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KYC flow

In order to use the Chintai application one is asked to perform the in-app KYC, that is straightforward to use, in order for Chintai to verify and identify the customer. These compliance measures have to be taken so that Chintai being a Financial Service Provider and therefore strictly following the AML/CFT regulations can insure that the application is safe for its customers, just like any other financial institution would.

The Information provided will be reviewed by Chintai’s Compliance team. If everything is in order the information will then be given to Chintai’s custodian for final processing before the customer can fully access their account.

If there was missing information, Customer Support will let the customer know by shortly explaining the problem and suggesting a solution. Once the customer has fulfilled the request asked by the Customer Support, the process starts again until the KYC is successful.

The different Verification steps are explained while the customer goes through the process, should any unanswered questions arise, the customer can always contact the customer service. The customer service will get back to the customer as soon as possible

Step 1: Verification

Once you have created an account and logged in you can start the verification process by either selection your account icon and then selecting the verification tab or by clicking the verification panel on the dashboard.

US citizens, residents or businesses operating within the USA may not be onboarded due to the US tax law. You will be asked to confirm that you are neither of these things.

Step 2: Investor Class Declaration

Next you will be asked for your investor class. Retail Investors may not be onboarded to the Singapore platform. Chintai considers the following as an Accredited Investor, Expert Investor and Institutional Investor ( as per the Securities and Future Act 2001; SSO) :

‘Accredited Investor’

  • An individual —

    • whose net personal assets exceed in value $2 million (or its equivalent in a foreign currency) or such other amount as the Authority may prescribe in place of the first amount;

    • whose financial assets (net of any related liabilities) exceed in value $1 million (or its equivalent in a foreign currency) or such other amount as the Authority may prescribe in place of the first amount, where “financial asset” means —

      1. a deposit as defined in section 4B of the Banking Act 1970;

      2. an investment product as defined in section 2(1) of the Financial Advisers Act 2001; or

      3. any other asset as may be prescribed by regulations made under section 341; or

    • whose income in the preceding 12 months is not less than $300,000 (or its equivalent in a foreign currency) or such other amount as the Authority may prescribe in place of the first amount;

  • a corporation with net assets exceeding $10 million in value (or its equivalent in a foreign currency) or such other amount as the Authority may prescribe, in place of the first amount, as determined by —

    • the most recent audited balance sheet of the corporation; or

    • where the corporation is not required to prepare audited accounts regularly, a balance sheet of the corporation certified by the corporation as giving a true and fair view of the state of affairs of the corporation as of the date of the balance sheet, which date must be within the preceding 12 months;

  • the trustee of such trust as the Authority may prescribe, when acting in that capacity; or

  • such other person as the Authority may prescribe;

‘Expert Investor’

  • a person whose business involves the acquisition and disposal, or the holding, of capital markets products, whether as principal or agent;

  • the trustee of such trust as the Authority may prescribe, when acting in that capacity; or

  • such other person as the Authority may prescribe;

‘Institutional Investor’

  • the Government;

  • a statutory board as may be prescribed by regulations made under section 341;

  • an entity that is wholly and beneficially owned, whether directly or indirectly, by a central government of a country and whose principal activity is —

    • to manage its own funds;

    • to manage the funds of the central government of that country (which may include the reserves of that central government and any pension or provident fund of that country); or

    • to manage the funds (which may include the reserves of that central government and any pension or provident fund of that country) of another entity that is wholly and beneficially owned, whether directly or indirectly, by the central government of that country;

  • any entity —

    • that is wholly and beneficially owned, whether directly or indirectly, by the central government of a country; and

    • whose funds are managed by an entity mentioned in sub‑paragraph (iii);

  • a central bank in a jurisdiction other than Singapore;

  • a central government in a country other than Singapore;

  • an agency (of a central government in a country other than Singapore) that is incorporated or established in a country other than Singapore;

  • a multilateral agency, international organisation or supranational agency as may be prescribed by regulations made under section 341;

  • a bank that is licensed under the Banking Act 1970;

  • a merchant bank that is licensed under the Banking Act 1970;

  • a finance company that is licensed under the Finance Companies Act 1967;

  • a company or co‑operative society that is licensed under the Insurance Act 1966 to carry on insurance business in Singapore;

  • a company licensed under the Trust Companies Act 2005;

  • a holder of a capital markets services license;

  • an approved exchange;

  • a recognized market operator;

  • an approved clearing house;

  • a recognized clearing house;

  • a licensed trade repository;

  • a licensed foreign trade repository;

  • an approved holding company;

  • a Depository as defined in section 81SF;

  • an entity or a trust formed or incorporated in a jurisdiction other than Singapore, which is regulated for the carrying on of any financial activity in that jurisdiction by a public authority of that jurisdiction that exercises a function that corresponds to a regulatory function of the Authority under this Act, the Banking Act 1970, the Finance Companies Act 1967, the Financial Services and Markets Act 2022, the Monetary Authority of Singapore Act 1970, the Insurance Act 1966, the Trust Companies Act 2005 or such other Act as may be prescribed by regulations made under section 341;
    [Act 18 of 2022 wef 28/04/2023]

  • a pension fund, or collective investment scheme, whether constituted in Singapore or elsewhere;

  • a person (other than an individual) who carries on the business of dealing in bonds with accredited investors or expert investors;

  • the trustee of such trust as the Authority may prescribe, when acting in that capacity; or

  • such other person as the Authority may prescribe.

You will have to accept to be treated as an AI as of this document: https://sg.demo.chintai.io/docs/investor-class-declaration-form.pdf, in order to move forward if your income is within the following categories:

  • Minimum income of $300,000 in the last 12 months (or its equivalent in a foreign currency); or

  • Net personal assets exceeding S$2 million, of which the net value of your primary place of residence can only contribute up to S$1 million; or

  • Net financial assets exceeding S$1 million (or its equivalent in a foreign currency);

Afterwards you have to select your net financial/personal assets and prove information by submitting:

  • Latest bank statement

  • The latest statement from the Central Depository (Pte) Ltd showing personal assets is required

  • The latest statement from brokerage houses showing net assets is required 

These documents must be provided in English and have to be attained within 3 months of the date of issue.

Step 3: Experience Assessments

Now you will be asked for your Education Qualification, whether you have a diploma or higher qualification, if you possess Professional Finance-related Qualification and/or Working Experience in such a sector. The working experience has consist of a minimum of 3 continuous years of relevant working experience in the preceding ten years and may not be as a support function and administrative or clerical in nature. You will have to have at least one of these Qualifications or Experiences.

Lastly you will be asked about your Investment experience, which you must have, via transactions in the preceding 3 years and you will have to declare said trading experience.

Step 4: Liveness

You will have to perform a liveness test, for which a functioning camera on your device is required, since your face will be captured from different angles.

Step 5: User Information

For this step you will have to give Information about your Identity, Tax and Financials.

For your Financial Information you will have to confirm your Source of funds and Net worth.

Next you will have to make a PEP declaration. This declaration includes the information on whether you are a Politically Exposed Person or an associate of one. If that is the case you have to declare this on our website.

Step 6: Documents

In this step you will be asked to provide the documents proving the Information you gave in Step 5.

  • Proof of identity - for example your passport which has to be valid for at least six months

  • Proof of address - e.g. your bank statement, credit card statement, utility bill or proof of residency; has to include your full name (as per your passport) and address, be in English and be attained within 3 months of the date of issue

  • Selfie with passport and text, which includes the date of your verification and your signature

At last you will be provided with your individual summary, where you can check your information again. Once you have made sure that all the information is correct, press the confirmation button and your Information is sent to the Chintai compliance team for Approval. The Compliance team will take up to 1 week to review your application and if needed will request additional Information and documents required for your Verification to be approved.

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