Frequently asked questions
What is SGPay?
SGPay is a next generation payments system built for the mobile platform. It aims to combine new digital tokens, next generation innovators and modern e-payment systems together.
How does SGPay help in Singapore’s current push towards a cashless society?
By having all the latest technological advances in a single payments platform – SGPay aims to make it much easier for users to manage all their payments in 1 app. There would be no need for users to carry cash, cards, and to access different platforms to manage their finances.
What plans does SGPay have for the future?
Similar to what AliPay is doing for China, our team believes that there is a mobile payments revolution in the making. By working with traditional market makers such as banks and financial institutions, SGPay is looking to forge a path ahead where the payments future would be a lot more advanced and promising than now.
Which institutional partners will SGPay work with?
We are currently in discussions with companies on the viable type of partnerships we can establish. We expect much more of these agreements to be fleshed out and announced by Q4 2018.
At what stage is the SGPay project currently at?
We are building and testing our platform capabilities currently and we should see SGPay with its Alpha functions out on the app store by 2H 2018. Other features will be added on concurrently as described in our whitepaper.
What is the SGPay Token or SGP?
SGP refers to the SGPay Token which is a utility token based on Ethereum blockchain technology. Such Ethereum-based tokens can be used as a unit of account between merchants, affiliates and networks in a blockchain-based network. SGP is neither a security nor a commodity.
Are SGPay Tokens securities?
Based on the steps we have taken and the nature of our token which was built in accordance with our compliance advisers, SGP tokens will not be considered securities. They do not give dividends, represent a share of the issuer company, nor give any voting rights. We are continuously monitoring the evolving regulations in Singapore in the event of any changes. We are also advised by our compliance professionals and a legal adviser on every business decision we take to comply strictly with regulations in Singapore.
Where can I see my SGPay Tokens balance?
Tokens which are obtained by contributors can be viewed in the balance located on the user page or in your wallet. Our tokens will be distributed automatically to your chosen ERC compliant wallet after you have sent your Ether. You can view your SGP token balance by adding a token with the parameters as indicated below:
SGP Smart Contract Address: 0x33c623a2baafeb8d15dfaf3ce44095efec83d72c
Number of Digits: 18
What is the total amount of SGPay Tokens issued?
The total tokens issued are 6,900,000. Total tokens allocated for the public (or what is known as circulating supply) are 2,000,000. No new tokens will ever be issued after the token event is concluded. The supply for our tokens is kept small to prevent devaluation.
Where can I obtain SGPay Tokens?
SGPay Tokens can be obtained from LA Token exchange.
Why should I hold SGPay Tokens?
Holding SGPay Tokens gives you various benefits on our SGPay Platform. Cheaper transaction fees, free airdrops from other projects and access to premium features will be some of the benefits you can get by holding SGPay Tokens.