[Elevate Account] - Account Security
Updated over a week ago


  • Is my money safe?

  • Is my money insured?

  • What license is Elevate holding?

  • How secure is Elevate?

Is my money safe?

Elevate Account is issued in partnership with MatchMove, a Major Payment Institution regulated by the Monetary Authority of Singapore under Payment Services Act (“PSA”). PSA requires MatchMove to deposit customer monies in a trust account with a safeguarding institution, i.e. a licensed bank in Singapore. Such banks have undertaken that customer funds are designated as a customers’ account and shall be distinguishable and maintained separately from any other account in which MatchMove deposit its own moneys. In the event of MatchMove's insolvency, the customer's monies are protected it accordingly as this cannot be offset or used to pay off any debts or liabilities of Matchmove.

Is my money insured?

Funds stored on the Elevate Account and Elevate Card provided are not insured deposits under the Deposit Insurance and Policy Owners’ Protection Schemes Act and are ineligible for protection by the Deposit Insurance Scheme.

What license is Elevate holding?

Elevate comprises of various products which are offered by entities within the Funding Societies group, some products may also be offered in partnership with other third-party providers. Regulated services within each Elevate product, if any, are specifically powered by the relevant licensed entities wherein (i) account issuance, card issuance and FAST transfer related services are specifically powered by Matchmove and governed under Elevate Accounts & Cards Terms and Conditions, (ii) payment services are specifically powered by CardUp and governed under Elevate Payables & Receivables Terms and Conditions, (iii) Credit Line is offered by FSC separately governed under Elevate Credit Line Facility Terms and Conditions.

How secure is Elevate?

Your privacy and protection are of the utmost importance to us. This is why all data and payments processed by Funding Societies Capital are held to the highest standards of security.

  • Account Security

  • Data Security

  • Defence-in-Depth Strategy

  • Responsible Disclosure

Account Security

  • Your account is protected by our two-factor authentication. This means that in addition to password login, we have implemented an SMS one-time-password (OTP) feature.

  • Besides this, we also support biometric authentication. With biometric login, you can use your unique biological characteristics, such as your fingerprint and facial recognition, to securely and conveniently access your account.

  • Another security feature is device binding. This allows access to the Elevate mobile application only from a trusted device and makes your app usage safe and secure.

Data Security

  • Your data is secured using industry standards, such as 256-bit encryption at rest and via TLS connection in transit.

  • The security of user data is very important to us. Therefore, our systems are consistently designed to protect your data, i.e., we always transmit data in encrypted form and check it for data integrity. This explicitly protects the data against man-in-the-middle attacks.

  • In addition, our interfaces transmit only the bare minimum of data.

Defence-in-Depth Strategy

  • At Funding Societies Capital, we take your security seriously. We understand that your trust in us depends on the measures we take to safeguard your data and protect your privacy.

  • That is why we follow a Defence-in-Depth approach to security. This means we have implemented multiple layers of security controls throughout our systems, applications, and networks to ensure that your information remains safe and secure.

  • From firewalls and security monitoring systems to regular security audits and employee training programmes, we work tirelessly to protect your data against all possible threats.

  • We also stay up-to-date with the latest industry standards and best practices to ensure that our security measures are always effective.

  • At Funding Societies Capital, we are committed to providing you with the highest level of security possible. Rest assured that your information is in safe hands.

Responsible Disclosure

  • As part of our commitment to security, we have implemented a Responsible Disclosure programme that allows security researchers to report any potential security issues they may have discovered in our systems or applications.

  • We actively engage a Private Bug Bounty Programme, which provides a secure and easy-to-use channel for security researchers to report any potential vulnerabilities they may have discovered. We encourage researchers to follow responsible disclosure guidelines and to work with us to identify and address any issues before making them public. We also commit to addressing reported issues in a timely and efficient manner and to providing acknowledgement and rewards to the researchers who report them (Terms and Conditions Apply).

  • If you have any questions related to our Responsible Disclosure programme or would like to report a potential security issue or seek an invitation to our Private Bug Bounty Programme, please contact our security team at [email protected].

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