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Poll relating to Operational Challenges to Bank Account Access in Singapore.

Dear Members,

Poll relating to Operational Challenges to Bank Account Access in Singapore.

To better understand the Operational Challenges to Bank Account Access, we would like to seek your assistance to complete the following form

Section 1. Understanding you and your organisation

1.1 Name of the company you are representing(Required)

Name(Required)

Designation(Required)

1.2. DPT-related services you offer (Allow multiple selection):(Required)

Cryptocurrency exchanges

Provider of custodian wallets for DPT

Payments-related cryptocurrency service

DPT wallet provider

Crypto-related venture capital

P2P cryptocurrency lending

Cryptocurrency mining services

OTC cryptocurrency trading

DPT service provider - infrastructure, technology, security

Blockchain technology for the crypto industry

Other

1.3. The business model your organisation adopts (Allow multiple selection)(Required)

B2B

B2C

C2C

Other

Current funding stage(Required)

Pre Seed

Seed

IPO

Other

1.5. The year your organisation was found(Required)

1.6. The overall number of employed personnel

1-50

51-100

101-500

501-1000

>1001

1.7 The number of employed personnel based in Singapore. (Skip question if it is the same answer as question 1.6, otherwise please indicate a ballpark number)

Section 2. Access to banking services for companies offering crypto-related services

2.1 Has your company ever encountered the situation where banks did not accede to your organisation’s request to open a bank account in Singapore?

No (go to Section 3)

Yes (go to Section 4)

Section 3. Banks that accede to account opening requests in Singapore

3.1. Please specify the types of bank accounts you have applied for (e.g. operating expense account, business transaction account, etc), which bank/s acceded to your request in opening a bank account in Singapore and any special/unique conditions attached:(Required)

3.2 Please share any other suggestions that you may have in addressing this issue of bank account opening with banks in Singapore.(Required)

Section 4. Banks that did not accede to account opening requests in Singapore

4.1. Please specify the types of bank accounts you have applied for (e.g. operating expense account, business transaction account, etc), and which bank/s did not accede to your request in opening a bank account in Singapore:(Required)

4.2. Please select the most suitable nature of hurdle/ reason/s shared by the banks which denied your company's request:(Required)

Money laundering risks & concerns

Financing of terrorism risk & concerns

Lack in KYC measures and tools

Lack in robust risk management practices, control, and/or tools

Misalignment in reporting procedures between applicant and the bank

Inconsistencies in account behaviour

Difficulty in determining and verifying the nature and quality of the underlying assets of the business

Risks associated with nesting arrangements

Bank shared that it does not accept crypto-related business

Bank did not provide reason

Other

4.3 Has your company put in place any initiatives/ measures to overcome the hurdles raised by banks pertaining to the rejection of the account opening request?(Required)

Yes (go to Section 4.4)

No (go to Section 4.5)

4.4 Addressing the hurdle

4.4. What has your organisation done to address and overcome the hurdles raised by the banks? Did the bank subsequently accede to the account opening request following your firm’s follow up?(Required)

4.5

4.5 Please elaborate why your company had not put in place measures/ any challenges faced in addressing the hurdles.(Required)

Section 5. Suggestions and Feedback

5.1. Please share any suggestions that you may have in bridging this gap and addressing this issue of bank account opening with banks in Singapore.(Required)

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