We believe banking can be safer so we protect 100% of your balance - unlike traditional banks.
We follow the regulations set in the areas that we operate and protect your money through safeguarding - this is different to traditional banks that use a deposit protection scheme.
Safeguarding laws define how we must protect your money. These rules are to ensure that, in the unlikely event that something happened to us, your money is kept safe and will be returned to you.
Once we receive a deposit from you, we place it in a dedicated safeguarding account with our regulated bank partner. We are also allowed to invest it in low risk assets that are approved by regulators. Your money must stay in this safeguarding account unless you spend it, withdraw it or transfer it.
Safeguarding accounts are protected by law and cannot be claimed by other creditors or used for the purposes of operating our business. This means 100% of your money is protected.
Traditional banks will lend your money out to other customers - we don't. Governments require banks to insure customers money with a deposit protection scheme so in the event they failed customers would receive some of their money back.
Deposit protection schemes have limits on cover for each customer. For example, in Indonesia your money is only protected up to Rp. 2 billion, in the UK up to £85,000 and in Europe up to €100,000.
