account with a licensed bank outside Singapore. You acknowledge that the laws and practices relating to trust accounts outside Singapore may be different from Singapore law relating to such account, and this may affect your ability to recover your funds from these offshore trust accounts.

10.2 You acknowledge and agree that your money may be commingled with the money of our other customers. You also acknowledge that the trust account is not protected by any deposit insurance. This means that there is a risk that if there is any shortfall and the custodian bank goes insolvent, all customers may have to share equally in the shortfall and you may not be able to recover all your money.

10.3 We do not deposit your money with any clearing houses or exchanges.

10.4 You acknowledge and agree that money in the Investment Account can only be used for the purchase of Funds and cannot be used for any other Services. If you wish to use the money for any other Services, you must withdraw this from the Investment Account and deposit this back into your E-money Balance.

10.5 Moneys in the Investment Account will not earn any interest unless otherwise agreed by us.

11. “Instant Access” from an Invested Balance

11.1 Subject to the remainder of this section 11, if you have an Invested Balance, up to a specific proportion of that Invested Balance may be marked as “available” for you to spend, send or withdraw on an instant access basis. This specified proportion is viewable on our App and Website, and is subject to change from time to time without prior notice.

11.2 If you choose to access some or all of any such available balance by effecting a spend, send or withdraw transaction, you will be deemed at that same time to have submitted a Sell Order for a corresponding amount and to have assigned irrevocably Wise the right to receive the proceeds of that Sell Order once settled. This feature will be called Instant Access within the App and on the Website and will be provided to you without any interest or other charges other than those already explained in section 18.

11.3 If you effect a spend, send or withdraw transaction in a currency that your Invested Balance is denominated in, you will be deemed to have submitted a Sell Order in accordance with section 11.2. This applies even if you have an E-money Balance, if the E-money Balance is denominated in a different currency from the currency in which the spend, send or withdraw transaction is effected. If your Invested Balance is insufficient to cover the total value of the transaction, depending on which currency will incur the lowest cost, we will either withdraw the shortfall from another currency in your E-money Balance or you will be deemed to have submitted a Sell Order in accordance with section 11.2 for an amount equivalent to the shortfall.

11.4 Wise reserves the right to suspend temporarily or permanently the provision of Instant Access, and to do so without notice. For the avoidance of doubt, any suspension of the provision of Instant Access shall not limit your right to submit a Sell Order for the entirety of an Invested Balance or Invested Jar.

11.5 If your Invested Balance goes into negative value, we reserve the right to convert the Investment Account into an E-money Balance.

11.6 Instant Access will only be available from an Invested Balance and not an Invested Jar.

12. “Instant Transfers” from an Invested Balance or Invested Jar

12.1 You may provide Wise with an instruction to instantly transfer the amount marked as “available” of any Invested Balance or Invested Jar into any other Invested Balance or Invested Jar, or any E-money Balance or E-money Jar, in each case irrespective of whether the balance or jar to be transferred to is denominated in the same currency as the Invested Balance or Invested Jar from which the transfer is made (an “Instant Transfer Instruction”).

12.2 Upon receipt of an Instant Transfer Instruction, Wise shall process the requested transfer promptly and once it has done so, the specified Invested Balance, Invested Jar, E-money Balance or E-money Jar will be credited with the amount that you have instructed Wise to transfer.

12.3 In submitting an Instant Transfer Instruction you will be deemed at that same time to have submitted to Wise a Sell Order for a corresponding amount and to have assigned irrevocably to Wise the right to receive the proceeds of that Sell Order once settled. In addition, if you issue an Instant Transfer Instruction to Wise to transfer the balance of an Invested Balance or Invested Jar into any other Invested Balance or Invested Jar, you will be deemed to have submitted a Buy Order for an amount up to the value of the aforementioned Sell Order, and Wise shall submit such Buy Order on your behalf once the Sell Order has settled.

12.4 If within an Instant Transfer Instruction you instruct Wise to credit an Invested Balance in accordance with paragraph 12.3 above, you will be able to make use of our Instant Access facility in respect of that credited amount in accordance with section 11 above.

12.5 If within an Instant Transfer Instruction you instruct Wise to credit an E-money Balance in accordance with paragraph 12.3 above, you will be able to convert, spend, send or withdraw that credited amount in accordance with your Customer Agreement with Wise.

12.6 Wise reserves the right to suspend temporarily or permanently the provision of Instant Transfer, and to do so without notice. For the avoidance of doubt, any suspension of the provision of Instant Transfer shall not limit your right to submit a Sell Order for the entirety in respect of an Invested Balance or Invested Jar.

13. Withdrawal of invested funds

13.1 You can withdraw your invested funds held in your Invested Balance or Invested Jar in whole by submitting an order to us through the App or on the Website to redeem the Units (a "Sell Order").

13.2 Once we have accepted a Sell Order, we will submit a request to the Fund Manager of the relevant Fund to redeem your Units.

13.3 You instruct and authorise us to credit all proceeds from the redemption ("Redemption Proceeds") into your E-money Balance. You acknowledge and agree that the Redemption Proceeds cannot be used directly to purchase any new Funds. In order to do so, you must instruct us to transfer funds back from an E-money Jar into the Investment Account by submitting a Buy Order.

13.4 A Sell Order will not be placed if a request to withdraw the Sell Order is received prior to the Cut-off Time of that Trading Day. Sell Orders cannot be reversed or cancelled after the Cut-off Time.

14. Investment Currency

14.1 The base currency of the Fund shall be as set out in the Prospectus..

14.2 Buy Orders and Sell Orders that we submit to the Transfer Agent on your behalf shall be expressed in the currency of the relevant Fund.

14.3 You will only be able to invest Balances or Jars in Funds denominated in the same currency as the relevant Balance or Jar you are investing from.

14.4 The value of the Units you hold in your Investment Account through Wise Asia-Pacific will be shown within the App or on the Website in the currency of the invested Fund or such currency as we may allow from time to time.

15. Our responsibility for loss or damage

15.1 We are responsible to you for foreseeable loss and damage caused by us. If we do not reasonably meet our commitments to you, we are responsible for loss or damage you suffer that is a foreseeable result of our breaking this contract or our failing to use reasonable care and skill. We are not responsible for any loss or damage that is not foreseeable. Loss or damage is foreseeable if either it is obvious that it will happen or if, at the time the contract was made, both we and you knew it might happen, for example, if you discussed it with us during your account sign up process.

15.2 We do not exclude or limit in any way our liability to you where it would be unlawful to do so. This includes liability for death or personal injury caused by our negligence or the negligence of our employees, agents or subcontractors and for fraud or fraudulent misrepresentation.

15.3 We are not liable for business losses. If you use our Services for any commercial or business purpose we will have no liability to you for any loss of profit, loss of business, business interruption, or loss of business opportunity.

15.4 We are not liable for technological attacks. We will not be liable for any loss or damage caused by a virus, or other technological attacks or harmful material that may infect your computer equipment, computer programmes, data or other proprietary material related to your use of our Services.

15.5 We have no control over websites linked to and from our Website. We assume no responsibility for their content or any loss or damage that may arise from your use of them. 15.6 Our liability to you for unauthorised payments and transactions or our mistake:

15.6.1 Subject to section 9.9 above, unauthorised payments or mistaken payments will be governed by the applicable Wise Customer Agreement.

15.6.2 In the case of an unauthorised Buy Order or Sell Order, Wise Asia-Pacific does not have an obligation to restore to you to the number of units you would otherwise have owned through Wise Asia-Pacific, or the E-money Balance you would otherwise have held had the unauthorised Buy Order or Sell Order not occurred. Wise shall not, to the extent permitted by law, be liable in any way for any loss, liability, damage, claim, cost or expense suffered or incurred by you arising from any cause whatsoever, including but not limited to any loss, liability, damage, claim, cost or expense howsoever arising or in connection with such unauthorised Buy Order or Sell Order.

15.7 You are responsible for checking your Investment Account regularly. We rely on you to regularly check the transactions history of your Investment Account and to contact Customer Support immediately in case you have any questions or concerns.

15.8 We are not liable for things which are outside of our control. We (and our affiliates) cannot be liable for our inability to deliver or delay as a result of things which are outside our control. This includes, but is not limited to, any action of the Fund Manager, or the administrator or transfer agent of the Fund, or losses resulting from the malfunctioning of any facsimile, SWIFT or other third party networks used by Wise to send through trades, or any errors or discrepancies in any instructions which are not as a result of Wise's wilful default or fraud. In addition, we are not liable to you for any loss or damage suffered by you as a result of your negligent or fraudulent acts or any acts which are otherwise contrary to your obligations under this Agreement.

15.9 You are liable for any breach of your obligations under this Agreement or applicable laws. In the unlikely event of loss or claims or costs and expenses arising out of your breach of this Agreement, any applicable law or regulation and/or your use of our Services, you agree to compensate us and our affiliates and hold us harmless. This provision will continue after our relationship ends.

15.10 What happens if you owe us money. In the event you are liable for any amounts owed to us, we may immediately remove such amounts or liquidate Units from an Invested Jar (if available). If there are insufficient funds in your Invested Jar to cover your liability, we reserve the right to collect your debt to us by using any payments received in your Wise Account or Investment Account and otherwise you agree to reimburse us through other means. We may also recover amounts you owe us through legal means, including, without limitation, through the use of a debt collection agency.

15.11 Management of the Fund. The Fund and the Fund Manager are regulated by the MAS. We are not responsible for the management or administration of the Fund and we make no representation or warranty in relation to any Fund, Fund Manager, or documents (including Prospectuses, Factsheets and other documents relating to the Fund) that are provided to you. In the event that you suffer loss by virtue of the performance, management or administration of the Fund we shall not be liable for such loss.

16. Our Custody Services

16.1 Wise Asia-Pacific shall provide its custody services to you, which includes, among other things, providing the following services in relation to your investments in the Investment Account on your instructions: dealing with the administration involved in the buying and selling of Units on your behalf;
holding legal title to all units held in your Investment Account on trust for you; maintaining adequate and appropriate organisational arrangements, including the maintaining of a complete and accurate internal ledger, for the purpose of ensuring that your investments may be easily identified; and collecting on your behalf any income and other entitlements accruing from your investments.

16.2 We will identify, record and hold all customers’ assets separately from any of Wise Asia-Pacific own investments and other assets, and in such a manner that the identity and location of customers’ assets can be identified at any time. All customers’ assets belong to the respective customers and are neither included in the bankruptcy estate of Wise Asia-Pacific, nor will the claims of the creditors of Wise Asia-Pacific be satisfied on account of such assets.

16.3 Your investments may be pooled with those of other clients for administrative reasons, but the investments owned by you will always be clearly identified in our records. Where we commingle your investments with those of other customers, you acknowledge that your interest in the investments may not be identifiable by separate certificates, or other physical documents or equivalent electronic records, and we shall maintain records of your interest in the investments that have been commingled.

16.4 We are entitled to act on instructions in relation to the services provided in section 14.1. All notices or instructions from you (or your authorised signatory(ies), as the case may be) in relation to the services provided in section 14.1 may only be given through the App or on the Website.

16.5 We will have a general lien over all investments in the Investment Account until the satisfaction of your liabilities arising under this Agreement to us in respect of any fees and expenses or credit exposures incurred in the performance of services under this Agreement in connection with the Investment Account. We may, without prior notice to you, enforce such general lien over the Investment Account in accordance with applicable laws.

16.6 Unless there is an instruction to the contrary, we shall claim and receive dividends, interest payments and other entitlements accruing to you, and the exercise of any right and power arising from ownership of the assets. Such dividends, interest payments and other entitlements shall, unless otherwise instructed by you, be repaid to you by crediting these into your Investment Account.

17. Order Handling and Best Execution Policy and Conflicts of Interest

17.1 In executing transactions for you under this Agreement, we are under a regulatory duty to take all sufficient steps to provide to you the most advantageous result given the prevailing market environment. This is also known as ‘best execution’. If we arrange for the execution of your orders with a third party, we are under a duty to do so in accordance with your best interests. Our Best Execution Policy as of the date of this Agreement is available on our Website. By entering into this Agreement, you confirm your acceptance of the Best Execution Policy.

17.2 You will be given reasonable notice of any material changes to the Best Execution Policy before they are due to take effect and will be deemed to have consented to such change if you continue to use our services after that period.

17.3 You acknowledge that we may have interests, relationships or arrangements that can give rise to a conflict of interest. In particular, you acknowledge that we could:

(a) combine your orders with our own orders or the orders of other clients;

(b) send your orders through any of our affiliates or related companies;

(d) receive fees, rebates, commissions, discounts or other benefits (including soft dollar commissions) from Funds or Fund Managers for the Services. You agree that we are not required to inform you or account to you for such benefits, and (to the extent permitted by applicable law) we are entitled to retain these benefits without disclosing them to you.

18. How much will you pay?

18.1 You must pay the fees in connection with the use of our Services.

18.2 Your investments will be subject to the following fees:

(a) Service fee: you shall be charged by Wise Asia-Pacific Pte Ltd the following annual fee(s) in relation to the units of Funds which you hold through Wise Asia-Pacific Pte Ltd:

(i) 0.25% in relation to the value of the units of Lion Global SGD Money Market Fund SGD Class A held by you; and/or

(ii) 0.425% in relation to the value of the units of Infinity Global Stock Index Fund USD Class held by you and/or;

(iii) 0.25% in relation to the value of the units of Franklin Templeton U.S. Government Money Fund USD Class A held by you.

Such charges shall automatically be deducted from the E-money Balance each month. The annual fee may include any savings from applicable trailer rebate fees that has been received from the relevant Fund Manager, which will be fully passed on to customers, less any GST applicable:

(i) 0.125% for Lion Global SGD Money Market Fund SGD Class A and/or;

(ii) 0.2375% for Infinity Global Stock Index Fund USD Class

(iii) 0.15% for Franklin Templeton U.S. Government Money Fund USD Class A.

(b) Management fee: the Fund Manager shall charge the following annual fee to cover its costs incurred in relation to the management of the Funds:

(i) 0.25% in relation to the value of the units of LionGlobal SGD Money Market Fund SGD Class A held by you; and

(ii) 0.475% in relation to the value of the units of the Infinity Global Stock Index Fund USD Class held by you; and

(iii) 0.60% in relation to the value of the units of Franklin Templeton U.S. Government Money Fund USD Class A held by you.

Such charges shall be automatically deducted from the assets of the relevant Fund, and so will be reflected in the Net Asset Valuation of the units issued by such Fund.

(d) Any other fees that we may impose at our discretion from time to time.

18.3 You agree that we are authorised to deduct our fees, any applicable reversal amounts, and/or any amounts you owe Wise Asia-Pacific Pte Ltd from your Investment Account or from your E-money Balance held with Wise Asia-Pacific Pte Ltd. If you don’t have enough money in your Investment Account or E-money Balance to cover these amounts, we may refuse to execute the relevant transaction or provide any Services to you.

18.4 Goods and services taxes (GST) applicability:

(a) Where any such service provided by Wise is subject to GST, you will pay such GST over to Wise in addition to the agreed fees.

(b) Unless set out elsewhere in this agreement, all services provided by Wise and the fees on these are exclusive of any applicable GST.

(c) The GST will be payable at the same time as the underlying fee, except where you have the responsibility to self account for such GST to a tax authority.

19. Investment Risk Warnings

19.1 Risk warnings are provided for your information and protection. We strongly encourage you to read them and to contact us if you have any questions or require further clarification. This document cannot cover all risks but is meant to act as a general guide to the most significant aspects of the risk associated with the investment service we offer you.

(a) Performance/Investment risk. For all investments, there may be a possible loss of your principal amount invested. The value and income of investments and securities is dependent on market performance, and may therefore fall as well as rise. You may not get back the full amount of capital invested, and should be aware that past performance is not a guide to future performance. All transactions, arrangements entered into and actions taken by us on your behalf will be made by us as your agent, for your sole account and at your sole risk.

(b) Inflation risk. The real value of investments may be adversely affected by inflation, and you are reminded that, while an investment may have historically performed positively in an inflationary environment, past performance is not a guide to future performance.

(c) Currency/Foreign Exchange risk. If you choose to convert from a currency which is different from the currency of denomination of the Fund to invest, you should be aware and must acknowledge that the investment’s value may increase or decrease due to changes in the relative value of the involved currencies.

(d) Counterparty/Default Risk. There is a risk that the counterparty will not be able to fulfil the deal or make the required payments on their obligations, whether due to a deterioration of the counterparty's financial situation or otherwise. Where Wise acts as your agent, you will be exposed to the risk of person with whom Wise is transacting on your behalf. Where Wise acts as principal against you, you will be exposed to this risk with regards to Wise.

(e) Market Risk. Your payments or receipts under a transaction will be linked to changes in the particular financial market or markets to which the transaction is linked, and you will be exposed to price, currency exchange, interest rate or other volatility in that market or markets. You may sustain substantial losses on the investments if the market conditions move against your positions. It is in your interest to fully understand the impact of market movements, in particular the extent of profit/loss you would be exposed to when there is an upward or downward movement in the relevant rates, and the extent of loss if you have to liquidate a position if market conditions move against you. Your position may be liquidated at a loss, and you will be liable for any resulting deficit in your Investment Account with us.

(f) Transfer Risk. Wise has developed a system to allow you to hold units in funds in very small denominations of up to 10 decimal places, as opposed to the general market offering of up to 2 decimal places. There is a risk that, should you choose or be required to transfer your holdings in these small denominations to another custodian, the new custodian may not be able to accommodate your holdings in such small denominations. These small denominations of funds units may therefore need to be liquidated or redeemed at their current market value which may be at a loss to you, although you will remain entitled to sale proceeds.

19.2 You agree that you are solely responsible for making your own independent investigation and appraisal of all investments. You shall fully understand and familiarise yourself with all the terms and conditions of each investment and the risks involved.

19.3 The basis of our execution only service is that, where we accept an instruction from you, we will carry out the transaction on your behalf without assessing the suitability of that decision for your investment needs. We will not provide any financial advice and we will not take into account your specific objectives, financial situation, investment experience, knowledge and particular needs.

20. Closing your Investment Account

20.1 Subject to section 20.3 below, you may end this Agreement and close your Investment Account at any time by divesting the entirety of each of your Invested Balance or Invested Jars.

20.2 Divesting an Invested Balance or Invested Jar will not terminate this Agreement if you are holding units issued by the Fund Manager through Wise Asia-Pacific Pte Ltd in any other Invested Balance or Invested Jar.

20.3 You must not close your Investment Account to avoid an investigation. If you attempt to close your Investment Account during an investigation, we may hold the units in your Investment Account until the investigation is fully complete in order to protect our interests or the interest of a third party.

20.4 You agree that you will continue to be responsible for all obligations related to your Investment Account even after it is closed.

21. Information security

21.1 You are responsible for configuring your information technology, computer programmes and platform in order to access our Services. You should use your own virus protection software. We cannot guarantee that our Services will be free from bugs or viruses.

21.2 You must not misuse our Services by introducing viruses, trojans, worms, logic bombs or other materials which are malicious or technologically harmful. You must not attempt to gain unauthorised access to our Website, the App, our servers, computers or databases. You must not attack our Website or the App with any type of denial of service attack. By breaching this provision you might be committing a criminal offence under the Computer Misuse Act 1990. We will report any such breach to the relevant law enforcement authorities and we will cooperate with those authorities by disclosing your identity to them. In the event of such a breach, your right to use our Website, the App and/or our Services will cease immediately.

22. When we can end this Agreement or suspend our Services

22.1 We may end this Agreement and close your Investment Account or any service associated with it by giving you 30 days' prior notice, unless we are required by law to act sooner. On the closure date, all remaining units you hold through Wise Asia-Pacific Pte Ltd will be sold and the proceeds deposited in your Wise Account, unless we are required by law to freeze your Investment Account.

22.2 We may suspend, freeze, or close your Investment Account without notice in certain circumstances. We will lift the suspension and/or restriction as soon as practicable after the reasons for the suspension and/or restriction have ceased to exist.

22.3 We may at any time suspend or close your Investment Account and/or end this Agreement without notice if:

(a) you breach any provision of this Agreement or documents referred to in this Agreement;

(b) notifying you would be unlawful or compromise our reasonable security measures;

(d) we are requested or directed to do so by any competent court of law, government authority, public agency, law enforcement agency or the applicable regulator;

(e) we have reason to believe you are in breach of any applicable law or regulation;

(f) we have reason to believe you are involved in any fraudulent activity, money laundering, terrorism financing or other criminal or illegal activity;

(g) allowing you to contribute or transfer in would breach any applicable law or regulation;

(h) the details you provided, including the declarations you accepted in opening your Wise Account or Investment Account, are incorrect and, had your application been correct, we would not have accepted your application for an Investment Account;

(i) we believe that your Wise Account or Investment Account has been compromised or for other security reasons; or

(j) we suspect your Wise Account or Investment Account has been used or is being used without your authorisation or fraudulently.

23. Our right to make changes

23.1 We may change this Agreement by giving you at least 7 days' prior written notice on the condition that such change is not unfair to you. If we do this, you can terminate this Agreement immediately by providing written notice to us during the notice period. If we do not hear from you during the notice period, you will be deemed to have accepted the proposed changes and they will apply to you from the effective date specified in the notice.

23.2 In some instances, we may change this Agreement immediately. Changes to this Agreement which are: (1) more favourable to you; (2) required by law; or (3) related to the addition of a new service or extra functionality to the existing Services; or (4) changes which neither reduce your rights nor increase your responsibilities, will come into effect immediately if they are stated to do so in a change notice.

24. How we may contact you

24.1 We usually contact you via email. For this purpose, you must at all times maintain at least one valid email address in your Wise Account profile. You are required to check for incoming messages regularly and frequently. If you don’t maintain or check your email and other methods of communications, you will miss emails relating to your Investment Account and our Services. We cannot be liable for any consequence or loss if you don’t do this. If we have reasonable concerns either about the security of your Investment Account, or any suspected or actual fraudulent use of your Investment Account, we will contact you via telephone, email, or both (unless contacting you would be unlawful or compromise our reasonable security measures).

24.2 Other ways we may contact you. In addition to communicating via email, we may contact you via letter or telephone where appropriate. If you use any mobile services, we may also communicate with you via SMS. Any communications or notices sent by:

(a) Email will be deemed received by you on the same day if it is received in your email inbox before 5pm Singapore time on a Business Day. If it is received in your email inbox after 5pm Singapore time on a Business Day or at any other time, it will be deemed received on the next Business Day.

(b) Post will be deemed received three (3) days from the date of posting for Singapore post or within five (5) days of posting for international post.

24.3 Where legislation requires us to provide information to you on a durable medium, we will either send you an email (with or without attachment) or send you a notification pointing you to information on our Website in a way that enables you to retain the information in print format or other format that can be retained by you permanently for future reference. Do keep copies of all communications we send or make available to you.

24.4 If you need a copy of the current Agreement or any other relevant documents, please contact Customer Support.

24.5 This Agreement is made in the English language. Documents or communications in any other languages are for your convenience and only the English language versions are official.

25. Complaints

25.1 If you have any complaints about us or our Services, you may contact us by following our Customer Complaint Procedure. To the extent you remain dissatisfied with the result of our team's investigation or with any action taken by us as a result of such investigation, you may refer the matter to the Financial Industry Disputes Resolution Centre Ltd (FIDReC) for further investigation.

26. Other important terms

26.1 Nobody else has any rights under this Agreement. This Agreement is between you and Wise Asia-Pacific . No other person shall have any rights to enforce any of its terms. Neither party will need to get the agreement of any other person in order to end or make any changes to this Agreement.

26.2 We may transfer this Agreement to someone else. You may not transfer, assign, mortgage, charge, subcontract, declare a trust over or deal in any other manner with any or all of your rights and obligations under this Agreement without our prior written consent. We reserve the right to transfer, assign or novate this Agreement (including the Investment Account) or any right or obligation under this Agreement at any time without your consent. This does not affect your rights to close your Investment Account under section 20.

26.3 If a court finds part of this Agreement illegal, the rest will continue in force. Each of the paragraphs of this Agreement operates separately. If any court or relevant authority decides that any of them are unlawful, the remaining paragraphs will remain in full force and effect.

26.4 Even if we delay in enforcing this Agreement, we can still enforce it later. If we delay in asking you to do certain things or in taking action, it will not prevent us from taking steps against you at a later date.

26.5 This Agreement supersedes any other previous agreements. This Agreement supersedes and extinguishes all previous agreements between you and Wise Asia-Pacific Pte Ltd, whether written or oral, relating to its subject matter.

26.6 Which laws apply to this Agreement and where you may bring legal proceedings. This Agreement, and any dispute or claim arising out of or in connection with it and/or your Investment Account, or its subject matter or formation (including non-contractual disputes or claims) shall be governed by Singapore law. Any dispute or claim between you and us arising out of or in connection with this Agreement and/or your Investment Account may be brought in the courts of Singapore.

27. The Automatic Exchange of Information (AEOI)

To help fight against tax evasion, over 100 governments around the world are complying with two information-gathering and reporting requirements for financial institutions, such as Wise Asia-Pacific , known as the Common Reporting Standard (“CRS”) and the Foreign Account Tax Compliance Act (“FATCA”).

Under the CRS, we are obligated to determine where you are “tax resident”, which usually means where you are liable to pay income or corporate taxes. Under FATCA, we are specifically obligated to determine if you are a United States tax resident. If you are a tax resident outside of Singapore we are required to provide certain personal, account and financial details to The Inland Revenue Authority Singapore (“IRAS”) who may then share that information with the tax authority of the country or jurisdiction where you are tax resident.

In Singapore, we are required to complete CRS & FATCA reporting and a DAC2 declaration to MTA by 30 June every year in respect of customers we have identified as Reportable Persons or Reportable Entities.

How does the CRS & FATCA impact you?

Customers identified as resident for tax purposes in Singapore during the onboarding process and therefore not a Reportable Person or Reportable Entity will only complete onboarding to verify their Singapore tax residence. However, there will be some customers who, based on the information we collect, we believe to be Reportable Persons or Reportable Entities.

If we feel we need further information we will ask you to provide additional information, such as your Taxpayer Identification Number (TIN) e.g. National Registration Identity Card number or Unique Entity Number to help with the completion of a Tax Residency Self-Certification form. In some cases we will ask you for a reasonable explanation and/or additional documentary evidence as proof of tax residency.

You acknowledge and agree that in the event that your status changes from a non-US Person to a US Person, you shall immediately notify Wise and you shall be required to, upon demand by Wise and in a timely manner, provide any form, certification, representation, confirmation or other information, as may be requested by and in a form acceptable to Wise. You acknowledge and agree that Wise may in its sole and absolute discretion terminate your Investment Account with immediate or subsequent effect by written notice if you fail to comply in a timely manner with the requirements in this section, whereupon Wise shall be entitled to receive all fees and other monies accrued up to the date of such termination. If you do not timely inform us of your change in tax residency we will report your account to the IRS under FATCA.

Do you need to do anything?

If you are affected by the CRS or FATCA we may write to you asking you to fill in a Tax Residency Self-Certification form or to advise on missing information.

If you have any additional questions, please visit the OECD Automatic Exchange of Information portal or the IRS FATCA guide for more information.

28. Representation and Warranty

You further acknowledge that you (a) are not purchasing Units as a nominee for, or for the account or benefit of, any U.S. Person; (b) have not been solicited to purchase Units while resident in the United States; (c) are not utilising funds obtained from a U.S. Person in order to purchase Units; and (d) are acquiring Units for investment purposes only and agree not to (i) transfer such Units to a U.S. Person or within the United States or otherwise in a transaction that would give rise to the registration requirements of the U.S. Securities Act of 1933 as amended, (the “1933 Act”) or the U.S. Investment Company Act of 1940 as amended, and (ii) engage in hedging transactions with respect to the Units that are not in compliance with the 1933 Act or other U.S. legislation.