MonFX Pte. Ltd. is licenced and regulated by the Monetary Authority of Singapore as a Major Payment Institution for cross-border money transfer service under the Payment Services Act 2019.
What we do with your money
Safeguarding rules are primarily designed to protect customer funds received for the provision of a payment service held by a firm on behalf of its clients from the assets or liabilities of the firm itself, creating an asset pool from which to pay the claims of payment service users in priority to other creditors in the event of the insolvency of an institution.
MonFX safeguards client moneys in trust accounts named in accordance with MAS regulations as a customer segregated account maintained with DBS, in Singapore (“safeguarding institution”). Client monies in these trust accounts are ring-fenced against any debt owed by MonFX to the safeguarding institution. The trust account is distinguished and segregated separately from any other MonFX account that it uses to deposit moneys belonging to MonFX.