Xfers Pte. Ltd. (legal entity of Fazz Business in Singapore) is the holder of a Major Payment Institution (MPI) license for e-money issuance under the Payment Services Act 2019. As an MPI, Fazz Business is required to safeguard relevant money that we received from our customers. We safeguard the relevant money by way of an undertaking from a MAS-approved bank to be fully liable to our customers for the relevant money, in the event of our own insolvency.
For more information, please check out the and our Terms-of-Service page here.