The Trust Account, opened by Funding Societies with DBS Bank Limited (“DBS”), is a designated trust account to hold customers’ funds which is deliberately distinguished and maintained separately from any other Funding Societies account as required under the regulation.
The beneficiaries to this Trust Account are the Funding Societies’ investors, while its oversight is managed by Funding Societies, acting in the best interest of the investors.
The Trust Account setup serves as a strategic mechanism designed to ensure the protection and effective management of the funds placed by the investors. It ensures that the allocated funds are utilized exclusively for purposes mutually agreed upon by the investors, thus upholding an effective segregation from Funding Societies’ own assets and finances.
In our new Trust account configuration, we are also introducing a unique Virtual Account (VA) number assigned to each investor's account. The introduction of the personalized VA will enable us to expedite your requested transactions and opens the door to other potential enhancements in the future.
Please be advised that the funds placed into the Trust Account will be commingled together with the funds of other customers of Funding Societies. However, at a system level, we will continue to accurately ascertain the available balance of each investor, as has always been.