Bruc Bond Pte Ltd (“The Company”) holds a Major Payment Institution (MPI) licence no. PS20200075, issued by the Monetary Authority of Singapore (MAS), under the Payment Services Act (No. 2 of 2019).
Protecting Our Clients' Funds:
As a Major Payment Institution, Bruc Bond is strictly bound by the regulatory requirements of the Payment Services Act applicable to all MPIs. Moreover, we are happy to follow the strictest safeguarding standards under the supervision of the MAS.
As per Section 23 (2) of the PS Act, all MPIs must ensure no later than the next business day after any relevant money received from, or on account of, a customer, is safeguarded in one of the following manners:
1. by an undertaking from a safeguarding institution
2. by a guarantee given by a safeguarding institution
3. by depositing the relevant money in a trust account maintained with a safeguarding institution
Bruc Bond provides safeguarding by using option 3 above. For the benefit of our Clients, Bruc Bond safeguards client funds by opening trust accounts with a safeguarding institution(s).
This means that Bruc Bond clients who choose to open sub-accounts under the Company's bank account with a licensed financial institution always own the funds in these sub-accounts. None of these funds could be used to cover any of the Company’s liabilities, and any financial institution holding these funds will be obligated to return them to our clients.
It is our objective to protect our clients' funds at all times to the best of our ability. That’s why we work using the strictest measures and only with the most reputable partners.