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.