Gold Savings
Account

Terms & Conditions

Last updated: 29 January 2021

These Terms and Conditions (hereinafter “Terms” or “Agreement”) govern your access and/or use of the Gold Savings Account Platform or any other Gold Savings Account products, services, features, technologies or functionalities provided by us (collectively, the “Services”).

You must agree to all of the terms of this Agreement. If you do not agree to or accept all of the terms of this Agreement, please immediately discontinue access to, and use of, the Services. This Agreement applies to all Gold Savings Account Platform users.

If you are under the age of eighteen (18) and the legal age for entering legally binding contracts under applicable laws, you are not permitted to use the Services. By continuing to access or use of the Services you indicate that you are 18 years of age or older or have the legal capacity to enter legally binding contracts under applicable laws. Misrepresentation of your age to gain access to the Services is a breach of this Agreement.

As used in this Agreement, “we”, “us”, “our”, “Gold Savings Account Platform”, and “Goldheart Bullion” means Goldheart Bullion Pte Ltd, and “you”, “your”, “user”, and “Verified User” means someone who accesses or uses the Gold Savings Account Platform and the Services, in any way.

Words importing the singular shall, where the context permits or requires, include the plural and vice versa. Words importing gender or the neuter shall include both genders and the neuter. Words importing persons shall, where the context permits or requires, include natural persons, any public bodies and anybody of persons, corporate or unincorporated.

GOLD SAVINGS ACCOUNT

About Gold Savings Account and the Gold Savings Account Platform

Gold Savings Account Platform is an online platform within which, a Verified User may buy, sell, redeem and manage their Gold Holdings in their Gold Savings Account.

Gold Holdings in a Gold Savings Account are fully backed by CACHE Gold Tokens (“CGT”). CGT is an ERC-20 token on the Ethereum blockchain, representing the beneficial ownership of one (1) pure gram of Allocated Gold stored at approved vaults. CGT uses the GramChain® asset tracking system to provide a reliable Proof of Reserve (PoR) which guarantees 100% gold backing and facilitates physical redemption on demand. Verified Users will be able to view the physical gold represented by your Gold Holdings (“Gold Reserves”), including event history, on the Gold Savings Account Platform.

Account Opening

In order to use the Services and gain access to your Gold Savings Account, you must sign-up for an account and be at least Level 1 Verified. Therefore, when you register for a Gold Savings Account.

For a Gold Savings Account to be Level 1 Verified, we will require your basic contact information such as your name, nationality, residential address, email address, and mobile number (for verification). You must verify ownership of your registered mobile number by entering the verification code (OTP) sent to this registered mobile number. This verification process ensures that Gold Savings Accounts belong to users who are identifiable with good confidence.

You may also upgrade your Level 1 Verified Gold Savings Account to Level 2 Verified to get access to certain features such as, higher withdrawal limits and the ability to change sensitive account information. To upgrade to Level 2 Verified, you will be required to provide additional information and documents to help us verify your identity, such as your date of birth or incorporation, incorporation and constitutional documents, government-issued identification, and proof of address. Under certain circumstances, we may ask for source of funds or source of wealth.

You represent and warrant to us at all times that, to the best of your knowledge, any information provided to us by you is complete, accurate, and not misleading in any material respect and you agree to notify us, should such information change. We have the right to reject your account registration or to later close your Gold Savings Account, if you do not provide us with accurate, complete, or satisfactory information, or if you are deemed a business or compliance risk.

We shall, from time to time, deem certain countries to be prohibited countries, in accordance with various risk factors, legislation, regulation, and guidance. We may reject users that are residing in or citizens of a prohibited country.

BUYING GOLD IN YOUR GOLD SAVINGS ACCOUNT

Buy Order Submission

When buying online from us, the price at which your order is submitted is the locked-in price. Your submission of a buy order means that you have entered into a binding agreement with us to purchase gold at the quantity and price specified at the time of your order submission, subject always to Clause 5.1.

If you are not paying through your Gold Savings Account cash balance, you must ensure that your payment is completed within the time period specified on the payment page (e.g. 10 minutes), to realise your locked-in price and to confirm your buy order.

Payments received by us after the specified time period or payments that are less than the stated amount due will be considered as invalid payment, and will be subject to our refund policy.

Buy Order Payments

Payments for an order can be effected using your Gold Savings Account cash balance, credit/debit cards, cash payment, or other mode of payments that may be acceptable to us from time to time.

Some mode of payments may be subject to a convenience fee, in accordance with our Fee Schedule (e.g. credit/debit cards, NETS and Alipay payments).

You agree that all banking charges both in Singapore and abroad shall be borne by you and shall be deducted/charged to your account.

Buy Order Completion

Once your buy order is confirmed, the purchased gold will be reflected in your Gold Savings Account. You may view your Gold Holdings in your Gold Savings Account at any time by logging into the Gold Savings Account Platform.

If you paid through your Gold Savings Account cash balance, your order will be confirmed immediately and the purchased gold will be reflected in your Gold Holdings.

GOLD AUTOSAVE

You may elect to set up recurring buy orders at an amount and frequency of your choosing, by participating in the Gold AutoSave program within the Gold Savings Account Platform. You may opt into several options to schedule your recurring buys: daily, weekly, bi-weekly, monthly, or quarterly. Your billing schedule will depend on the date you enroll in the program and the frequency you selected.

By setting up recurring buy orders, you agree to be fully responsible for keeping your Gold Savings Account cash balance funded and/or the selected funding method in good standing. In the event of a change or update to your selected funding method, it is your responsibility to inform Goldheart Bullion in order to effect the necessary changes in your Gold Savings Account. If your Gold Savings Account cash balance is unfunded and/or your funding method is not kept current and in good standing, we may terminate the recurring buy order and you will need to set up a new arrangement.

If you elect to participate in the Gold AutoSave program, you also agree to keep the account with your bank adequately funded. Should we receive a chargeback related to you recurring buy orders, your completed buy order will be reversed and you will be charged an administration fee of fifty Singapore Dollars ($50.00 SGD). You also agree that in such instances, we will not be responsible for any potential gain related to your reversed buy order.

GIRO and Direct Debit Authorisation (DDA) Arrangement

GIRO or DDA arrangement: By setting up recurring payments by GIRO or DDA, you agree to us debiting the relevant bank account for the amount and funding frequency that you selected. This arrangement will continue to be in effect until you terminate the arrangement in your Gold Savings Account, or until we receive a notification from your bank. We reserve the right to terminate this payment arrangement at any time in our discretion.

New Applications: For approved new application for payment by GIRO or DDA, this authorisation will take effect once the GIRO or DDA funding link has been completed.

Unsuccessful GIRO or DDA Deduction: If we are unable to make the deduction or settlement with your bank for any reason whatsoever and your Gold Savings Account cash balance is not sufficiently funded, you acknowledge and agree that any scheduled recurring buy order under the Gold AutoSave program will not be executed by us. You also agree that in such instances, we will not be responsible for any potential gain related to the unexecuted recurring buy order. In the event of unsuccessful GIRO or DDA deduction from your bank, you will be responsible to contact your bank for further clarification.

Termination of GIRO or DDA arrangement: The GIRO or DDA arrangement will be terminated if (a) the deduction is unsuccessful on a repeated basis for 3 consecutive deduction cycles; or (b) due to suspension, termination or closure of your bank account.

Credit/Debit Card Funding Arrangement

Credit/Debit Card Funding: By setting up recurring payments by Credit/Debit Card, you agree to us debiting the relevant credit/debit card for the amount and funding frequency that you selected. This recurring payment arrangement will continue to be in effect until you terminate the arrangement in your Gold Savings Account, or until we receive a notification from your bank. We reserve the right to terminate this payment arrangement at any time in our discretion.

New Applications: For approved new application for payment by Credit/Debit Card, this authorisation will take effect once the Credit/Debit Card funding link has been completed. You agree that we will refuse to accept a Credit/Debit Card funding link application for cards that are not in your name.

Unsuccessful deduction: If we are unable to make the deduction or settlement with your issuing bank for any reason whatsoever and your Gold Savings Account cash balance is not sufficiently funded, you acknowledge and agree that any scheduled recurring buy order under the Gold AutoSave program will not be executed by us. You also agree that in such instances, we will not be responsible for any potential gain related to the unexecuted recurring buy order. In the event of unsuccessful Credit/Debit Card deduction from the issuing bank, your will be responsible to contact your bank for further clarification. Further, we will not be liable to you for any charges incurred on the Credit/Debit Card as a result of our deductions as authorized herein.

Termination: The Credit/Debit Card Funding arrangement will be terminated if (a) the deduction is unsuccessful on a repeated basis for 3 consecutive funding cycles; or (b) due to suspension, termination or expiry of the relevant credit/debit card, stolen debit/credit card or closure of your bank account.

Changing or stopping funding method

If you wish to change or stop your Gold AutoSave funding method, this will only take effect from the next funding cycle. If you wish to stop payment by GIRO, DDA or by credit/debit card, you must notify your bank and us before the termination. If your card is lost, stolen, expired or terminated, you must also inform us in writing immediately. The termination of these forms of payment will only be effective when the message referring to the GIRO, DDA or credit/debit card funding is no longer reflected in your Gold Savings Account. You must make payment for any outstanding order in cash, cheque or bank transfer immediately together with any administrative fees and/or processing fee (inclusive of GST) for any failed GIRO, DDA or credit/debit card transaction. We can terminate any recurring funding arrangement at any time.

SELLING GOLD IN YOUR GOLD SAVINGS ACCOUNT

Sell Order Submission

When selling online to us, the price at which your order is submitted is the locked-in price. Your submission of a sell order means that you have entered into a binding agreement with us to sell your Gold Holdings at the quantity and price specified at the time of your order submission, subject always to Clause 5.1.

Sell Order Completion

Once your sell order is confirmed, we will deduct the quantity of gold sold from your Gold Holdings and credit the proceeds to your Gold Savings Account cash balance.

If you have requested that the proceeds be paid to your Linked Bank Account, we shall issue the payment within 1-2 business days from the sell order completion.

Redemption

You may, at any time, redeem your Gold Holdings in exchange for any Goldheart Bullion product, subject to applicable product premiums, these Terms and Goldheart Bullion’s separate User Agreement.

CANCELLATION POLICY

Once your order is confirmed, all prices are locked-in and you have entered into a binding legal agreement to buy or sell gold in the Gold Savings Account Platform at the quantity and price specified at the time of your order submission. You cannot cancel a confirmed order. However, we reserves the right to refuse or cancel any buy or sell order, as the case maybe, in the event that:

  1. Your payment for a buy order is not received in accordance with Clause 2.1.2, or was cancelled/reversed by your financial institution;
  2. When the price paid is incorrect, for whatsoever reasons including but not limited to computer-related or technical problems or otherwise, pricing error, incorrect item descriptions or sudden movements in the precious metals market or export / import restrictions; or
  3. When a buy order is deemed questionable, suspicious or of significant risk to Goldheart Bullion, in which case Goldheart Bullion will refund in full any monies paid by you to Goldheart Bullion for the gold purchase in your Gold Savings Account.

ACCOUNT MANAGEMENT

Storage Fee

Gold Holdings in your Gold Savings Account are always fully backed by physical gold stored in approved vaults. To cover the cost of insured and secured storage of these Gold Reserves, a storage fee shall be charged to your Gold Savings Account based on your daily weighted average Gold Holdings at the prevailing storage rate as provided in our Fee Schedule.

Storage fees accrued on your Gold Savings Account shall be billed and collected by us in the following manner:

  1. At the time a sell order or redemption is submitted, storage fees accrued for the quantity of gold sold shall be billed and deducted from the quantity of gold sold; and
  2. At the beginning of each calendar month, storage fees accrued shall automatically be deducted from your Gold Holdings, subject to an annual minimum storage fee as provided in our Fee Schedule.
Funding your Gold Savings Account

Although not required, you may fund your Gold Savings Account before making an order. You can do this in many ways including:

  1. SGD cash payment at our office
  2. bank transfer (e.g. FAST, PayNow)
  3. NETS
  4. cheque deposit
  5. international telegraphic transfer
  6. GIRO arrangement
  7. Direct Debit Authorisation
  8. Credit/debit cards
  9. Alipay

Depending on the method you use to add funds to your Gold Savings Account, it may not be reflected to your cash balance immediately and be used to pay for an order.

Gold Savings Account cash balances will not earn interest and will not be eligible for deposit insurance by the Singapore Deposit Insurance Corporation (SDIC).

Withdrawing Funds from your Gold Savings Account

You may request to withdraw funds from your Gold Savings Account cash balance to your Linked Bank Account at any time by logging into your Gold Savings Account and accessing the Withdraw section. All withdrawal requests will be processed by us within 1-2 business days.

Bank transfers to a Singapore bank account typically take 1-2 business days and incur little to no charge, while overseas telegraphic transfers can take 3-4 working days and charges may be levied by the sending and receiving bank.

Gold Savings Account Statements

You may view and download details of your account including your transaction history and account statements by logging into your Gold Savings Account.

You may request for a printed copy of past account statements to be sent to your registered address. Charges may apply for the retrieval of printed statements.

You agree to promptly review the transaction history and any account statements pertaining to your Gold Savings Account that you receive to ensure that your instructions have been carried out and that there have been no unauthorised dealings in your Gold Savings Account. You must inform us of any errors or omissions within thirty (30) days of the disputed transaction(s).

Changes in your Gold Savings Account

You agree that in the interest of security, online changes in your Gold Savings Account may require that you have upgraded to Level 2 verification as specified under Clause 1.2.3. Alternatively, you may request to change specific account information in person at our retail office.

You further agree that changes in Gold Savings Account may be subject to further review and may require additional verification via video call before the change request is approved.

Account Security

Secure access to your Gold Savings Account is provided by logging-in with your username, password, and two-factor authentication (2-FA). These login credentials are unique to you.

You agree to exercise safe security practices when accessing and conducting electronic transactions. This includes signing out and closing any online electronic transaction services once all transactions have been completed regardless of your method of accessing your Gold Savings Account.

You agree to keep your username, password, and 2-FA device or software (if applicable) secure at all times, and to not store them on a device or computer that would permit someone else to impersonate you. You are solely responsible for the safe guarding of these login credentials. If you suspect that your access to your Gold Savings Account has been compromised in any way, it is your responsibility to contact us immediately.

You confirm that you will not provide your username, password, or 2-FA security codes (if applicable) to any third parties. You shall be responsible for any actions performed on your Gold Savings Account by the third-party.

You shall inform us if any information suggests unauthorized access to your records or to your Gold Savings Account. In the event of any unauthorized access to your records or your Gold Savings Account, we are entitled to investigate and seek the assistance of the authorities in detecting crime and arresting offenders.

We may periodically contact you to validate our information. Failure to respond may result in your your Gold Savings Account being locked until we can verify your current contact information.

PLEASE NOTE THAT WE WILL NEVER ASK YOU, FOR ANY REASON, WHETHER BY EMAIL, REGULAR MAIL OR TELEPHONE, TO DISCLOSE YOUR USERNAME, PASSWORD, OR 2-FA SECURITY CODES. WE WILL NEVER SEND YOU EMBEDDED LINKS IN AN EMAIL REQUESTING THAT YOU SIGN ONTO THE GOLD SAVINGS ACCOUNT PLATFORM, WEBSITE OR APP BY CLICKING SUCH A LINK, OR TO PROVIDE YOUR LOG-IN CREDENTIALS. IF YOU RECEIVE AN EMBEDDED LINK BY EMAIL CLAIMING TO BE FROM US, YOU SHOULD NOT OPEN IT OR CLICK ON THE LINK. THE EMAIL IS NOT FROM US AND IS LIKELY FRAUDULENT. NEVER GIVE YOUR ACCOUNT PASSWORD AND 2-FA SECURITY CODES TO ANYONE WHOM YOU DO NOT INTEND TO AUTHORIZE TO USE YOUR ACCOUNT.

REPRESENTATION AND WARRANTIES OF GOLDHEART BULLION

Goldheart Bullion represents and warrants to you, as follows:

  1. Gold Holdings in Gold Savings Account are fully backed by physical gold stored in approved vaults;
  2. Gold Savings Account and Gold AutoSave are trademarks of Goldheart Bullion Pte Ltd, a private limited company duly registered under the laws of the Republic of Singapore having the Singapore Unique Entity Number (UEN) 201626263W, and a business, validly existing and in good standing under the Singapore laws;
  3. Goldheart Bullion is a Singapore PSPM Regulated Dealer with Registration No. PS20190001055, and is qualified to buy, sell, store, and issue precious metals or precious metals backed products; and
  4. Goldheart Bullion has the capacity and authority to execute this Agreement, to perform the Services under this Agreement and that this Agreement shall constitute a valid and legal obligation binding and enforceable against Goldheart Bullion in accordance with its terms, except where the enforceability is limited by the applicable law.

REPRESENTATION AND WARRANTIES OF THE VERIFIED USERS

By using the Gold Savings Account Platform and the Services, you represent and warrant that:

  1. You have read and understood these Terms;
  2. You are over the age of 18 years;
  3. You have the capacity to enter into this legal agreement and are of sound mind;
  4. You confirm that you are not insolvent and/or an undischarged bankrupt;
  5. You confirm that all personal information that you provide about yourself is accurate and true to the best of your knowledge;
  6. The Linked Bank Account is in your name;
  7. The Credit/Debit Card you use to fund your Gold Savings Account is in your name;
  8. You are not acting in breach of any laws or regulations that are applicable to you nor any company, trust or partnership upon whose instructions you are acting;
  9. You have carefully considered the risks involved with using the Gold Savings Account Platform and understand that we do not provide any investment advice or other forms of advice, nor do we make any recommendations to you. We solely perform, on an “execution only” basis, the buying, selling, and redeeming of the Gold Holdings in your Gold Savings Account;
  10. Your obligations under these Terms of Service are legal, valid, binding and enforceable;
  11. You are not a resident of, domiciled in, physically present, located in or registered under the laws of any jurisdiction that is the subject of sanctions; and
  12. You are in compliance with all anti-money laundering and anti-terrorism financing requirements, and that you have not engaged in any criminal activity (including tax crimes) or in any terrorism financing activity. Any and all funds, used to purchase gold in the Gold Savings Account Platform are not derived from or related to any unlawful activities including money laundering and terrorist financing and you hereby agree that you will not use the Gold Savings Account Platform to finance, engage in, or support any unlawful activities as defined by any government authority that you may be subject to.
  13. Where you are not a natural person, you additionally represent and warrant that:
  14. you are duly incorporated and/or validly existing under the laws of the jurisdiction or incorporation/registration;
  15. you have the power to own your assets and carry on your business;
  16. you have the power and authority to execute, deliver, and perform your obligation under these Terms;
  17. your execution, delivery, and performance of your obligations herein, do not and will not contravene or conflict with your constitution, any agreement or instrument binding on your assets, or any law, regulation, or judicial or official order; and
  18. you have made the proper authorisation to the relevant person(s) to operate your Gold Savings Account and to enter into transactions on your behalf.

TERMS OF USE

Gold Savings Account Platform, Website and/or App are owned and operated by Goldheart Bullion. The Gold Savings Account is owned and operated by Goldheart Bullion through a license granted by Little Bit Pte Ltd. Access and use of these website(s), system(s) and/or platform(s) are provided by us to you on condition that you accept these Terms of Use, and by accessing or using these website(s), system(s) and/or platform(s), you agree to these Terms of Use. If you do not agree to accept and abide by these Terms of Use, you should not access or use this website(s), system(s) and/or platform(s).

Acceptable Use

When accessing or using our Services, you agree that you will not violate any law, contract, intellectual property or other third-party right or commit a tort, and that you are solely responsible for your conduct while using our Services. Without limiting the generality of the foregoing, you agree that you will not:

  1. Use our Services in any manner that could interfere with, disrupt, negatively affect or inhibit other users from fully enjoying our Services, or that could damage, disable, overburden or impair the functioning of our Services in any manner;
  2. Use our Services to pay for, support or otherwise engage in any illegal gambling activities; fraud; money-laundering; or terrorist activities; or other illegal activities;
  3. Use any robot, spider, crawler, scraper or other automated means or interface not provided by us to access our Services or to extract data;
  4. Use or attempt to use another user's account without authorization;
  5. Attempt to circumvent any content filtering techniques we employ, or attempt to access any service or area of our Services that you are not authorised to access;
  6. Develop any third-party applications that interact with our Services without our prior written consent;
  7. Provide false, inaccurate, or misleading information; and
  8. Encourage or induce any third party to engage in any of the activities prohibited under this Agreement.
Account Closure or Termination

These Terms will remain in effect and will bind you and us until such time as your Gold Savings Account is closed.

You may close your Gold Savings Account at any time by requesting the or by giving us written notice. To complete the closure of your Gold Savings Account, you must sell your Gold Holdings and, if the account has been validated and it is legal to do so, we will return the proceeds and your Gold Savings Account cash balance to your Linked Bank Account. The closure of your Gold Savings Account under this clause will not be finalised until your Gold Holdings and Gold Savings Account cash balances has been fully liquidated and/or withdrawn.

We reserve the right to suspend, limit the use of, and/or close your Gold Savings Account for reasons including, but not limited to:

  1. Goldheart Bullion reasonably believes your account poses significant risk to you, itself or to other users;
  2. Goldheart Bullion identifies information provided by you as false, or you or someone else are using the account illegally or fraudulently;
  3. you have acted abusively or violently towards members of Goldheart Bullion's staff; and
  4. you are in breach of these Terms (or have failed to remedy a breach where we have asked you to do so).

You acknowledge that the suspension of your account will prevent further deposits or withdrawals and the ability to buy or sell gold in your Gold Savings Account. You accept that applicable fees will continue to be charged. You accept that Goldheart Bullion is not under any obligation to disclose the details of its risk assessment to you.

If Goldheart Bullion suspends your Gold Savings Account it will not result in the expropriation of your Gold Holdings. Goldheart Bullion will remove the suspended status from your Gold Savings Account as soon as the reason for suspension is remedied.

If Goldheart Bullion closes your Gold Savings Account we will sell your Gold Holdings and, if the account has been validated and it is legal to do so, we will return the proceeds and your Gold Savings Account cash balance to your Linked Bank Account.

You will remain liable for all obligations related to your Gold Savings Account even after the Gold Savings Account is closed. Any accrued rights, remedies, obligations and liabilities of the parties as at termination shall not be affected, including the right to claim damages in respect of any breach of these Terms which existed at or before the date of termination. Any clauses in these Terms which expressly or by implication have effect after termination shall continue in full force and effect.

Intellectual Property

You agree that any and all of the intellectual property rights of Gold Savings Account and all of its associated companies including, without limitation, the Gold Savings Account trademark, trade names, name and logo, Gold Savings Account, and Gold Savings Account Explorer logo, emblem, website information, copyright and any other rights used by or embodied within the Gold Savings Account Platform and documents, are and will remain as Goldheart Bullion’s sole property. You may not copy, imitate or use them in any of your documents, website(s) or other advertising materials/literature, be it in printed or in electronic form, without the express written consent of Goldheart Bullion.

You agree that any and all of the intellectual property rights related to GramChain®, GramChain® Explorer are the sole property of Little Bit Pte Ltd. You may not copy, imitate or use them in any of your document, website(s) or other advertising materials/literature, be it in printed or in electronic form, without the express written consent of Little Bit Pte Ltd.

You are granted a personal, limited, revocable and non-transferable license to use these intellectual property rights, without the right to sublicense. You shall not rent, lease, sublicense, distribute, transfer, copy, reproduce, download, display, modify or timeshare these intellectual property rights or any portion thereof, or use these intellectual property rights as a component of or a base for products or services prepared for commercial sale, sublicense, lease, access or distribution. You shall not prepare any derivative work based on these intellectual property rights, nor shall you translate, reverse engineer, decompile or disassemble these intellectual property rights.

Confidentiality

Each Party undertakes to apply to all Confidential Information disclosed in accordance with the provisions of this Agreement the same degree of care with which it treats and protects its own proprietary information against public disclosure and not to disclose any Confidential Information to any other party without the written consent of the other Party.

With respect to Clause 9.5.1, each Party acknowledges that disclosure of Confidential Information may be required by an applicable law, regulation or court order and the other Party herein releases the receiving Party from any breach resultant of such compelled disclosure pursuant to these Terms.

With respect to Clause 9.5.1, you acknowledge that we may disclose information regarding your Gold Savings Account including but not limited to account history and account information to the following persons:

  1. auditors, consultants and advisors contracted by us with respect to the management or operations of Goldheart Bullion;
  2. insurance provider; and
  3. any court, tribunal or regulatory body with jurisdiction over us.

INDEMNIFICATION

You agree to indemnify Goldheart Bullion, its affiliated and related entities, and any of its officers, directors, employees and agents from and against any claims, costs, losses, liabilities, damages, expenses and judgments of any and every kind (including, without limitation, costs, expenses, and reasonable attorneys’ fees) arising out of, relating to, or incurred in connection with any claim, complaint, action, audit, investigation, inquiry, or other proceeding instituted by a person or entity that arises or relates to: (a) any actual or alleged breach of your representations, warranties, or obligations set forth in these Terms; (b) your wrongful or improper use of the Services; (c) the products or services sold by you through the Services, including but not limited to any claims for false advertising, product defects, personal injury, death or property damage; or (d) any other party’s access or use of the Services with your account information.

NO WARRANTIES

WE PROVIDE THE SERVICES ON AN “AS IS” AND “AS AVAILABLE” BASIS, AND YOUR USE OF THE SERVICES IS AT YOUR OWN RISK. TO THE MAXIMUM EXTENT PERMITTED BY APPLICABLE LAW, WE PROVIDE THE SERVICES WITHOUT WARRANTIES OF ANY KIND, WHETHER EXPRESS OR IMPLIED (INCLUDING, WITHOUT LIMITATION, WARRANTIES OF MERCHANTABILITY, FITNESS FOR A PARTICULAR PURPOSE, OR NON-INFRINGEMENT). WITHOUT LIMITING THE FOREGOING, WE DO NOT WARRANT THAT THE SERVICES (AND THE GOLD SAVINGS ACCOUNT PLATFORM): WILL OPERATE ERROR-FREE OR THAT DEFECTS OR ERRORS WILL BE CORRECTED; WILL MEET YOUR REQUIREMENTS OR WILL BE AVAILABLE, UNINTERRUPTED OR SECURE AT ANY PARTICULAR TIME OR LOCATION; ARE FREE FROM VIRUSES OR OTHER HARMFUL CONTENT. WE DO NOT ENDORSE, WARRANT, GUARANTEE OR ASSUME RESPONSIBILITY FOR ANY PRODUCT OR SERVICE OFFERED OR ADVERTISED BY A THIRD-PARTY THROUGH THE SERVICES OR THROUGH OUR WEBSITE, AND WE WILL NOT BE A PARTY TO NOR MONITOR ANY INTERACTIONS BETWEEN YOU AND THIRD-PARTY PROVIDERS OF PRODUCTS OR SERVICES.

LIMITATION OF LIABILITY

IN NO EVENT WILL WE BE LIABLE TO YOU OR ANY THIRD-PARTY FOR ANY DIRECT, INDIRECT, SPECIAL, INCIDENTAL, CONSEQUENTIAL, EXEMPLARY OR PUNITIVE DAMAGES OR ANY LOSS, THEFT, DISAPPEARANCE, OR DAMAGES FOR LOST PROFITS, LOST REVENUES, LOST DATA OR OTHER INTANGIBLE LOSSES THAT RESULT FROM THE USE OF, INABILITY TO USE, OR UNAVAILABILITY OF THE SERVICES, REGARDLESS OF THE FORM OF ACTION AND WHETHER OR NOT WE KNEW THAT SUCH DAMAGE MAY HAVE BEEN INCURRED. IN NO EVENT WILL WE BE LIABLE TO YOU OR ANY THIRD-PARTY FOR ANY DAMAGE, LOSS OR INJURY RESULTING FROM HACKING, TAMPERING, VIRUS TRANSMISSION OR OTHER UNAUTHORIZED ACCESS OR USE OF THE SERVICES, YOUR GOLD SAVINGS ACCOUNT, OR ANY INFORMATION CONTAINED THEREIN. IN NO EVENT WILL OUR LIABILITY FOR ANY DAMAGES ARISING IN CONNECTION WITH THE SERVICES EXCEED THE FEES EARNED BY US IN CONNECTION WITH YOUR USE OF THE SERVICES DURING THE 6 MONTH PERIOD IMMEDIATELY PRECEDING THE EVENT GIVING RISE TO THE CLAIM FOR LIABILITY. THE FOREGOING LIMITATIONS OF LIABILITY SHALL APPLY TO THE FULLEST EXTENT PERMITTED BY LAW IN THE APPLICABLE JURISDICTION.

FORCE MAJEURE

NEITHER YOU NOR WE WILL BE LIABLE FOR DELAYS IN PROCESSING OR OTHER NON-PERFORMANCE CAUSED BY SUCH EVENTS AS FIRES, TELECOMMUNICATIONS, UTILITY, OR POWER FAILURES, EQUIPMENT FAILURES, LABOR STRIFE, RIOTS, WAR, NATIONALIZATION, CONFISCATION, NONPERFORMANCE OF OUR VENDORS OR SUPPLIERS, ACTS OF GOD, OR OTHER CAUSES OVER WHICH THE RESPECTIVE PARTY HAS NO REASONABLE CONTROL; PROVIDED THAT THE PARTY HAS PROCEDURES REASONABLY SUITED TO AVOID THE EFFECTS OF SUCH ACTS.

GENERAL PROVISIONS

Know-Your-Customer Framework

As a Singapore entity regulated under the PSPM Act and also subject to the Corruption, Drug Trafficking and Other Serious Offences (Confiscation of Benefits) Act (“CDSA”) as well as the Terrorism (Suppression of Financing) Act (“TSOFA”), we take our obligations under the PSPM Act, CDSA and TSOFA seriously and we endeavor to align our operations with the purposes and provisions as promulgated by the PSPM Act, CDSA, TSOFA, its applicable rules and regulations.

We reserve the right, and you hereby grant us an absolute and irrevocable right to release any information collected by us in order to discharge ourselves of our obligations under the PSPM Act, CDSA and TSOFA to the relevant government authorities, regulatory bodies and/or other necessarily empowered organizations without notice provided the release of information is required to allow us to discharge of our obligations under the PSPM Act, CDSA and TSOFA.

We are entitled to request from you any additional information that is required to allow us to discharge of our obligations under the PSPM Act, CDSA and TSOFA.

Your Personal Data

Our practices shall remain compliant with all local laws and regulations on data protection and privacy in accordance with the Singapore PDPA. You consent to the collection of personal data by us for the sole purpose of facilitating the provision of services under these Terms.

Where we retained, collected and/or recorded information pursuant to these Terms, we reserve the right to charge an administrative fee for viewing any and all retained, collected or recorded information about you.

With respect to Clause 13.2.2, only you will be permitted to access any information retained, collected and/or recorded by us unless otherwise required under these Terms or by applicable laws.

We undertake to take reasonable steps to ensure all retained, collected and recorded information about you are accurate and secure, and not release, disseminate or otherwise, to any other persons whosoever any information for personal gain unless necessary to for the provision of the Services or required by applicable laws.

Typographical or Pricing Errors

We work hard to provide accurate transaction pricing information to you. However, pricing or typographical errors may occur. In the event that a transaction entered by you in the Gold Savings Account Platform has an incorrect pricing or with incorrect information due to an error in pricing or information, we shall have the right, at our sole discretion, to refuse or cancel such transaction entered by you in the Gold Savings Account Platform. We will either contact you for instructions or cancel your transaction and notify you of such cancellation.

Fees and Charges

We will charge fees in respect of the services provided to you under this Agreement as specified in the Fee Schedule (as amended from time to time) available on the Gold Savings Account Platform, including (without limitation) the following:

  1. storage fees, storage fee minimums, as well as other fees due to us in relation to any ancillary services;
  2. payment fees, in respect of any payment instruction, which fees shall be deducted from your Gold Savings Account or payment proceeds; and
  3. any other applicable fees and charges as set out in the Fee Schedule (as amended from time to time), a current version of which is published on our Gold Savings Account Platform.
Severability

If any term, clause or provision of these Terms is held unlawful, void or unenforceable, then that term, clause or provision will be severable from these Terms and will not affect the validity or enforceability of any remaining part of that term, clause or provision, or any other term, clause or provision of these Terms.

Entire Agreement

This Agreement comprises the entire agreement between the parties with respect to your access and/or use of the Gold Savings Account Platform, the Services, and the materials contained therein. This Agreement, together with our Privacy Policy, supersedes and replaces all prior understandings or agreements, written or oral, regarding such subject matter.

Governing Law

This Agreement shall be construed in accordance with the laws of the Republic of Singapore.

Dispute Resolution

All disputes, controversies, or differences arising out of or in connection with this agreement shall first be submitted to the Singapore Mediation Centre for resolution by mediation in accordance with the Mediation Procedure for the time being in force. The parties agree to participate in the mediation in good faith and undertake to abide by the terms of any settlement reached.

Assignment

We may assign our rights or delegate our obligations under this Agreement to a third-party through written notice to you. You are not permitted to assign any of your rights or duties under this Agreement to any third-party without written authorisation from us permitting such assignment.

Revisions; Continued Use

You agree that we may amend these Terms at any time by providing notice. You are deemed to have accepted and agreed to the amendment unless you notify us of your disagreement within ten (10) Business Days of the date of said amendment notice. Each amendment notice shall be issued by way of notification through the Gold Savings Account Platform or through email via your registered email address. You agree that it is your sole responsibility to monitor the release of any amendments by regularly accessing the Gold Savings Account Platform or your registered email address. If you object to the amendment, the amendment will not be binding, but your Gold Savings Account will be suspended and will be required to be closed as soon as is reasonably practicable. Any amendment to these Terms will come into effect on the date specified by us which will, in most cases, be at least ten (10) Business Days after the notice of amendment has been issued. Any amended agreement will supersede any previous agreement between the Parties and shall govern any transaction entered into after or outstanding on, the date of the new agreement coming into effect.

If any of the clauses in this Agreement are held to be invalid or unenforceable, said invalid or unenforceable clause shall be read down and/or severed to the extent of its invalidity wherein the remainder of the Agreement shall continue to bind the Parties.

Suspension of Services

Notwithstanding anything to the contrary, we may refuse to perform any of the Services from a Verified User in the event that doing so may be contrary to applicable law or would otherwise expose us to legal liability.

In the event of any Force Majeure Event (as defined in Clause 12.2), breach of this Agreement, or any other event that would make provision of our Services commercially unreasonable for us, we may, in our discretion and without liability to you, with or without prior notice, suspend your access to all or a portion of our Services. We may terminate your access to the Services, in our sole discretion, immediately and without prior notice, and delete or deactivate your Gold Savings Account and all related information and files in such account without liability to you, including, for instance, in the event that you breach any terms of this Agreement.

No Partnership or Joint Venture

Nothing in this Agreement is intended, or shall be deemed, to establish a joint venture or partnership and maintaining Gold Holdings or cash balances in your Gold Savings Account does not create any form of partnership, joint venture or similar or other similar relationship between you and Goldheart Bullion.

Third-party Rights

Nothing in these Terms is intended to confer upon any third-party any right to enforce any provision herein under the Contracts (Rights of Third Parties) Act (Cap. 53B) of Singapore and the parties hereto do not intend any term (whether it purports to confer a benefit on a third-party or not) of these Terms to be enforceable by any third-party.

Further Assurances

You shall, at your own expense, promptly execute and deliver all such documents, and do all such things, as we may reasonably require for the purpose of giving full effect to the provisions of these Terms.

DEFINITIONS

“Allocated Gold” means the gold stored at approved vaults that is viewable through the Gold Savings Account Explorer.
“Business Days” means any day by reference to the Singapore Local Time, except a Saturday, Sunday, a Singapore public holiday, or a day which Goldheart Bullion declares not to be a Business Day.
“Buy Order” a binding contract between a Verified User and Goldheart Bullion to buy gold at a stated price and quantity for eventual crediting to the Verified User’s Gold Holdings.
“Confidential Information” means all information and ideas of any kind supplied by one Party to the other Party resultant of the terms of this Agreement where such information and ideas are proprietary in nature and not common knowledge or publicly available.
“Goldheart Bullion” means the company incorporated under the laws of the Republic of Singapore having the Singapore Unique Entity Number (UEN) 201626263W, PSPM Regulated Dealer Registration No. PS20190001055, and whose registered business address is at 68 Orchard Road #01-59, Singapore 238839.
“Gold Savings Account Platform” means the Gold Savings Account Website, App, Gold Savings Account Explorer, and any other online and non-online services where users can use to gain access to the Services.
“Gold Holdings” means a digital representation of gold held for the benefit of the Verified User in a storage facility, the ownership interest in which is recorded on the books and records of Goldheart Bullion.
“Level 1 Verified” means a Gold Savings Account with a verified mobile number.
“Level 2 Verified” means a Gold Savings Account that has completed our customer due diligence and has been given access to certain features such as, higher withdrawal limit and the ability to change sensitive account information.
“Linked Bank Account” the bank account under the name of the Verified User and registered in his/her Gold Savings Account.
“Personal Data Protection Act 2012 (‘PDPA’)” establishes a data protection law in Singapore that comprises various rules governing the collection, use, disclosure and care of personal data.
“Precious Stones and Precious Metals (Prevention of Money Laundering and Terrorism Financing) Act 2019 (‘PSPM’ Act)” includes the legislative rules, regulations, obligations and procedures as promulgated by the Anti-Money Laundering / Countering the Financing of Terrorism Division (ACD) of the Ministry of Law of the Republic of Singapore.
“Sell Order” a binding contract between a Verified User and Goldheart Bullion to sell gold at a stated price and quantity for eventual crediting to the Verified User’s Gold Savings Account cash balance or Linked Bank Account.
“Verified User” means any person whose Gold Savings Account are either Level 1 Verified or Level 2 Verified and has been approved and allowed to buy, sell, redeem and manage their Gold Holdings within the Gold Savings Account Platform.