Update to Silver Bullion User Agreement

Posted by Kim Sabularse | Finance & Accounting on 04 Apr 2018

We are updating our User Agreement to provide you with better products and services. These updates are effective starting 8 April 2018.

Here's the summary of the major changes and information on why these changes are being made:

Clause 5.4 - Authenticity Guarantee: When you purchase and/or store bullion with us, we guarantee that these bullion are genuine and are either purchased directly from the mint or fully tested using DUX. Although we have always guaranteed the authenticity of the bullion sold and/or stored with us, we wanted to explicitly provide this guarantee that offers a full replacement of your bullion with the same type or if the type is unavailable, with a similar type of bullion with the same or better purity in the unlikely event that the bullion purchased and/or stored with us turns out to be a fake, counterfeit, or of a significantly lower purity.

Clause 9 - Physical Crypto Storage: We will soon allow customers to securely store and insure cryptocurrency with us through our Physical Crypto Storage services. Physical Crypto Storage is designed to provide the safest storage of cryptocurrency in the market, by physically encrypting and storing your private keys. We leverage our existing high-security vaulting facilities, processes and insurance coverage, to be the safest place to store your cryptocurrencies.

Clause 13.4 - Repayment of Loans through Collateral Liquidation: We are now making it possible for Borrowers to repay their peer-to-peer loans by liquidating the collateral of such loan. This option is not legally allowed in the past since the peer-to-peer loan contract between the borrower and the lender explicitly prohibits the sale or delivery of a parcel used as collateral for a loan. By allowing the Sweeper Fund to provide a short-term financing to the Borrower, the full repayment of the loan, the release of the collateral, and the liquidation of the released collateral can be facilitated.

Clause 15.3.2 - Loan Repayment on Due Date: We have made it clearer that Borrower Late Payments which are unpaid for more than thirty (30) days will be treated as an Event of Default which may result in the liquidation of the locked Collateral Parcels to satisfy the outstanding loan balance. 

Clause 19 - New Account Types for Kids: We are making it easier for you to teach your kids the value of saving and building financial security. Our new Joint Minor Account and Junior S.T.A.R. Account allows you to open either a joint account or an 'in-trust' account with your kids in order to teach them these vital life skills that will benefit them their entire lives. 

Clause 21 - Transfer on Death (TOD): We have added the option for personal account holders to enable the TOD clause which authorises Silver Bullion to immediately liquidate their S.T.A.R. Storage holdings and subsequently transfer the proceeds to the Linked Bank Account upon Silver Bullion’s receipt of the notice of death. This cost-free service makes it easier for the account holder's estate to administer and distribute the assets without going through the expensive and sometimes long process of having the grant of probate approved by a Singapore court. 

We encourage you to read the updated User Agreement in full by going to the 'Resources' tab and clicking on 'New User Agreement'.

If you have any questions or need any clarification about these changes, please contact us via secure notification or email us at [email protected].