YouBiz Terms & Conditions - Singapore
Application of these terms and conditions. These terms and conditions shall apply to the business account and related services (“YouBiz”, “YouBiz Account” or “YouBiz Services”) provided to you by You Technologies Group (Singapore) Pte. Ltd. (“YouTech”, “our”, “we” or “us”) and third parties engaged by, or in partnership with us.
A little ’bout how we’re regulated. YouTech is licensed under the Payment Services Act 2019 (No.2 of 2019) (“PS Act”) as a major payment institution to carry on the business of (1) account issuance service, (2) domestic money transfer service, (3) cross-border money transfer service and (4) e-money issuance service.
How we’re safeguarding your monies. As required by the PS Act:
- All your monies are deposited into dedicated customer segregated accounts held by us with DBS Bank Ltd. (“DBS”) and Standard Chartered Bank (Singapore) Limited (“SCB”, and together with DBS, the “Safeguarding Institutions”) which shall be safeguarded separately from any other account in which we deposit our own monies. All monies in these dedicated customer segregated accounts are held on trust by us for you and the Safeguarding Institutions will not be entitled to use such monies to repay any debts we may owe the Safeguarding Institutions.
- As the trustee of the dedicated customer segregated accounts, where your monies are deposited together with the monies of other customers, rest assured that we are not able to use the monies held in such an account to repay any debts we may owe to any other party. In the event of an insolvency, you will be able to make a claim for your funds from these dedicated customer segregated accounts.
YouBiz Account and YouBiz Services. The YouBiz Account is managed through a dashboard on our website (“YouBiz Dashboard”), which only you and the appropriate authorised persons will have access to. The YouBiz Services include the services available on the YouBiz Dashboard and the virtual and / or physical debit cards (“Cards”) issued to you and the relevant persons.
Rejecting our Terms. If you don’t agree to the Terms, please stop using your YouBiz Account, the YouBiz Services and our website.
Eligibility. To be eligible to use YouBiz (each an “Eligible Applicant”):
you are a business operating in Singapore; and
in the case of an individual, be at least 18 years of age at the time of signing up for YouBiz and have the full legal capacity to accept the Terms; or
in the case of a legal person other than an individual, have the full legal capacity (including obtaining the necessary approvals) to accept the Terms; and
you must not conduct or be involved in any of the following businesses or activities:
traders in precious metals and mining
firearms manufacturers / suppliers
casinos, gaming or internet gambling companies
offshore shell companies
By accessing and/or using YouBiz, you represent and warrant to us that you are an Eligible Applicant. Despite you being an Eligible Applicant, we reserve the right to at our sole discretion, refuse to let you open a YouBiz Account for any other reason, or apply restrictions to your YouBiz Account.
Sign-up process. You’ll provide us with your email address and contact number, and agree to allow us to contact you through the email address and/or contact number to assist you with setting up your YouBiz Account.
Your cooperation is required to set up your unique YouBiz Account. We’ll set up a YouBiz Account for you that’s unique to your email address and contact number. During this process, we’ll ask you to provide certain information that’s necessary to complete the registration. As setting up your YouBiz Account is the first step before you’re able to use the YouBiz Services, your cooperation is essential. For more information about activating your card, please refer to paragraph 8 below.
Getting to know you
We’re required by law to carry out security and customer due diligence checks. You agree to cooperate with all requests made by us or any of our third party service providers in relation to your YouBiz Account, to identify you (as well as any director, legal representative or ultimate beneficial owner thereof), authenticate your identity (as well as the identity of any director, legal representative or ultimate beneficial owner thereof), validate your source of wealth, source of funds and/or transactions. We may close, suspend, or limit access to your YouBiz Account and/or the YouBiz Services if we’re unable to obtain or verify such information. You also agree to authorise us – directly or through our third party service providers – to make any enquiries we consider necessary to validate your identity (as well as the identity of any director, legal representative or ultimate beneficial owner thereof). Some examples include: asking for entity specific documentation, identification documentation of any director, legal representative or ultimate beneficial owner, or such other information to help us identify you (or any director, legal representative or ultimate beneficial owner), and may also involve some assistance on your part, such as taking steps to confirm ownership of the email address, contact number or pay-in methods and beneficiaries linked to your YouBiz Account.
Accuracy of information
You’re responsible for providing us with accurate information when using YouBiz Services. This includes but is not limited to any applicable payment information you’re prompted to provide. If we’ve processed your payment request using the information you’ve provided to us, it’ll be considered correctly completed even if you’ve made a mistake. You’re solely responsible for any losses that occur as a result of any inaccurate information you’ve provided.
Securing your Credentials. You’re responsible for maintaining reasonable security and control of your computer, mobile phone, all IDs, passwords, personal identification numbers (PINs), or any other codes that you may use to access the YouBiz Services and YouBiz Account (“Credentials”). You must immediately notify us of any unauthorised use of your Credentials or any other breach of security. You’re also able to lock your YouBiz Account and the YouBiz Services at any time through the YouBiz Dashboard.
Using the YouBiz Services
You agree that in respect of the YouBiz Services and YouBiz Account, you’ll:
ensure that you’ve sufficient balance in your YouBiz Account before each payment transaction;
provide us with all necessary assistance to recover or rectify any unauthorised amount paid from or to your YouBiz Account’s available balance; and
at our request, top up your YouBiz Account to rectify any negative balance.
You agree to NOT carry out the following activities (“Restricted Activities”) through our website, YouBiz Services, YouBiz Account or while interacting with us, other users of the YouBiz Services (“Other Users”) or third parties:
use your YouBiz Account to facilitate criminal activities such as money laundering, terrorist financing and/or unlicensed money lending;
allow unauthorised persons to operate, access and/or control your YouBiz Account;
receive money from strangers, dubious sources, or other unverified sources (this includes but is not limited to facilitating pay-ins to your YouBiz Account in such a manner);
infringe the copyright, patent, trademark, trade secret or other intellectual property rights or rights of publicity or privacy of YouTech or any other third party;
act in a manner that’s defamatory, libelous, threatening or harassing;
provide false, inaccurate or misleading information;
instruct us to process on your behalf any transactions, which is in our reasonable opinion potentially fraudulent;
take any action that imposes an unreasonably or disproportionately large load on our infrastructure; facilitate any viruses, Trojan horses, worms or other computer programming routines that may damage, detrimentally interfere with, surreptitiously intercept or expropriate any system, data or information; use an anonymising proxy; use any robot, spider, other automatic device, or manual process to monitor or copy our website without our prior written permission; or interfere or attempt to interfere with the YouBiz Services;
take any action that may cause any system downtime to our internet service providers, payment processors, or other suppliers;
circumvent any of our policies or determinations in respect of your YouBiz Account, including but not limited to temporary or indefinite suspensions, limitations or restrictions, such as by engaging in the following: attempt to create a new or additional YouBiz Account when a YouBiz Account has a negative balance or has been restricted, suspended or otherwise limited; create a new or additional YouBiz Account using information that does not belong to you or use a YouBiz Account that does not belong to you;
harass our employees, agents or Other Users;
breach the Terms, or any other agreement or policy that you may have agreed to with YouTech, or its third party service providers;
violate any law, statute, ordinance, or regulation;
use the YouBiz Services to purchase or sell, or to facilitate the purchase or sale of illegal goods or services;
“double-dip” during a dispute, chargeback, reversal or other investigation. “Double-dipping” refers to intentionally or knowingly receiving or attempting to receive funds from both YouTech and a merchant for the same transaction;
use the YouBiz Services in a manner that’s likely to result in or may result in complaints, disputes, reversals, chargebacks, fees, fines, penalties or other liabilities to YouTech, Other Users, third parties or yourself;
use your YouBiz Account or the Services in a manner that causes us or the relevant electronic funds transfer network to reasonably conclude that there’s an abuse of the card system or a violation of any applicable electronic payment network rules, card association or network rules or applicable law;
maintain a YouBiz Account with a negative balance for any prolonged period (which shall determined at our sole discretion); or
refuse to cooperate in an investigation or confirm your identity or any information you provide to us.
Freezing, closing, suspending or terminating your YouBiz Account. In the event that you’ve carried out or attempted to carry out any of the Restricted Activities or transactions that we’ve determined at our sole discretion to not be permitted under the Terms, we may take action at our sole discretion, to freeze, close, suspend or terminate your YouBiz Account.
Sanctions Laws. We’re committed to complying with sanctions laws and regulations (as may be amended from time to time) passed by Singapore, the United Nations Security Council, the European Union and the U.S. Department of the Treasury’s Office of Foreign Assets Control as well as any applicable sanctions laws in the jurisdictions in which we operate (“Sanctions Laws”). Our customer acceptance policy is aligned with the Sanctions Laws and our risk appetite. By using your YouBiz Account and the YouBiz Services, you represent and warrant that at all times, you’re not subject to Sanctions Laws and shall not use your YouBiz Account or the YouBiz Services for the benefit of sanctioned individuals, entities, countries or territories. We’ll not hesitate to take necessary action, including reporting, rejecting and/or blocking transactions, rejecting funds, closing accounts, terminating relationships that, at our sole discretion, appear to violate Sanctions Laws.
Our right to make changes to the YouBiz Services
We may change, suspend or discontinue any aspect of the YouBiz Services at any time without notice and without liability. This includes but is not limited to our hours of operation, availability of the YouBiz Services or any service features (such as imposing limits on certain service features or restricting access to some or all of the YouBiz Services).
Managing and operating the YouBiz Account
Delegating access to your YouBiz Account. You can authorise other people to carry out certain activities on your behalf. The three different categories of authorised persons are finance user, accountant user and general user. We will treat all instructions and actions by authorised persons within the limits of their authority as valid and legally binding.
Admin user. This is generally the person who first signs up for YouBiz on behalf of the business. This person will have unrestricted access to the YouBiz Account and YouBiz Services. This person is able to control access to the platform for all other users (only the admin user can add additional users to the platform). This person is not able to unilaterally appoint another admin user.
Finance user. This person is authorised to make payments within or out of the account (including by using your Cards) and make currency exchanges.
Accountant user. This person is authorised to view all transactions and make internal transfers in the YouBiz Account (i.e. this person can make currency exchanges and transfer funds between internal YouBiz accounts on the platform). This person is not able to make payments out of the YouBiz Account to an external party without prior approval of the finance user or admin user.
General user. This person is only authorised to use the specific Card assigned to them (as defined below) and view their own transactions made on the Card only. This user will not have access to any other Cards, or to other features such as transfers and exchanges.
Cards. After you receive your Card, you must:
activate your Card in the YouBiz Dashboard within the stipulated time frame; and
sign the signature panel on the back of the Card immediately and keep the Card safe.
We shall not be responsible / liable to you for any discrepancy between the signature appearing on the Card and the corresponding sales slip or for any reason(s) the Card is not accepted. You acknowledge and agree that any discrepancy between the signature appearing on the Card and the corresponding sales slip shall not by itself be a ground for disputing the validity of the sales transaction.
Validity Period. Your Card shall be valid for the period (“Validity Period”) stated on the Card and shall expire on the first day of the following month indicated on the face of the Card. You agree and understand that the Validity Period may not be extended.
Delivery of your Card. All Cards shall be delivered to the registered or office address stated in your application. Delivery to postal boxes shall not be accepted.
Your use of the Card is subject to certain obligations and limits. You must:
keep your Card safe;
ensure that your YouBiz Account has sufficient balance to successfully carry out the intended transaction;
always remember to take your Card back after using it;
not allow any unauthorised person to use your Card;
not give your Card number and details to any unauthorised person; and
not leave your Card in an unattended wallet, purse or vehicle or anywhere where another person could remove your Card without being noticed.
Replacing your Card. If your Card is lost, stolen, damaged or defaced, you may apply for a replacement Card from us. The Card replacement and delivery fee is set out in paragraph 9 below. For replacement of damaged or defaced Cards, you may need to produce the damaged or defaced Card. We’re not responsible for any losses that occur as a result of your Card being lost or stolen.
The fees payable for the YouBiz Services shall be set out in a separate fee schedule.
Fees charged by other banks. In addition to the above, do note that when you are performing transactions involving external bank accounts (e.g. making a payment to an overseas supplier’s bank account), the external bank may sometimes deduct their fees from the payment you’re sending or receiving. This could mean that you or the person you are paying receives a lower amount than expected (e.g. you or the person you are paying may only receive $95 when the amount sent was $100 because the other person’s bank has deducted a $5 fee).
Your YouBiz Account balance
Reported balances and available funds are only approximate real time balances. While we endeavour to provide you with up-to-date information about your account balance as far as possible, balances and available funds reported through the YouBiz Dashboard are only approximate real time balances, not the settled balances, and may not include pending debits and credits.
No interest. No interest will accrue or be payable to you in respect of the amounts standing to the credit of your YouBiz Account.
Sending, spending or exchanging money
When you send, spend or exchange money, you acknowledge and agree that you’re authorising us to execute each relevant transaction. After you have effected any transaction, you’ll not be able to cancel the transaction, except as provided for by any applicable law.
We provide you with a digital record for all transactions, accessible through the YouBiz Dashboard. We don’t provide you with any physical receipt or any other written confirmation in respect of your transactions. We also recommend that you ask for a copy of the receipt from each relevant merchant you’ve transacted with.
A pre-authorisation is a temporary hold placed by a merchant on your Card, and reserves funds for a future payment transaction. Such transactions are commonly carried out by hotels and car rental companies. The temporary hold may be for up to (30) thirty days and may be for an amount greater than the final bill. You’ll not be able to spend this temporarily held sum during this period. We’re not able to release such sum without the merchant’s authorisation, and in some situations, the withheld sum may also include an additional 20% to cover taxes and service charge.
Fraudulent, illegal or criminal activity
Suspension or termination of your YouBiz Account and Card. We may suspend or terminate your YouBiz Account and Card if we suspect you’re involved in any fraudulent activity, money laundering, terrorism financing or other criminal and/or illegal activity or if we suspect you to be in breach of the Terms.
Reversal of payment transactions. We also have the right to suspend, or later reverse, the processing of any payment transaction if we suspect that the payment transaction involves any fraudulent activity, money laundering, terrorism financing or other criminal and/or illegal activity or if we suspect you to be in breach of the Terms. In such an event, you agree that you shall not hold us liable for any withholding of, delay in, suspension of or cancellation of, any payment by or to you.
You’re responsible for all transactions effected with your YouBiz Account regardless of whether such activity is actually carried out or authorised by you.
We shall be entitled to treat all use of or access to the YouBiz Services, and any information, data, instructions or communications issued with your YouBiz Account, as having been transmitted and validly issued by you, and you shall be bound by all such use and/or access.
Your intended merchant or recipient has the right to choose to accept or decline any payment method. In the event a merchant or recipient does not accept the Card or YouBiz Services as a valid payment method, we shall not be liable for any losses incurred by you as a result of the merchant or recipient’s refusal to accept such payment. Any unclaimed, refunded or declined sums will be returned to you through the original payment method within 30 days of the date you initiated payment.
Transaction notifications. As part of our efforts to help secure your YouBiz Account, you acknowledge and agree that we may provide you with notifications once every 24 hours for certain transactions performed with your YouBiz Account. Please contact us immediately if any of such notified transactions were not conducted by you.
Liability for losses. You shall be liable for all losses incurred as a result of unauthorised transactions if:
you’ve acted fraudulently;
you’ve intentionally or negligently compromised the security of your YouBiz Account; or
you’ve compromised the security of your account by an unauthorised disclosure of your Credentials.
Foreign Currency Transactions. Apart from Singapore dollar transactions, you may also transact in other foreign currencies (“Foreign Currency Transaction”). If you make a Foreign Currency Transaction, we’ll either settle such transaction in the relevant foreign currency, or such other foreign currency and/or Singapore dollar balances as may be available in your YouBiz Account. If such a transaction is settled using other foreign currency and/or Singapore dollar balances, the applicable sums from such balances will be exchanged to the relevant foreign currency at the rate of exchange applicable at the relevant time of the transaction. Please note that exchange rates may vary from time to time. You may refer to the YouBiz Dashboard for the latest exchange rates.
Liabilities after YouBiz Account has been closed
You may be liable for any obligations related to your YouBiz Account even after it has been closed.
Limitation of liability
Our liability for any losses or damages that you may incur arising from the use of the YouBiz Account as a result of our breach or non-performance of our obligations under the Terms shall not exceed the stored value balance in your YouBiz Account or the actual direct losses or damages, whichever is lower. We shall not be liable for any indirect or consequential losses, (both of which include, without limitation, pure economic loss, loss of profit, loss of business, depletion of goodwill and like loss) howsoever caused (including as a result of negligence).
Governing law & jurisdiction
The construction, validity and performance of the Terms shall be governed by and construed in accordance with Singapore law and any claim or dispute arising out of or in relation to the Terms shall be subject to the non-exclusive jurisdiction of the Singapore courts.
The YouBiz Account, YouBiz Services and/or YouBiz Dashboard may be subject to limitations, delays and other issues associated with using the internet and electronic communications. This includes but is not limited to the device used by you or third party service providers being faulty, not connected, out of range, switched off or malfunctioning. We’re not liable for any delays, delivery failures, damages or losses that occur as a result of these issues.
Communications and updates
We may notify you directly about new updates and communications through the YouBiz Dashboard or our website. However, it’s your responsibility to stay up to date by visiting the YouBiz Dashboard or our website personally from time to time. You’re also responsible for reviewing any notices to you and your transaction history, and to promptly report any questions, apparent errors, or unauthorised transactions. Failure to contact us in a timely manner may result in the loss of funds or important rights. In addition, we may at our sole discretion, implement forced updates of the YouBiz Dashboard at any time.
Enquiries regarding payment transactions. If you discover any errors or unauthorised transactions, please contact our customer support team immediately. We can be reached via email@example.com. You may also initiate a block on your Card through the YouBiz Dashboard at any time.
Transaction disputes or requests for chargeback. Any transaction disputes or requests for chargeback shall be raised through the prescribed Cardholder Transaction Dispute & Chargeback Form which can be requested from our customer support team via firstname.lastname@example.org.
Updating your contact information
It’s your responsibility to keep your contact information up-to-date. If you’re unable to receive electronic communications because your email address or contact number on our file is incorrect, out of date, blocked by your service provider, or for any other reason, we shall be deemed to have provided the relevant communication to you, and shall not be liable for any damages or losses incurred as a result.
If your email address or contact number becomes invalid, we may at our sole discretion designate your YouBiz Account as inactive. In such cases, you won’t be able to use your YouBiz Account until we receive a valid and working email address or contact number from you.
Our failure or delay in enforcing any of our rights under the Terms or applicable laws shall not be deemed to constitute a waiver of such right.
Third party rights
A person who is not a party to the Terms has no right under the Contracts (Rights of Third Parties) Act (Cap. 53B) to enforce any of the Terms.
Amending the Terms
We may amend any part of the Terms, or our policies relating to the YouBiz Services, at any time, by posting the amended versions on our website at https://biz.you.co/sign-up. We may elect, at our sole discretion, to provide notice of such amendments to you through email or otherwise, but you shall remain responsible for checking for amended Terms and policies regularly. If you don’t agree to any amended Terms or policies, you should initiate closure of your YouBiz Account. Your continued use of your YouBiz Account and/or the YouBiz Services shall be deemed to be your acceptance to the amended Terms.