Terms & Conditions

 

1. DEFINITIONS 

In these terms and conditions, the words below shall have the following meaning:

 

“Applicant” means the Individual Applicant or Corporate Applicant;

“Associate Membership” means SFA’s Corporate Membership for companies, corporates, societies, cooperative societies or bodies corporate that are part of the FinTech ecosystem or that have a strong interest in financial technology, other than those entitled to apply for Ordinary Membership and “Associate Members” means a holder of an Associate Membership;

“Corporate Applicant” means the non-individual applying for a Membership;

“Corporate Membership” means SFA’s membership programme for companies, corporates, societies, cooperative societies or bodies corporate, which includes Ordinary Membership and Associate Membership;

“Individual Applicant” means the individual applying for a Membership;

“Individual Membership” means SFA’s membership programme for individuals and “Individual Members” means individuals that are Members;

“Member” means an individual or non-individual with a Membership;

“Membership” means an Individual Membership or a Corporate Membership with the SFA;

“Membership Fee” is defined in Clause 5;

“NTUC” means the National Trades Union Congress;

“Ordinary Membership” means SFA’s Corporate Membership for financial technology (FinTech) companies, corporates, societies, cooperative societies or bodies corporate that have been registered in Singapore and have a purpose of developing, promoting or selling financial technology and “Ordinary Member” means a holder of an Ordinary Membership. Such class of persons does not include (a) banks, insurance companies, finance companies or trust companies regulated by the Monetary Authority of Singapore and (b) technology, consulting, investors (e.g. VCs, PE, family offices, etc.), professional services and other organizations whose primary purpose is not financial technology;

“Qualifying Individual SFA Member‘‘ means a Member who is not a member of any unions or other associations affiliated to NTUC;

“SFA” means the Singapore FinTech Association; and

“Terms and Conditions” means these terms and conditions.

 

2. MEMBERSHIP APPLICATION 

  • All applications submitted by an Applicant for Membership must be complete, and by submitting the application, the Applicant is deemed to have read and agreed to the Terms and Conditions as well as the Constitution of the Singapore Fintech Association and related by-laws and codes of conduct.
  • The Individual Applicant represents and warrants that he/she is at least 18 years of age and that all the information submitted in the application is complete, accurate and up to date.
  • The Corporate Applicant represents and warrants that it is a legal person duly organized and validly existing under the laws of its jurisdiction of incorporation, and that all the information submitted in the application is complete, accurate and up to date.
  • The Applicant shall make payment of the Membership Fee in accordance with Clause 5. The SFA shall not be obliged to process a Membership application until the Applicant has made payment of the Membership Fee to SFA.
  • SFA reserves the right and in its sole discretion to:
    • determine the number of Members in SFA;
    • accept or reject (without providing reasons) the Applicant’s Membership application;
    • amend or withdraw any terms, conditions, and privileges of the Membership (including these Terms and Conditions) without prior notice; and
    • amend, withdraw or substitute any rewards or benefits of the Membership without prior notice.
  • Upon successful registration:
    • the Member shall be entitled to receive the applicable Membership benefits as may apply from time to time;
    • a Member who is a Qualifying Individual SFA Member shall be entitled to receive the applicable Membership benefits and the applicable NTUC membership benefits as may apply from time to time, on condition that such Member submit an application directly to NTUC for an NTUC membership and such application is approved by NTUC. To enjoy the NTUC membership benefits, please sign up for the NTUC membership as instructed following the Membership registration. Please note that NTUC takes approximately 2-4 weeks for NTUC membership card processing.

 

3. MEMBERSHIP TERM

  • If the SFA approves the Applicant’s Membership application, the Membership shall be valid for one (1) year from the 1stday of the following month after the SFA approves the Applicant’s Membership application.
  • Only Ordinary Members and Associate Members who have been Members for at least one (1) continuous year at the date of an SFA general meeting shall have the right to vote at that general meeting. Members either: (a) with an Individual Membership; or (b) which have a Corporate Membership but which have been Members for less than one (1) continuous year, shall not have any voting rights at SFA general meetings.

 

4. MEMBERSHIP TYPES

  • Members can be corporates (Corporate membership) or individuals (Individual Membership).
  • There are two tiers of Corporate Membership:
    • Ordinary Membership; and
    • Associate Membership; and
  • There is one tier of Individual Membership.
  • SG Fintech Club is a community platform for Singapore Fintech Professionals geared towards the personal and career development of the individual.
    • Individual Members will automatically be considered members of the SG Fintech Club.
    • Ordinary Members may nominate up to 3 individuals (that are their employees or directors) to join SG Fintech Club. By default, the appointed point of contact for Membership will be a nominated individual for the purposes of joining SG Fintech Club.
    • Associate Members may nominate up to 2 individuals (that are their employees or directors) to join SG Fintech Club.

 

5. MEMBER RESPONSIBILITIES

  • Each Member shall, during his/her Membership, comply with these Terms and Conditions and any other policies, guidelines or terms that the SFA may notify the Member from time to time.
  • Each Member shall not, during his/her Membership act in any way which might be detrimental to the interests or reputation of the SFA.
  • Each Member agrees to keep confidential all confidential information which it may receive from SFA in the course of his/her Membership.

 

6. MEMBERSHIP FEES 

  • Each Member shall pay an annual fee of S$163.50 with GST (for individuals), S$545 with GST (for companies making below S$1 million a year), or S$2,725 with GST (for companies making above S$1 million a year) in advance for the Membership (the “Membership Fees”), unless otherwise stated. The membership fees will be charged every year or every two years, depending on the membership plan the Applicant has chosen.
  • A registration fee (in addition to any annual fee payable) of S$109 with GST applies for new Corporate memberships.
  • SFA may review the Membership Fees from time to time and reserves the right to adjust the Membership Fees where it considers necessary.
  • For new Members, Membership Fees shall be paid upon the submission of the Membership application to SFA, and such Membership Fees shall be refunded by the SFA if SFA considers that the application or the Applicant does not qualify for Membership.
  • For existing Members, the SFA shall send renewal advice emails and the Member shall pay the Membership Fees to the SFA no later than seven (7) days prior to the date of expiry of the Membership. Any failure to make such payment may result in the termination of that Membership. Any failure to make such payment may result in reapplying for the membership and shall pay the registration fees on top of the annual membership fee.
  • The annual membership fee for corporate members with less than $1 million annual revenue turnover will be revised from the current S$100* to S$500* as at 1st of April 2024, and increased to S$700* as at 1st January 2025 (*Standard GST applies), as passed by majority vote in the 2024 AGM held on 27 March 2024.

 

7. TERMINATION AND CANCELLATION

  • SFA may suspend or terminate a Membership of any Member by giving seven (7) calendar days’ notice if the following applies to the Member:
    • if the Member has not paid the Membership Fees prescribed for the respective category of Membership or other dues no later than seven (7) days prior to the date of expiry of the Membership;
    • if an existing Member fails to pay the applicable Membership Fee prior to the expiry of his/her then existing Membership;
    • if the Member acts in breach of Clause 4;
    • if the Member is in material breach of any term (other than Clause 4) of these Terms and Conditions;
    • if the Member does not comply with the by-laws and codes of conduct of the SFA; or
    • if the SFA Committee determines that there are reasonable grounds to terminate the Membership of the Member.
  • Membership Fees shall not be refunded if Membership is terminated or suspended for whatever reason before the expiry of a Membership term.
  • If a Member’s Membership is terminated or suspended, the Member shall cease to enjoy any benefits of the Membership.

 

8. PERSONAL DATA PROTECTION

By submitting his/her personal data to SFA, the Member or the Membership applicant (as the case may be) consents to the SFA collecting, using and/or disclosing his/her personal data in accordance with the SFA’s Privacy Policy (available here).

 

9. LIMITATION OF LIABILITY

  • SFA offers members exclusive benefits on work & productivity and lifestyle through partnerships with third-party vendors. In no event shall SFA be liable for any indirect, consequential or special damages in any action arising from members taking up the benefits from the third-party vendors, whether based in contract, tort (including negligence), under statute or otherwise. The limits on liability in this Clause shall not apply in respect of any liability the extent to which cannot be lawfully excluded.

 

10. GENERAL

  • These Terms and Conditions and any non-contractual obligations arising out of or in connection with these Terms and Conditions shall be governed by, and construed in accordance with, Singapore law.
  • In the event that any of these terms is held to be invalid, the remainder of the Terms and Conditions shall remain in full force and effect.
  • These Terms and Conditions constitute the entire agreement relating to the subject matter of these Terms and Conditions and supersede all prior discussions or understandings relating to such matters.