Terms and conditions Promo Cashback 


  1. These Terms and Conditions shall apply to eligible clients that opt to participate in the Promotion organized by M-DAQ Payment Solutions Pte. Ltd. (“Wallex”).  
  2. Clients of Wallex are governed by the standard terms of conditions set forth here (referred to as the “Wallex T&Cs”). Capitalized terms that are used but not otherwise defined in these Terms and Conditions shall have the definitions ascribed to them in the Wallex T&Cs.
  3. The Promotion will run from 15 May 2024 to 31 July 2024, including both dates (“Promotion Period”). Wallex reserves the right to alter, extend, cancel, terminate or suspend the Promotion or any part thereof or any part of the applicable terms and conditions from time to time, without prior notice.
  4. The Promotion is only available to eligible clients of Wallex which meets the following eligibility criteria (“Eligible Client”): 
    1. The client is a new client of Wallex who has not registered an account with Wallex, used Wallex services, and/or was a Wallex client prior to the Promotion Period.   The Promotion is only available to eligible clients of Wallex which meets the following eligibility criteria (“Eligible Client”):
    2. The client must apply for a Singapore-based Corporate Account through the Wallex Singapore website here during the Promotion Period and use the promo code WALLEXE27.
    3. The client’s application must be approved by Wallex.
    4. The client has not breached any terms and conditions governing their use of the Wallex platform, including, but not limited to, the Wallex T&Cs. 
  5. Under this Promotion, the Eligible Client will be entitled to 30% cashback (capped at SGD 15 per transaction) on applicable fees charged by Wallex for the first 25 outbound cross-border transactions made via local channels or the SWIFT channel to the Eligible Client’s wallet account ("Cashback Reward") during the Promotion Period. For the avoidance of doubt, the Cashback Reward is not applicable to any beneficiary bank charges applicable, which will not be waived under this Promotion. 
  6. The Cashback, when it is credited back to the Participant, will be in the same currency as the fee charged on the eligible transaction.
  7. Cashbacks to the Participant’s wallet will be disbursed in 13 currencies, which can all be held for an indefinite period of time in their Wallex wallet. These currencies are SGD, USD, AUD, CAD, CNH, HKD, NZD, GBP, NOK, SEK, CHF, and EUR.
  8. This Promotion applies to all same-currency pair and cross-currency pair transactions supported by Wallex, but excludes any pairs that involve JPY (Japanese Yen) and BND (Brunei Dollar). Examples of same currency pairs include USD/USD or SGD/SGD transactions. Please refer to this list to see the full list of currencies supported by Wallex.
  9. This Promotion does not apply to inbound collections made into an e-wallet or virtual account.
  10. The Cashback Reward earned each month will be transferred by Wallex to the Eligible Client’s account by the 10th of the following month for settlement.
  11. The Cashback Reward can be used by the Eligible Client to fund their next transaction on their wallet account but is not otherwise transferable or exchangeable for cash, credit, products, or privileges or other benefits or payments in kind, whether in full or in part. For the avoidance of doubt, the Cashback Reward may not be withdrawn by the Eligible Client and is non-refundable.
  12. Wallex has the sole discretion to delay the crediting of the Cashback Reward for any reason that it deems appropriate, including for the purpose of assessing the eligibility of the relevant client.
  13. This Promotion may not be combined with any other on-going promotions offered by Wallex unless otherwise stated.
  14. By participating in the Promotion, Eligible Clients agree to be legally bound by these Terms and Conditions, Wallex T&Cs and any decision undertaken by Wallex.
  15. Eligible Clients are responsible for ensuring all company details submitted are accurate. Wallex account managers will contact you to assist with the onboarding and KYC process.
  16. To check if your account is eligible for this Promotion and for any future enquiries, please reach out to contact@wallextech.com or your Account Manager.  


*Wallex is a business unit of M-DAQ Pte. Ltd. regulated by Monetary Authority of Singapore, License number: PS20200433