In line with MAS requirement to safeguard client & merchant moneys under E-money issuance and Merchant Acquisition, our Finance team has split the invoices to two separate bank accounts, to safeguard the relevant funds.
More details:
The R-invoice is under an OCBC Trust Account whereby in the case of insolvency, voucher values will be protected. However, under the C-invoice, for items such as issuance fees, they are not safeguarded as it is not part of the MAS Regulation, thus they are in our Company OCBC Account.
We will appreciate if the payments are made to the corresponding bank accounts.