General Terms and Conditions

(Last updated: 30 Dec 2021)

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1. How to get the best out of your Customer Agreement

We divide this Customer Agreement into 28 easy to read sections which you may go directly to by selecting the links provided in the contents side-bar.

2. Why this Customer Agreement is Important

2.1 These are the terms and conditions under which we provide our Services to you. Please read this customer agreement carefully. This agreement helps you understand who we are, what services we provide and how we will provide these services. The agreement provides important information on if you have problems and who and how to communicate with us. The agreement defines when and how it can be changed and ended. If you believe there is a mistake in this agreement or want us to consider any changes, please contact us at our Customer Support

2.2 To protect your own interests, please read this agreement carefully before performing any of the actions indicated in the next paragraph. Doing any of these means you agree to be bound by this Customer Agreement. 

2.3 You can agree to this Customer Agreement by electronically clicking through your acceptance of this Agreement in the Application ‘Hugosave App’. You will be bound by this agreement once you have agreed to it in the manner as set out here and this Agreement remains in force until terminated in accordance with its terms.

2.4 The framework of this agreement applies to additional documents that cover your use of our Services:

(a) Website Terms
(b) Data and Privacy Policy
(c) Cookie Policy
(d) Frequently asked questions
(e) Cardholder Terms
(f) Gold Dealing and Custody Terms
(g) And any supplements by this reference

2.5 These terms are separate and independent from the Hugosave Cardholder terms which govern the use of your Hugosave Debit Card and the Gold Dealing and Custody terms.

2.6 This agreement is governed by Singapore law and is subject to the non-exclusive jurisdiction of Singapore courts.

3. Regulatory information and Who we are

3.1 Our Company information and address. These Terms are between you (the “User”, “you” or “your”) and "Hugosave", a wholly owned brand of Atlas Consolidated Pte. Ltd, hereinafter referred to as “Atlas”, “we”, “us” or “our”). Atlas is a company incorporated in Singapore (U.E.N. 201942617W), and whose registered office is 143 Cecil Street #07-01, GB Building, Singapore 069542. Atlas is regulated as a Major Payment Institution (MPI) by the Monetary Authority of Singapore (MAS) under the Payment Services Act (No. 2 of 2019).

3.2 Card Issuing and Monetary Authority of Singapore (“MAS”) regulatory status. Atlas Consolidated Pte. Ltd is an authorised card distributor and programme manager (“Programme Manager”) of Payrnet Pte. Ltd (UEN 201913150C), hereinafter referred to as “Payrnet”, a company incorporated in Singapore whose registered address is 52 Craig Road, Singapore 089690.  Payrnet is the issuer of our Hugosave Cards and e-monies associated with your Hugosave Account.

Payrnet is part of the Railsbank group of companies. Payrnet is currently exempted by the MAS pursuant to the Payment Services (Exemption for Specified Period) Regulations 2019 and carry out in Singapore:

(a) Account issuance.
(b) Domestic money transfer.
(c) E-money issuance services.

Please note that this does not mean you  will  be  able  to  recover  all  the  money  you  paid  to  Payrnet if Payrnet’s business fails.

4.Who is eligible to use our Services

4.1 You must be 18 years or over. If you are an individual, you must be 18 years or older to open a Hugosave Account. 

4.2 Your use of the Hugosave Account must not violate any applicable laws. You may only open a Hugosave account if it is legal to do so in your country of residence. You commit to us that your opening and/or using a Hugosave Account does not violate any laws applicable to you. You take responsibility for any consequences of your breach of this section.

4.3 By entering into this Agreement, you hereby confirm that you are an individual who is acting for a purpose other than a trade, business or profession.

5. Glossary

For the purposes of this Agreement:

ATM - stands for automated teller machine or cash machine. It is an electronic telecommunications device that enables customers of financial institutions to perform financial transactions, such as cash withdrawals, deposits, funds transfers, or account information inquiries, at any time and without the need for direct interaction with bank staff.

Applicable Laws - refers to any applicable laws, ordinances, statutes, codes, rules, regulations, directives or guidelines enacted, implemented or issued in Singapore, including applicable know-your-client-rules and anti-money laundering regulations.

Account - refers to the ‘Hugosave Account’ either Lite or Plus Account versions, which you (a User) can access on the Hugosave App which represents the electronic money Hugosave has arranged to be issued to you, in exchange for receiving money from you or on your behalf is stored.

App -  refers to the Hugosave App (mobile) which you (a User) can access your Hugosave Accounts including your personal Hugosave Gold Vault.

Balance - refers to any electronic amounts held in your Hugosave Account. It does not include the balance in grams or Singapore Dollars in your personal Hugosave Gold Vault.

Business Day - refers to a day other than Saturday, Sunday or a public holiday in Singapore.

Card - refers to your ‘Physical Card’, the Hugosave Visa Platinum Debit Card. Our Hugosave Card is a digital first design from VISA which means it is numberless, i.e. it has no card account number, expiry date or CVV number on the actual physical card. All this information concerning the card is held and retrievable from within your Hugosave App.

Card PIN - this is your secret Personal Identification Number. This is a security code associated with your Hugosave Card which can be used to verify your card transactions at merchant payment terminals when in person and when withdrawing monies from ATMs.

CVV - stands for Card Verification Value. This number is vital for completing online transactions and should never be shared with anyone. 

Counterparty - refers to the person you wish to send e-money or money to.

Counterparty Bank - refers to the bank account of the Counterparty.

External Account - refers to a (designated) personal deposit account (current or savings) held at a deposit bank in Singapore.

Electronic or e-money - refers to electronically stored value represented by a claim against Hugosave and has the meaning stated in the Payment Services Act 2019. 

Gold Vault - refers to your personal dashboard in your Hugosave App where you can deal in purchasing, selling physical gold and see the display of your gold balance in grams and equivalent in Singapore Dollars as represents the physical gold legally owned by you and held on your behalf by Hugosave at custodian accounts at Brinks, Singapore.

Goldback® - is a cash prize auto-invested into physical gold. Goldback® is rewarded through

  • Spinning the rewards wheel upon completion of a Quest in the app, and
  • Referring new users to Hugosave.

The Goldback® transaction details can be viewed in the personal Gold Vault and Spend Account in your Hugosave app.

Lifetime Limit -
is the total amount of money you can load into your Hugosave Lite account. If you want to load money to your Hugosave account that exceeds the Lifetime Limit, you will have to progress to Hugosave Plus. 

Money Pots - refers to categorised accounts which allow you to create financial goals and actively save for future spends you plan to make. eg a Money Pot for a ‘Rainy Day’ or another entitled ‘Holiday’ to denote the money put aside for such occasions.

My Hugosave Card - this is the dashboard area within your Hugosave App. Here you can look up all your card details, including your ‘PIN’, block your card, report stolen or lost and request a replacement card.

Payment Services Act (“PSA”) - is an Act to provide for the licensing and regulation of payment service providers, the oversight of payment systems, and connected matters. The Act came into effect on 28 January 2020.

Roundups - every time you spend on your Hugosave debit card, Hugosave rounds up your purchase to the nearest dollar and puts the excess into your Roundups ledger. Each week the accumulated Roundups are swept into your Gold Vault (Every Wednesday) and automatically invested into physical gold.

Safeguarded Account - refers to the segregated account(s) maintained by us with our safeguarding banks and which are separate to our own corporate bank accounts, into which we will receive money from you, or on your behalf, in return for the issuance of e-money.

Services - refers to all content, features, products, services, technologies and or functionalities offered in the Hugosave App, including (i) those relating to the Spend Account, the Account, the Money Pots, the Card, the Gold Vault, whether or not involving Payrnet’s services or authorisations, and (ii) the Website and any additional applications. 

SGD - Singapore Dollars used interchangeably with $S nomenclature.

SGT - Singapore Time.

Spend Account - money loaded into this account from your External Account is stored as e-money and linked to your Hugosave debit card, for the purposes of you purchasing goods and services, as well as transfering funds into Hugosave Money Pots or purchasing and selling gold via the Hugosave Gold Vault.

User - refers to you as the individual who has agreed to the terms in this Customer Agreement and associated policies and supplements. 

Website - refers to our general web pages of our website at our web address which is

6. Regulated products and services

6.1 Our Services may have one or more of the following components from PayrNet, and different

or concurrent terms may apply depending on the nature of the product or service itself. If the product or 

service offered to you or that you’re using involves:

(a) issuing e-money to and storing it for you, please refer to the terms set out in section 7. Your Hugosave

Account e-money services, immediately below;

(b) issuing you a debit card, please refer to our supplementary Cardholder Terms.

6.2 PayrNet’s products and services do not include the provision of advice. PayrNet does not offer

advice under this Agreement on any matter including (without limit) the merits or otherwise of any currency transactions, on taxation, or markets. that

7. Your Hugosave Account

Customers have a choice of opening either one of two account types with Hugosave and on installing the app, Hugosave Lite or Hugosave Plus. A customer will only have one or the other account open.

  1. Hugosave Lite Account
    - Easy to open, no proof of ID and address required
    - Account open with Legal Name, Personal Email and Mobile Number (Legal Name bearer)
    - Spend Account, Gold Vault, Money Pots, Schedules
    - $S750 lifetime limit
    - No Sign-on bonus
  2. Hugosave Plus Account
    - Easy to open, ID and address documents, selfie required
    - Account open with Legal Name, Personal Email and Mobile Number (Legal Name bearer)
    - Spend Account, Gold Vault, Roundups, Platinum VISA card, Money Pots, Schedules
    - $5,000 daily account, $30,000 annual payment flow limits
    - Sign-on bonus

Hugosave Lite account has been set-up to give customers a chance to try all the Hugosave Plus account features and products, with a more simplified account opening but with a restricted lifetime limit of S$750. 

Customers have a choice to progress to the Hugosave Plus account at any time to enjoy larger spend limits and account opening bonuses.
Hugosave Lite account holders who want to exceed their S$750 limit must complete a full account opening by providing full proof of ID and address by uploading a National Identity photo ID - NRIC or FIN and providing selfies to match the one on your photo ID documents.
The customer will have progressed to a Hugosave Plus+ Account as their only account, after providing proof of ID and address.

7.1 About your Hugosave Account. 

References throughout these Terms and conditions to the Hugosave Account apply to both the Lite and Plus+ account versions. Where they are applicable to only one account type, then we will specify with reference to whether it is a Hugosave Lite or Hugosave Plus account term and condition.

The e-money services comprises the following activities that we will perform:

(a) we will arrange to have e-money issued to you in exchange for the money from you or a third party on your behalf;

(b) we will reflect your e-money in your Hugosave Account and have it redeemed both on your express instruction, as well as in accordance with this Agreement;

(c) The e-money in your Hugosave Account may be used to enter into payment and card transactions. 

7.2 The following terms shall apply in relation to your Hugosave Account:

(a) Your Hugosave Account allows you to hold, send or receive e-money;
(b) The e-money held on your Hugosave Account does not expire other than when your account is closed, see section 19 for more details;
(c)  The stored value held on your Hugosave Account will not be used to invest or lend to other persons or entities and will not earn any interest;
(d) You may hold your stored value in any currencies which we support from time to time;
(e) You may withdraw money from your Hugosave Account at any time subject to certain conditions, please see section 14 for more details;
(f) For Singapore individual customers, the maximum amount that your Hugosave Plus Account can hold at the end of day, 23.59 SGT is $S 5,000; intraday you can receive unlimited amounts of monies into your spend account and use it to purchase physical gold;

(g)For Singapore individual customers who are using Hugosave Lite Account, the maximum amount you can top up into your Hugosave Account is subject to a lifetime cap of S$750.
(h) We may at our sole and absolute discretion reject your request for a payment transaction, or refund a payment or other transaction, for any reason whatsoever, including without limitation, where your Hugosave Spend account would cause the aggregate amount of your balance, directly or indirectly to exceed any value permitted under the prevailing laws and regulations or any other regulatory or risk limit prescribed for that Hugosave Account;
(i) The stored value held on your Hugosave Account belongs to the person or legal entity which is registered as the Hugosave Account holder;
(j) Unless you have our consent in writing, you must not allow anyone to operate your Hugosave Account on your behalf.

Please visit Help or contact us if you have any questions about these limits or require further information on the limits on your Hugosave Spend Account.

7.3 When we issue you with e-money, us holding the funds corresponding to the e-money is not the same as a bank holding your money in that: 

(a) we cannot and will not use the funds to invest or lend to other persons or entities; 

(b) the e-money will not accrue interest; and

(c) the e-money is not a deposit and is therefore not covered by the Singapore Deposit Insurance Scheme. 

7.4 Your e-money in the Hugosave Plus Account is issued in accordance with PSA. 

7.5 The Payment Services Act (‘PSA’) requires we impose an Electronic Money flow cap (S$ 30,000) on an annual rolling basis on all your outbound electronic money transfers, except:

(a) Domestic transfers to a personal deposit account held in your own name, including transfers to your External Account (designated personal deposit account);

(b) Domestic transfers to another person's personal deposit account.

7.6 Safeguarding. As required by the PSA, your money is safeguarded in established financial institutions. Your money is deposited in SGD (or in SGD equivalent) into a dedicated and segregated account held with DBS Bank Ltd (DBS). Please take note:

(a) We currently don't offer or charge interest on money in this account.

(b) All monies in this account are held in trust for you.

(c) Such monies in the account are always kept separately from the accounts we use to run Hugosave, and we will not use the money held in this account to repay any debts that we may owe to any other party.

(d) If we were to become insolvent, you will be able to make a claim for your funds from this segregated account. We would convert your e-money in the Hugosave Account and return the equivalent amount to you in SGD. Please note that you may not get all your money back in SGD if the Safeguarded Account does not contain enough funds to meet any payouts or our safeguarding bank becomes insolvent.

(e) Your funds are protected to the extent the safeguarding bank, DBS, is a Deposit Insurance (DI) Scheme member bank under the Deposit Insurance Scheme of the Singapore Deposit Insurance Corporation Limited, SDIC.

(f) All Hugosave customers' funds are therefore insured deposits held in trust and client accounts at DBS Bank Ltd and are insured up to S$ 75,000 a customer account.

8. Your Hugosave Money pots

8.1 A Hugosave Money Pot is an account set up and controlled by an individual Hugosave user. 

8.2 The Hugosave user who established the Money Pot can take money out of it, close it.

8.3 The money balance in your Hugosave Plus Account, including funds in Money Pots, must not exceed S$ 5,000 at the end of each day. If you have set up your External Account, you may, by way of money transfer-in or receipt of money in from another person’s account or another Hugosave user, exceed this limit during the day, as the excess will be transferred out to your External Account between 23:00 and 23:59 SGT daily. 

8.4 If you do not set up your External Account, the amount of money you can hold at any given time in the Hugosave Plus account is restricted to S$ 5,000 (or foreign currency equivalent). If, for any reason, your money balance exceeds this amount, you will not be able to receive incoming transfers until you have set up your External Account or reduced your balance to below S$ 5,000.

9. Your Hugosave Gold Vaults

9.1 A Hugosave user can buy or sell physical gold at prevailing International bullion bank prices, in the smallest denominations and are not constrained by the amounts they would like to purchase other than the market liquidity at the time. A user’s gold is represented in the Hugosave app in the Hugosave Gold Vault.

9.2 Your Hugosave Gold Vault can receive/hold unlimited amounts of gold that you have purchased via your Hugosave Plus Spend account converted into physical gold in the dealing area on your Hugosave App, called the Gold Vault. Hugosave Lite accounts are limited across all products to a lifetime limit of S$750, so the maximum amount of gold purchasable in the Gold Vault in this account would be S$750.

9.3 Please click here to see the Terms and Conditions of your Hugosave Gold Vault.

10. Access and use of your Hugosave Account and App

10.1 All our services are currently via the Hugosave App which can be downloaded from the App Store or at Google Play. We will continue to make periodic updates as we attempt to make the App better. It is your responsibility to keep the App updated so that it may function as intended. 

10.2 We license the use of the Hugosave App to you on the basis of this Agreement and subject to any rules and policies applied by any app store provider or operator whose sites are located at App Store and Google Play ("App Store Rules"). We do not sell the App to you. We remain the owners of the App at all times.

10.3 From time to time updates to the App may be issued through App Store or Google Play. Depending on the update, you may not be able to use our Services via the App until you have downloaded the latest version of the App and accepted any new terms.

10.4 Your right to use the App. In consideration of you agreeing to abide by the terms of this Agreement, we grant you a non-transferable, non-exclusive licence to use the App on your device subject to this Agreement and the App Store Rules. We reserve all other rights.

10.5 You must not modify or reverse engineer our software in any way nor install the app on any other person’s device.

11. Getting started with Hugosave

11.1 Open a Hugosave Account. To start using our Services, you must open a Hugosave Account and provide your details as prompted. As part of the signup process you will need to accept this Customer Agreement.

11.2 All information you provide to us must be complete, accurate and truthful at all times. You must update this information whenever it changes. We can not be responsible for any financial loss arising out of your failure to do so. We may ask you at any time to confirm the accuracy of your information and/or provide additional supporting documents.

11.3 All activities under a Hugosave Account shall be deemed as activities carried out by the registered user. You shall only use the Services to transact on your own account and not on behalf of any other person or entity.

11.4 One account per person or entity. You may only open one Hugosave Account unless we have agreed in writing the opening of additional accounts. Hugosave may refuse the creation of duplicate accounts for the same user. Where duplicate accounts are detected, Hugosave may close or merge these duplicate accounts at its sole discretion.

11.5 Click this link - the ‘Hugosave App’ to go to the Hugosave App in the App Stores

12. Establishing your Identity

12.1 In order to comply with requirements of Applicable Laws, it may be necessary for us, PayrNet and/or each of our banking providers and any other business partner to:
(a) obtain from you, and retain, evidence of your personal identity in our records from time to time;
(b) keep records of the contents and results of any searches that we carry out on you;
(c) carry out all necessary verifications of your identity. We may use a recognised agency or bureau for this verification purposes (details of the agency used will be provided to you on request). Such verifications may leave a ‘soft footprint’ on your credit history, but will not affect your credit score.

12.2 You agree to comply with any request from us for further information and provide such information in a format acceptable to us.

12.3 You must ensure the information on your Hugosave account is always accurate and up to date, providing complete information as requested at any time. If at any time we believe your information is outdated or inaccurate, we may contact you for more information and or request that you undertake the verification process again. If you know any of your verification information changes, we must be informed as soon as possible. 

12.4 We will not be liable for any losses arising out of your failure to maintain up to date information.

12.5 We will also regularly require verification throughout your usage of our Services. If, for whatever reason, we are unable to verify you, we may refuse to provide our Services to you.

12.6 When setting up your Hugosave Account, we will require some of your personal information. Please see Section 26 Your Data and Personal Information and our Privacy Policy for details of how we use and protect that information.

12.7 Please be aware we are obliged to report any reasonable suspicions about activities on your Hugosave Account to the regulatory authorities. This may affect our relationship with you so far as confidentiality is concerned. If we are required under Applicable Laws to refrain from communicating with you and/or proceeding with your instructions, we can accept no liability for the consequences of being prevented from doing so.

13. Loading money into your Hugosave Account

13.1 Bank Transfer-in and Third Party Bank Transfer in. To load money, you need to login to your Hugosave App to access your Hugosave Account details. Follow the steps provided.

13.2 The details of your individual Hugosave Account number are provided within your App. Please take care when you copy the details (hover over the account details for a ‘copy’ prompt), or ask the third party bank transfer provider to take due care to ensure the correct account details are used, to make sure the money is received in your Account.

13.3 We are not responsible for the money you have loaded (transfer in) until we have received them. For clarity, Payrnet is the recipient of funds and not us.

13.4 When you receive money into your Hugosave Account, we will send a notification to the App and display the payment in your Hugosave account transaction history.

13.5 We accept no responsibility in the event that you send money to the incorrect account, but will undertake best efforts to help you track your money, if it has entered the Hugosave segregated client accounts.

13.6 We do not accept cash or cheques. We accept monies via a variety of methods of electronic funds transfer to our bank account, the details of which are provided in your App.

13.7 We are required by the Payment Services Act to impose an e-money stock cap on your daily e-money balance (includes the balance on your Hugosave Plus Spend account and Money Pot accounts. This means that your e-money balance must not exceed S$ 5,000 at the end of the day. If you have set up your External Account, you may, by way of top-up or receipt of Electronic Money from another Hugosave user, exceed this limit during the day, as the excess will be transferred out to the External Account between 23:30 and 23:59 SGT daily. 

13.8 If you do not set up your External Account, the amount of e-money you can hold at any given time is restricted to S$4,900. If for any reason your e-money balance is larger than the allowable limit, you will not be able to top-up or receive incoming transfers until you have set up your External Account or reduced your balance below S$ 4,900. 

14. Withdrawing money from your Hugosave Account

14.1 You can request to withdraw your money by logging into your Hugosave Account in your App and follow the on-screen instructions. You may request all or part of your money held in your Hugosave Account to be withdrawn. You will need to enter the Counterparty Bank account details and it is your responsibility to ensure the details are correct and entered correctly.

14.2 Hugosave will not be liable for any losses you may incur from entering incorrect Counterparty Bank Account and recipient details.

14.3 You will be provided with the details you have entered for the withdrawal of money in the App and you will be asked to confirm the details of the Counterparty Bank account, name of recipient and amount to be sent. The recipient and bank details can be stored on the App for use again.

14.4 Some Counterparties accept payment by setting recurring payments to be deducted from your Hugosave Account on a regular basis. The amount of the recurring payment and the intervals at which the payments will be deducted is determined by the arrangement between you and the relevant Counterparties and their terms and conditions will apply. If you wish to amend or cancel your recurring payment, you may only do this by contacting the Counterparties directly.

14.5 As required by the Payment Services Act, we impose an Electronic Money flow cap (S$ 30,000) on an annual rolling basis on all your outbound e-money transfers for the Hugosave Plus account, except:

(a) Domestic transfers to any personal deposit account held in your own name, including transfers to your External Account (designated personal deposit account);
(b) Domestic transfers to another person's personal deposit account.

The flow limit would apply for the Hugosave Lite account, but is irrelevant as there is a lifetime cap of $750.

15. ATM withdrawals abroad

15.1 The Card can only be used to withdraw money from ATMs outside Singapore which accept Visa. Cash withdrawals in Singapore are not allowed under the Payment Services Act.  Please note the Card is not a guarantee card, charge card or credit card.

16. Maintaining Your Hugosave Account

16.1 Your entire transaction history is displayed in your Hugosave account, including, debit card transactions, internal transfers to Money Pots and to purchase physical gold in your personal Hugosave Gold Vault. Your current balance, money you have transferred into your account, received, sent and/or withdrawn are also recorded in your Hugosave Account. You may access this information after you login into your Hugosave App.

16.2 Check your Hugosave Account regularly. You must check your Hugosave Account regularly and carefully and contact us immediately if you don’t recognise a transaction or think we have made a payment incorrectly. You must tell us about any unauthorised or incorrectly executed transactions immediately to have any errors corrected.

16.3 No negative balance in your Hugosave Account. You agree to always have a zero or positive Balance in your Hugosave Account. If your Hugosave Account goes into a negative balance as a result of a chargeback, reversal of a transaction, deduction of fees or any other action carried by you, you promise to repay the negative balance immediately without any notice from us. 

16.4 If you fail to load money to correct the negative balance we may exercise our right of set-off in accordance with section 17 - ‘Our Right to Set-Off’ of these terms;

16.5 If we request that you complete a transfer-in of money in order to correct a negative balance and you fail to do so within 7 Business Days, where applicable, you authorise us to initiate a payment transaction for the amount of the negative balance from your External (Designated) Bank Accounts (as applicable).

16.6 We may send you reminders or take such other reasonable actions to recover the negative balance from you, for example, we may use a debt collection agency or take further legal actions including pursuing claims in court. We will charge you for any costs we may incur as a result of these additional collection or enforcement efforts.

16.7 You are responsible for any taxes which may be applicable to payments you make or receive, and it is your responsibility to collect, report and pay the correct tax to the appropriate tax authority.

17. Our right to set-off

17.1 On the happening of any event which entitles us to be compensated by you (including, but not limited to, any technical errors on our behalf or on behalf of our third-party providers), we shall be entitled to recover any sum due to us by retaining part or all of any sum that you have transferred to your Hugosave Account. You shall have no similar right of set-off. 

17.2 On the happening of any event which entitles us to be compensated by you, if for whatever reason we are unable to exercise our right of set-off pursuant to clause 14.1, we may initiate a payment transaction for the amount we are due to be compensated by you from one of your External Personal Bank Accounts (where account details have been provided in your Hugosave App).

17.3 If the amount owed to us is not available in your Hugosave Account in Singapore dollars, we shall convert the equivalent amount you hold in physical gold within the Hugosave Gold Vault by applying the gold exchange rates prevailing within the App at the time of the conversion. We do not need to notify you of this conversion occurring.

18. Keeping your Hugosave Account Secure and Safe

18.1 You have a crucial role to play to ensure your Hugosave Account is protected from unauthorised access and use. In this section we want to highlight from the e-Payments User Protection Guidelines issued by the MAS (“User Protection Guidelines”) how by practising good security hygiene you can keep your Hugosave Account safe and secure.

18.2 You must take reasonable steps to keep your PIN, passwords, phone, and card numbers secure, nor must you let anyone else use your account, even with your permission. If you suspect that there may be unauthorised access to your account or that a transaction that you think is fraudulent has occurred, you must let us know immediately.

18.3 If we suspect that your account may have been used by someone other than you or a fraudulent transaction has been made, we will contact you (as above) and we may temporarily prevent your account from making further payments.  

If your card is lost or stolen,  immediately block the Card in your Hugosave App.

18.4 You must ensure at all times that you take all reasonable steps to:

(a) ensure that your Mobile and your Mobile PIN is kept safe and secure;

(b) ensure that your access code, as a back-up to your Biometric entry, into the Hugosave App is kept safe and secure. Never voluntarily disclose this access code to any third party; and

(c) ensure your Hugosave Card PIN and other unique numbers (including CVC, expiry and card number) which are only retained in the Hugosave App for you are safe and secure.

18.5 To help with your security we have issued our Hugosave Visa Debit card as a ‘digital first’ numberless card, helping to reduce third party fraud risk. Only you can access your card details on the Hugosave app.

18.6 To help meet the requirements of clause 18.4 we recommend that you:

(a) close the Hugosave App every time you are not using or have finished using it;

(b) keep  the Mobile you use to gain access to  your Hugosave Account safe and secure and locked with a secure password or other security mechanism such as Biometrics and PIN;

(c) do not write down or tell anyone your Mobile PIN;

(d) change your Mobile PIN regularly, and

(e) if you receive any SMSs or emails, surveys, or other links that require you to provide your Mobile PIN, do not provide your information and inform our customer services team via the Live chat function in your Hugosave App;
(f) ensure that the Mobile and email account(s) you use to communicate with us are secure and only accessed by you, and
(g) if at any time you think that your Mobile PIN has been lost, stolen or any other person knows your Mobile PIN or anyone has access to your email account or Mobile you use to communicate with us, inform customer services immediately via the Live chat function in your Hugosave App;

(h) update the Mobile App to the latest version available for your device as it may contain security updates; and

(i) keep your Hugosave Card safe and secure and do not write down or tell anyone your Card PIN or details of the Hugosave Card. 

18.7 As noted in paragraph 3.8 of the User Protection Guidelines, if you notice any misuse, theft or unauthorised use of your Mobile,  Hugosave Card, Mobile PIN or Card PIN or any other suspicious activity, you must contact the customer services team and if possible, enable the appropriate security features on the Hugosave App.

18.8 Where applicable, you may be required to provide all of the information set out in paragraph 3.9 of the User Protection Guidelines for the purposes of our review and investigation. If you suspect identity theft or theft of your money we suggest that you contact the local law enforcement as well.

19. Closing your Hugosave Account

19.1 You may close your Hugosave Account at any time. You may end this Customer Agreement and close your Hugosave Account at any time by contacting our Customer support.

19.2 You should withdraw your money within a reasonable time. At the time of closure, if you still have money in your Hugosave Account, you must withdraw your money within a reasonable period of time by following the steps described in section 11. After a reasonable period of time, you will no longer have access to your Hugosave Account, but you can still withdraw your money by contacting Customer Support. You have the right to do this for a period of 2 years from the date your Hugosave Account is closed.

19.3  You may hold e-money and we may hold funds corresponding to your e-money indefinitely. However, if we hold e-money for you for more than two years without any activity on your e-money account, we shall use reasonable endeavours to contact you to redeem the e-money, return the corresponding funds to you and close your account. If we are unable to contact you, we may redeem the e-money and send the corresponding funds, less any of our costs incurred, to the last known bank account we have on file for you.

19.4 We may terminate this Customer agreement and Services covered with immediate effect if you are found to be in breach of this Agreement or where we have reasonable grounds for a concern relating to: (i) the security of your account(s), whether or not you have informed us of a security breach; and/or (ii) the suspected unauthorised or fraudulent use of your account(s).

19.5 You must not close your Hugosave Account to avoid an investigation. You must not close your Hugosave Account to avoid an investigation. If you attempt to close your Hugosave Account during an investigation, we may hold your money until the investigation is fully completed in order to protect our or a third party’s interest.

19.6 You are responsible for your Hugosave Account after closure. You agree that you will continue to be responsible for all obligations related to your Hugosave Account even after it is closed.

19.7 You accept Hugosave will store personal data about you and your Hugosave Transactions for a period of six years, from the day of the opening of your account.

20. Communications, Customer Support and Complaints

20.1 Communications. By signing this Customer Agreement you agree and consent to the electronic receipt of all Communications that we provide with our Services. 

20.2 We will tend to contact you by email, in-App notifications and or SMS via your mobile service at the telephone number provided by you when signing up to our Services. You are required to maintain a valid email address in your Hugosave Account in your App profile at all times. Please check your incoming emails and messaging on a regular and frequent basis, so you can report any apparent errors, unauthorised transactions and raise any general queries. Failure to do so in a timely manner could result in loss of funds or important rights. 

20.3 In addition to communicating as specified in clause 18.1, we may contact you via letter or telephone where appropriate. Any communications or notices sent by post will be deemed received three (3) days from the date of posting for Singapore post or within five (5) days of posting for international post. 

20.4 All communications or notices sent by email will be considered to be received by you on the same day, if it has been received into your email inbox by 5pm on any Business Day. If it is received in your email inbox after 5pm on a Business Day or not on a Business Day, it will be deemed received on the next Business Day. 

20.5 Note any communications or notices sent via your Hugosave App or by SMS will be deemed received the same day.

20.6 Customer Support. If you require any assistance with your Account and your App please do contact us in App via Live Chat and or send an email to [email protected] which can also be initiated from within your App.

20.7 Complaints. 
We take your complaints seriously which can be addressed by the chat function in the App. If you have lost access to your account in App, then contact us by email at [email protected]. If you have any complaints about us or our Services, you should clearly follow the complaint procedures, set out on our website, which set out the process for submitting and resolving any complaints. 

20.8 This Customer Agreement and all communication is made in the English language. Documents or communications in any other languages are for your convenience and only the English language versions of them are official.

20.9 You may request, at any time during the extent of these Terms, a copy of this Customer Agreement, please contact us via the Live Chat in your App.

21. Intellectual Property Rights

21.1 The Hugosave App and the website and all intellectual property rights contained therein, including but not limited to any content, are owned or licenced by us. While you are using our Services, you may use the Hugosave App, website and features only for your personal use and solely as necessary in relation to those Services.

21.2 Intellectual property rights includes copyright, trademarks, domain names, design rights, database rights, patents and all other intellectual property rights of any kind whether or not they are registered or unregistered (anywhere in the world). Hugosave’s intellectual rights also include any software, without limitation developer tools, source code and libraries, printed and electronic documentation. You may not, and may not attempt to copy, imitate or

(a) transfer, sublicense, loan, sell, assign, lease, rent, distribute or grant rights in our Service;

(b) remove, obscure, or alter any notice of any of our trade marks, or other intellectual property appearing on or contained within the Services or on any Hugosave owned digital rights and assets; 

(c) modify, copy, tamper with or otherwise create derived works of any software;

(d) reverse engineer, disassemble, or decompile our software and Services.

22. Limitation of Liability

22.1 Where we are liable to you in respect of the same matter or item, you agree that our liability to you will not be increased by any limitation of liability you have agreed with that other person or because of your inability to recover from that other person beyond what our liability would have been had no such limitation been agreed and/or if that other person had paid his or its share.

22.2 Where a Loss is suffered by you for which we would otherwise be jointly and severally or jointly liable with any third party or third parties, the extent to which such Loss shall be recoverable by you from us (as opposed to any third parties) shall be limited so as to be in proportion to the aggregate of our contribution to the overall fault for such Loss, as agreed between all of the relevant parties or, in the absence of agreement, as determined by a court of competent jurisdiction. For the purposes of assessing the contribution to the Loss in question of any third party for the purposes of this clause, no account shall be taken of any limit imposed or agreed on the amount of liability of such third party by any agreement (including any settlement agreement) made before or after such Loss occurred or was otherwise incurred.

22.3 Nothing in this Agreement limits or excludes our liability for death or personal injury caused by our negligence or for any damage or liability incurred by you as a result of fraud or fraudulent misrepresentation by us or to the extent that the liability may not be excluded or limited by any applicable law.

22.4 To the fullest extent permitted by applicable law, you shall be responsible and hold us (and our officers, directors, employees, suppliers, agents and related entities) harmless from any and all loss, damage, liabilities, claims, costs and expenses due to, or arising out of or in connection with, your breach of this Agreement or any applicable law or regulation, your use of our Services and/or any fraud by you. This provision shall continue to be in force even after you cease using our Services.

22.5 To the extent permitted by the applicable law, Hugosave is not liable, and you agree not to hold us responsible, for any damages or losses (including, but not limited to, loss of money, goodwill, or reputation, profits, or other intangible losses or any special, indirect, or consequential damages) resulting directly or  indirectly from:
(a) your inability to use our Services for whatever reason;
(b) delays or disruptions in our Services;
(c) viruses or other malicious software obtained by accessing the Website or any associated site or service;
(d) glitches, bugs, errors, technological attacks, harmful material infecting your phone or computer software, hardware and data or inaccuracies of any kind in our Services;
(e) the content, actions, or inactions of third parties;
(f) a suspension or other action taken with respect to your Hugosave Account and App;
(g) your need to modify practices, content, or behaviour, or your loss of or inability to do business, as a result of changes to this Agreement; and/or
(h) illegal actions and operations of third persons performed using counterfeited and/or illegal documents or illegally received data.

22.6 We (and our officers, directors, employees, suppliers, agents and related entities) cannot be liable for any failure to perform, or delay in performing, any of our obligations as a result of events which are outside our control. An event which is outside our control refers to any act or event beyond our reasonable control, including, but without limitation to, strikes, lock-outs or other industrial action by third parties, civil commotion, riot, invasion, terrorist attack or threat of terrorist attack, war (whether declared or not) or threat or preparation for war, fire, explosion, storm, flood, earthquake, subsidence, epidemic or other natural disaster, or failure of public or private telecommunications networks or impossibility of the use of railways shipping, aircraft, motor transport or other means of public or private transport.

22.7 What if something unexpected happens? We shall have no liability to you under this Agreement or in any other way if we are prevented from or delayed in performing our obligations under this Agreement, or from carrying on our business, by acts, events, omissions or accidents beyond our reasonable control, including, without limitation, strikes, lock-outs or other industrial disputes (whether involving us or any other party), failure of a utility service or transport or telecommunications network, act of God, war, riot, civil commotion, malicious damage, compliance with any law or governmental order, rule, regulation or direction, accident, breakdown of plant or machinery, fire, flood, storm or our default of sub-contractors, provided that you are notified of such an event and its expected duration.

23. No Warranties

23.1 We provide our services “as is” and with no warranties or representation, whether implied, expressed, or statutory. We (and our officers, directors, employees, suppliers, agents and related entities) do not make any representation or warranty of any kind whatsoever for any breach of security associated with the transmission of sensitive information, that our services will be uninterrupted nor do we warrant that our content, information, and functions provided in our Services are correct, accurate, or reliable. We also do not warrant that our services will meet your expectations, nor do we warrant that any error in our technology will be corrected. 

23.2 If we choose not to enforce any of the terms under this agreement, it does not mean that we are choosing to waive our rights agreed to in these terms.

24. When we can end this Customer Agreement or suspend our Services

24.1 We may, in our sole discretion, at any time, terminate your Hugosave Account or any service associated with it without giving any prior notice or reason for doing so. You may terminate your Hugosave Account with us at any time by contacting Customer Support.

We may at any time suspend or terminate your Hugosave Account without notice if:

(a) you breach any provision of this Agreement or documents referred to in this Agreement;

(b) we have reason to believe you are in violation of any applicable law or regulation;

(c) we are requested or directed to do so by any competent court of law, government authority, public agency, or law enforcement agency; or

(d) we have reason to believe you are involved in any fraudulent activity, money laundering, terrorism financing or other criminal and/or illegal activity.

We may suspend your Hugosave Account at any time if:

(a) we believe that your Hugosave Account has been compromised or for other security reasons; or

(b) we suspect your Hugosave Account has been used or is being used without your authorisation or fraudulently; and

(c) we will let you know as soon as we can if we need to suspend your Hugosave Account, unless notifying you would be unlawful or compromise our reasonable security interests.

24.2 You can not use the App if this Customer Agreement ends. On termination for any reason all rights granted to you in connection with the App shall cease, you must immediately delete or remove the App from your devices.

24.3 Termination of this Agreement requires the closing of your Hugosave Account in accordance with section 17 and the termination of all Hugosave Cards and the associated Hugosave Cardholder Terms, as applicable. We will deal with your remaining balance in accordance with these Terms and the Hugosave Cardholder Terms, as applicable. 

25. Agreement Amendments

25.1 We may amend this Customer Agreement unilaterally at any time by posting a revised version on this page, effective once it is posted. Please check back frequently to see if there are any updates or changes to this Customer Agreement, as it is legally binding on you. 

25.2 If you do not agree to the revised terms in this Customer Agreement, you should terminate your Hugosave Account and discontinue your use of our Services.

25.3 This Customer Agreement may not be amended in any other way.

26. Your Personal Information and Data

26.1The processing of your data is governed by this Customer Agreement, any applicable Supplements as well as our Privacy Policy.

26.2 We reserve the right to transmit the Information or personal data about you as well as activity in your Hugosave Account to law enforcement institutions, state authorities and financial institutions, if such is necessary to comply with relevant legislation, and in order to identify whether this agreement and relevant legislation have not been violated.

26.3 By providing Hugosave with a mobile telephone number, you consent to receive SMS or text messages at that number, for service-related matters. We will not share your phone number with non-affiliated third parties for their purposes without your consent. 

26.4 When you use our Services we may collect precise location data about a Hugosave Card Transaction. If you permit your Hugosave App to access location services through the permission system used by your mobile operating system, we may also collect the precise location of your device when the app is running in the foreground or background. We may also derive your approximate location from your IP address. You may opt out of providing location data through the App, unless you opt out of providing location data, you consent to the collection, use, sharing and onward transfer of location data, as further set forth in the Privacy Policy.

26.5 You understand and agree that Hugosave may, without further notice or warning and in our discretion, monitor or record any telephone conversations you or anyone acting on your behalf has with us or our agents for quality control and training purposes or for both our protection. You acknowledge and understand that, while your communications with Hugosave may be overheard, monitored, or recorded without further notice or warning, not all telephone lines or calls may be recorded by us, and Hugosave does not guarantee that recordings of any particular telephone calls will be retained or retrievable.

26.6 You agree that we can use your Information in connection with your Hugosave Account, to enable us to review, develop and improve our products and services. This may involve providing your Information to our partners, affiliates, agents, distributors and suppliers to process Hugosave Transactions and for their statistical research and analytical purposes. We may also disclose your Information as required by law, regulation or any competent authority or agency to investigate possible fraudulent, unlawful or unauthorised activity.

26.7 You understand and agree that we may collect information about how you and other Hugosave Users interact with our Services. We may access the address book on your device and store names and contact information to facilitate social interactions through our Services and for other purposes. We collect transaction details related to your use of our Services, including the type of service requested, date and time the service was provided, amount charged and other related transaction details. We may collect information about your mobile device, including for example, the hardware model, operating system and version, software and file names and versions, preferred language, unique device identifier, advertising identifiers, serial number, device motion information and mobile network information. You agree that we may use the information that we collect to facilitate interactions with our Services, including sharing certain non-sensitive information about you with other Hugosave Users.

27. Other Important Items

27.1 Even if we delay in enforcing under this Agreement, we can still enforce it later. If we do not insist immediately that you do anything you are required to do under this Agreement, or if we delay in taking steps against you in respect of your breach of this Agreement, that will not mean that you do not have to do those things and it will not prevent us taking steps against you at a later date. For example, if you do not pay us on time and we do not chase you but we continue to provide the services, we can still require you to make the payment at a later date.

27.2 What if something unexpected happens? We shall have no liability to you under this Agreement or in any other way if we are prevented from or delayed in performing our obligations under this Agreement, or from carrying on our business, by acts, events, omissions or accidents beyond our reasonable control, including, without limitation, strikes, lock-outs or other industrial disputes (whether involving us or any other party), failure of a utility service or transport or telecommunications network, act of God, war, riot, civil commotion, malicious damage, compliance with any law or governmental order, rule, regulation or direction, accident, breakdown of plant or machinery, fire, flood, storm or our default of sub-contractors, provided that you are notified of such an event and its expected duration.

27.3 If a court finds part of this Agreement illegal, the rest will continue in force. Each of the sub-clauses, clauses and paragraphs of this Agreement (including any of the Sections) operates separately. If any court or relevant authority decides that any of them are unlawful, the remaining sub-clauses, clauses and paragraphs will remain in full force and effect. 

27.4 We are not partners and neither of us may act as the other’s agent. Nothing in this Agreement is intended to or shall operate to create a partnership or joint venture between you and us, or authorise either party to act as agent for the other, and neither party shall have the authority to act in the name or on behalf of or otherwise to bind the other in any way (including, but not limited to, the making of any representation or warranty, the assumption of any obligation or liability and the exercise of any right or power).

27.5 We can make changes to these terms. We reserve the right to amend this Agreement for any reason, including to comply with any Applicable Laws. Such amendments may be made at any time upon as much notice as possible to you and shall take effect following such notice, if any. If you object to the proposed amendments, you have the right to terminate this Agreement without charge before the date proposed by us for the entry into force of the changes. You will be deemed to have accepted the changes if you raise no objection prior to the expiry of the period set out in the notice. Any changes that come into effect does not affect any rights or obligations that have already arisen and will not be retrospective.

27.6 Can you obtain a copy of this Agreement or additional information? You may request and we shall provide a copy of this Agreement at any time prior to termination of this Agreement.

27.7 We may transfer this agreement to someone else. We may transfer our rights and obligations under this Agreement to another organisation without your consent. We will always tell you in writing if this happens and we will ensure that the transfer will not affect your rights under this Agreement.

27.8 You need our consent to transfer your rights to someone else (except that you can always transfer our guarantee). You may only transfer your rights or your obligations under this Agreement to another person if we agree to this in writing.

27.9 Except for Payrnet, nobody else has any rights under this Agreement to enforce any of its terms for the purposes of the Contracts (Rights of Third Parties) Act. This contract is generally between you and us. 

27.10 Which laws apply and where you may bring legal proceedings. This Agreement is governed by the laws of Singapore and you can bring legal proceedings in respect of this Agreement in the Singapore courts. 

28. What you Pay at Hugosave

28.1 Currently we are offering our Services on a no-fee basis. 

    Copyright © Hugosave 2022. All Rights Reserved.

    Atlas Consolidated Pte. Ltd (UEN 201942617W) is the owner of the Hugosave brand, regulated as a Major Payment Institution (MPI) by the Monetary Authority of Singapore (MAS) under the Payment Services Act (No. 2 of 2019). Hugosave is an authorised card distributor and programme manager of Payrnet Pte. Ltd (UEN 201913150C), incorporated in Singapore whose registered address is 143 Cecil Street #07-01 GB Building Singapore 069542.