BasedApp is a brand of SHA2 Labs Pte Ltd, which is an exempted entity for Activity F – Digital Payment Token under the Payment Services Act 2019 by the Monetary Authority of Singapore.
RISK WARNING ON DIGITAL PAYMENT TOKEN SERVICES
The Monetary Authority of Singapore (MAS) requires us to provide this risk warning to you as a customer of a digital payment token (DPT) service provider.
Before you:
- pay or transfer your DPT service provider any money or DPT;
- enter into an agreement with a third party to buy or sell DPTs upon inducement by your DPT service provider;
- enter into an agreement with a third party under an arrangement by your DPT service provider for the transmission of DPTs;
- pay a third party any money or DPT under an arrangement by your DPT service provider for the transmission of DPTs; or
- transfer any digital payment token instrument to your DPT service provider, you should be aware of the following.
Your DPT service provider is exempted by MAS from holding a licence to provide DPT services. Please note that you may not be able to recover all the money or DPTs you paid to your DPT service provider, or any other third party referred to above, if your DPT service provider's or the third party's business fails.
You should not transact in the DPT if you are not familiar with this DPT. This includes how the DPT is created, and how the DPT you intend to transact is transferred or held by your DPT service provider.
You should be aware that the value of DPTs may fluctuate greatly. You should buy DPTs only if you are prepared to accept the risk of losing all of the money you put into such tokens.
You should be aware that your DPT service provider, as part of its licence to provide DPT services, may offer services related to DPTs which are promoted as having a stable value, commonly known as "stablecoin".
IMPORTANT DISCLOSURES
BasedApp is a fintech company and not a bank. Balances stored on BasedApp represent digital payment tokens as defined under the Payment Services Act 2019 and are not considered as cash deposits. Digital payment tokens are not legal tender, are not endorsed by the government, and do not qualify as a deposit under the Deposit Insurance and Policy Owners' Protection Schemes Act 2011.
BasedApp Visa Card is issued by Xfers Pte Ltd (also known as StraitsX) pursuant to a license from Visa. Visa is a registered trademark of Visa International Service Association. All card transactions are subject to the terms and conditions of the cardholder agreement with Xfers Pte Ltd.
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