Where you are a customer (“Customer”) utilising the licensed service(s) provided by Atome to purchase goods or services from any merchant, please note that funds which Atome has received from you or on your account (“Customer Relevant Funds”) will be deposited in a bank account(s) maintained with a licensed bank in Singapore and held in the name of Apaylater Financials Pte. Ltd. (“Atome”) on trust for and on behalf of you and other customers.
Your Customer Relevant Funds held in such trust accounts are segregated from Atome’s own funds and will be commingled with similar funds belonging to other customers or held on behalf of other customers and held on an omnibus basis.
The risks of such commingling include a shortfall attributable to such trust account (if any) being shared rateably among you and the other customers. Nevertheless, Atome will in each case remain responsible to settle the Customer Relevant Funds to you in accordance with the terms of your agreement with Atome, if applicable. If the safeguarding institution is to become insolvent, you would rank as a general unsecured creditor for any amounts held in the relevant trust accounts that are owing to you.