SGX Remit – Refund & Transaction Resolution Policy

1. Purpose of This Policy

This Refund & Transaction Resolution Policy explains how SGX Remit handles transaction issues, including pending (hanging) transactions, failed transactions, refunds, and dispute resolution.

SGX Remit facilitates transactions involving digital assets (cryptocurrency) and relies on SGX Remit's licensed payout network to process certain local and international payouts such as mobile money and bank transfers (e.g. EcoCash).

Because blockchain networks and payment systems operate independently of SGX Remit, some transaction outcomes and timelines may be outside our direct control. This policy is designed to ensure transparency while protecting both users and the platform.

2. Transaction Status Definitions

a) Successful Transaction

A transaction is considered successful once:

• The cryptocurrency transfer is confirmed on the relevant blockchain; and
• The corresponding payout has been successfully completed through the SGX payout network.

Successful transactions are final and non-refundable, except where required by applicable law.

b) Pending / Hanging Transaction

A transaction is considered pending if:

• The cryptocurrency transfer has been initiated but is awaiting blockchain confirmations; or
• The payout is awaiting processing by a licensed payout partner (e.g. mobile money operators or banking partners).

⏳ Pending transactions do not automatically qualify for refunds.

c) Failed Transaction

A transaction is considered failed if:

• The crypto transfer fails or is rejected on the blockchain; or
• The payout cannot be completed after reasonable processing attempts; or
• The transaction is rejected due to system errors or payout network failures.

Only failed transactions may be considered for refunds, subject to the conditions below.

3. Pending / Hanging Transactions

3.1 Expected Processing Timeframes

Due to the nature of blockchain technology and payout processing networks:

• Cryptocurrency confirmations may take minutes to several hours, depending on network congestion.
• Local payouts (such as EcoCash) may take 24–72 hours, particularly during:
  • Network congestion
  • System maintenance
  • Public holidays
  • Compliance or regulatory checks

SGX Remit will make reasonable efforts to monitor and complete pending transactions.

3.2 Escalation of Pending Transactions

A pending transaction may be escalated for review if:

• It remains unresolved for more than 72 hours; and
• No payout has been completed.

Users may contact SGX Remit support to request a transaction status review once this threshold is reached.

4. Failed Transactions and Refund Eligibility

A refund may be considered only if all of the following conditions are met:

• The transaction is confirmed as failed by SGX Remit systems;
• No payout has been completed through the SGX payout network; and
• The failure was not caused by user error, including:
  • Incorrect wallet address;
  • Incorrect mobile number or payout details;
  • Use of unsupported networks or assets.
• The funds are technically and legally recoverable.

⚠️ SGX Remit does not guarantee refunds where funds are irreversible or already settled.

5. Refund Method and Timelines

5.1 Refund Method

Where a refund is approved, it will be issued:

• To the original cryptocurrency wallet used for the transaction; or
• Via another method determined by SGX Remit, depending on technical feasibility.

Refunds are not issued in cash.

5.2 Refund Timelines

Once a refund is approved, processing may take 7–14 business days, depending on:

• Blockchain network conditions;
• Reconciliation or reversals within the SGX payout network; and
• Compliance, fraud prevention, or security reviews.

These timelines are estimates, not guarantees.

6. Non-Refundable Situations

Refunds will not be issued in the following circumstances:

• The transaction was successfully completed;
• A payout has already been completed through the SGX payout network;
• Blockchain transactions that are confirmed and irreversible;
• Errors caused by incorrect or incomplete information provided by the user;
• Market fluctuations or exchange rate changes;
• Delays caused by payout network processing after settlement; or
• User dissatisfaction unrelated to transaction failure.

7. User Responsibilities

Users are responsible for:

• Verifying wallet addresses, networks, and payout details;
• Using only supported assets and networks;
• Following SGX Remit instructions during transactions; and
• Reporting issues promptly through official support channels.

SGX Remit is not responsible for losses caused by user error.

8. Testing / Beta Phase Disclaimer (If Applicable)

During beta or testing phases:

• Transactions are processed on a best-effort basis;
• Temporary delays, interruptions, or failures may occur; and
• Refunds during testing are handled case-by-case and are not guaranteed.

Participation in testing indicates acceptance of these conditions.

9. Dispute Resolution

If a user disputes a transaction outcome:

• A dispute must be submitted through SGX Remit’s official support channels;
• Disputes must be raised within 7 days of the transaction date;
• SGX Remit will investigate and communicate the outcome; and
• SGX Remit’s decision shall be final, subject to applicable law.

10. Policy Updates

SGX Remit reserves the right to update or amend this policy at any time. Updated versions will be published on the platform. Continued use of SGX Remit services constitutes acceptance of the revised policy.