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ESCROW SG
mitigate your transaction risks

What is an escrow?

Escrow is often used by transaction participants to add more comfort in their deals. They are assured that an independent contractual intermediary can help mitigate disputes that can potentially arise in a complex transaction, particularly with multiple settlement requirements and milestones.

 

ESCROW SG helps to reduce the risk of a transaction failing between parties.

About Us
Services

All-In-One Escrow Payment Solution
 

Escrow SG provides both offline and online escrow payment solution.

 

We understand what people are looking for in an payment system: bank-grade security, ease of use, dispute resolution and quick disbursement of funds, all while being fully compliant with Singapore laws. We also added professional intermediaries and alerts to ease your transactions. 

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Escrow SG platform supports both fiat and (upcoming) cryptocurrency escrow transactions.

For fiat escrow, simply transfer the escrow amount to our bank account.

For (upcoming) cryptocurrency escrow, Escrow SG platform is integrated with WalletConnect which connects you with over 100 leading wallets. This ensures that you are able to transact with your existing wallets and provides more for you to choose from.

Business Use Cases 

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  • In sale purchase escrow arrangement, ESCROW SG acts as an independent and neutral third party who holds the funds from the buyer as proof of commitment in the transaction. Once certain pre-agreed conditions are fulfilled, the escrow agent will release the escrowed amount to the seller.

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  • In Paymaster escrow arrangement, an escrow agent is acting in accordance to the instruction from the instructing parties to perform a series of fund distributions over a period of time.

Individual Use Cases 

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  • Sell or buy cars, watches, jewelry with the escrow protection. Alleviate the risk to get exactly what you paid for.

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  • (Upcoming) Support ERC20 tokens. Safely complete your transaction directly with another party through Escrow SG.

Our Pricing

Pricing

FIAT 

From 0.50%

Custodial - escrow amount held by Watiga Trust Ltd, Singapore based licensed
trust company

Bank transfer

ESCROW SG as neutral third-party in case of dispute




 

Custodial Fiat Escrow

Backed by Singapore based licensed trust company

Fund escrow via bank transfer

24/7 Real-time movement of funds

ESCROW SG can step in as neutral third-party in case of dispute




 

CRYPTO (Upcoming)

Non-Custodial Smart Contract 

ERC-20 tokens supported

WalletConnect Integrated 
(support Metamask, Ledger and others)

24/7 Real-time movement of funds

ESCROW SG as neutral third-party in case of dispute


*Gas fees still apply.



 

1.75%

BESPOKE 

Contact us to find out more!

Bespoke service provided

Tailored to suit your personal or organisational needs






 

  • Step 3 Agree and Act upon Standard Escrow Terms and Agreement
    By using our web application, you agree to both the Terms and Standard Escrow Agreement.
  • Step 2 Creating a New Transaction
    Once KYC and AML checks are completed, you can start your first transaction. Simply add your business/individual counterparty and select Fiat/Crypto currency. An email will be sent to notify your counterparty.
  • Step 4 Manage your Escrow Transactions
    After creating and agreeing on your escrow transaction, simply click on 'Manage Escrow' in your homepage to view your detailed transactions! You are able to click on i) Transfer - to fund your escrow account ii) Release/Revert - to release funds to your counterparty after transactional terms are completed. iii) Withdraw - You are able to withdraw your funds after you and your counter party click on 'Release' Should a 'Release' and 'Revert' be clicked, the Escrow transaction will go into a dispute. ESCROW SG will then step in as the neutral third-party to resolve the dispute.
  • Step 1 Signing up on ESCROW SG
    We made signing up simple. Simply create an account and undergo a quick KYC and AML check and you are good to go.
  • Types of monetary escrow transactions
    You can either: fund a lump sum into your escrow account then release it wholly, or release the funds in installments.
  • Choosing between roles when setting up business account
    When setting up your business account, you are able to select your role. Director Shareholder/Beneficial Owner Authorised Signatory Administrative Officer Professional Intermediary Others For Professional Intermediary, senders or recipients are able to include you into transactions for Transaction Monitoring. You are also able to create transactions for your clients. For now, the Director and Authorised Signatory have 'edit' rights and are also able to create transactions. For all other roles, they are only able to view the transaction *Note: The rights of each roles are subject to change, as we roll out new features.
  • What happens if there is a dispute?
    In the event that both the sender and recipient are unable to jointly agree to release or revert the funds, EscrowSG as the escrow agent may adjudicate the release or refund of funds based on the terms of the escrow agreement.
  • What services does EscrowSG provide
    Sales and purchases of Assets/Shares Paymaster Escrow account Document Escrow Bespoke Escrow arrangement
  • Email Verification
    The user must click on the link sent to the registered email address to verify their email address. Note: New users are subject to AML/KYC checks. They will not be able to log into their EscrowSG account unless they have undergone AML/KYC checks to the satisfaction of their provider/Escrow Agent.
  • Cannot create an escrow transaction
    You are able to log into Escrow SG and test out all its features, except create transactions. To create and manage transactions, you have to pass KYC and AML checks by Escrow SG first. Note: KYC and AML checks will take a few days to complete.
  • Fees and costs
    There will be a flat fee of 1.75% per transaction. Gas Fees will still apply for cyrptocurrency transaction.
  • How Does EscrowSG work?
    A sender or recipient may initiate a fund transfer to the Escrow Account (both fiat and blockchain) The sender and recipient can agree to the release of funds to the recipient or revert of funds to the sender. In the case of dispute, EscrowSG as the escrow agent will make the determination to release the funds to the recipient or revert them to the sender
  • Adding more users under business entity
    To add multiple corporate users under a business entity, Step 1: Log into the main business account and go to 'My Account' Step 2: Click on ' Add Business User'. Step 3: Key in the user's email address. The user will then receive an email invitation to access the business account.
  • What is an Escrow
    An escrow is defined as a financial instrument whereby assets of value are held by an independent third party on behalf of participants in the process of completing a financial transaction. The third party, called the escrow agent will hold the assets until receiving appropriate instructions or until certain predetermined conditions are satisfied. Money, shares, securities, funds or other type of assets can be held in escrow. Escrow is often used by transaction participants to add more comfort in their deals. They are assured that an independent contractual intermediary can help mitigate disputes that can potentially arise in a complex transaction, particularly with multiple settlement requirements and milestones. ​ Having an escrow account is essential especially when large sums of money is involved in transactions. This extra step is important because it protects the funds and ensures that everyone is held responsible. ESCROW SG helps to reduce the risk of a transaction failing between parties.
  • What currency can you transact on EscrowSG?
    You can transact in Fiat or Crypto currency, the full list is available within the application.
  • What is Client ID
    The Client ID is Escrow SG's UEN. You do not have to edit it. It will be auto-populated for you.
  • Who can register and perform transactions with EscrowSG?
    All individual and business are welcome to perform a transaction with EscrowSG. They are required to input their counterparties' details for transaction to be complete. Both sender and recipient need to create an account with EscrowSG and either one of them is able to create an escrow transaction.
  • Manage Escrow Transactions
    To manage existing escrow transactions, users can select one of the following actions (i) 'Authorise' (ii) 'Transfer' (iii) 'Release' or (iv) 'Revert' (v) 'Withdraw'
  • Add Counterparties
    Users can add counterparties by (i) Clicking on 'counterparties' tab (ii) Click on either 'Individual Counterparty' or 'Business Counterparty'
  • Login
    All users must provide the following details in order to login to either their business or personal account : - (i) 'Email Address' (ii) 'Password' Alternatively, a user who has not signed up or is unable to login must select one of the following options : - (i) 'Register New Business Account' (ii) 'Register New Personal Account' (iii) 'Reset Password' (an email will be sent to the registered email address to reset password)
  • Add Third Party
    The user can also “Add Third Party” under the View Detailed Transaction page:- Note: Third Party can be lawyer, broker, agent, etc. (i) Click on 'Add third party' (ii) A pop-up will prompt you to fill in “Email Address” of the Third Party; and (iii) “Company Name” (“Full Legal Company Name”) Upon adding, user can add comments and upload documents under the Third Party checklist
  • Creating an escrow transaction
    Step 1 of 4 User has to provide the following details (i) 'Type of transaction' ("Lump Sum" / "Instalment Payment") (ii) 'Transaction Title' (iii) 'Your Role' ("Sender"/Recipient") Note: A lump sum escrow refers to a commercial transaction where all the funds are transferred into the escrow account at a predetermined date and withdrawn completely. The funding and escrow is performed for all the funds. The following is an example of a lump sum transaction. Party A purchase a motor vehicle from Party B pending inspection of the motor vehicle for $100,000. Party A funds the entire escrow account with $100,000, performs an inspection of the motor vehicle and upon successful inspection of the motor vehicle, both Party A and B agree to release $100,000 held in escrow to Party B, the seller of the motor vehicle. An instalment escrow on the other hand refers to a commercial transaction where partial funds are transferred into the escrow account initially with follow-up transfer at a later date. At the point of withdrawal, funds are withdrawn entirely or part of the funds are retained in an escrow (e.g. holdback escrow). The funding of the escrow and withdrawal are performed at various interval. An instalment escrow should be selected where the user is using the escrow account to handle deposit and balance payment and if the escrow will be used as a holdback escrow. The following is an example of an instalment escrow. Party A purchase a shipping vessel from Party B pending inspection and registration of the shipping vessel to Party A for $10,000,000. Party A funds 10% of the escrow ($1,000,000) as down-payment upon signing of the Sales and Purchase Agreement to purchase the vessel. Party A proceeds to inspect the vessel and wishes to complete the purchase of the shipping vessel. At completion, Party A funds the remaining $9,000,000 to purchase the shipping vessel and the relevant documents are lodged for the transfer of the vessel to Party A. Party B proceeds to withdraw $10,000,000 upon completion of the sale. Step 2 of 4 The user must provide the following details: - (i) 'Counterparty Type' ("Business"/"Individual") (ii) 'Counterparty Information' (select counterparty information from dropdown list) Note: Users must first add a counterparty before being able to select from dropdown list. Step 3 of 4 The users must provide: (i) 'Currency' ("Fiat - SGD/USD" or "Crypto - ETH/USDT/USDC/TUSD/DAI/WBTC) (ii) 'Total Amount' Users may also provide details under the 'Advanced' Section (i) 'Escrow Fee Amount' (ii) 'Escrow Fee Payment By' ("Sender" / "Recipient" / "Sender and Recipient Equally) (iii) 'Interest' ("Yes/No") Step 4 of 4 Preview Users are able to view all options selected and can click 'Submit' to proceed. Note: Users are then able to manage their escrow transactions under 'Manage Escrow' tab.
  • Setting up a New Personal Account
    The user signing up for a New Personal Account must provide the following details : - (i) 'Salutation' (i.e. "Mr" / "Mrs" / "Miss" / "Ms" / "Dr") (ii) 'First Name' (iii) 'Last Name' (iv) 'Email Address' (v) 'Password' (vi) 'Confirm Password'
  • Adding Individual Counterparty
    To add individual counterparty, the user must provide (i) 'First Name' (ii) 'Last Name' (iii) 'Email Address' Note: When associating with an individual counterparty, the user must enter the correct email address. Failing which, the user will not be able to create an escrow transaction with the correct individual counterparty.
  • Password Setting
    Users can change their password by (i) Clicking on the 'settings icon' (ii) Clicking on 'Change Password' (iii) 'Enter Current Password' (iv) 'Enter New Password' (v) 'Confirm New Password' Note: Users who do not remember their existing password should reset password instead.
  • 2FA Setting
    Users can enable 2FA setting by :- (i) Clicking on 'Settings Icon' (ii) Clicking on 'Change 2FA Settings' (iii) 'Scan the QR code using authenticator application, eg. Google Authenticator, Microsoft Authenticator or LastPass (iv) 'Enter Verification Code' Users can disable 2FA settings by clicking 'Disable'
  • Setting up a New Business Account
    The user signing up on behalf of a business must provide the following details: - (i) 'Full Legal Business Name' (ii) 'Business Registration Number' (iii) 'Business Location' (iv) 'Role in Business' (V) 'Salutation' (i.e. "Mr" / "Mrs" / "Miss" / "Ms" / "Dr") (vi) 'First Name' (vii) 'Last Name' (viii) 'Email Address' (ix) 'Password' (x) 'Confirm Password'
  • Add Business Counterparty
    The user must provide :- (i) 'Full Legal Business Name' (ii) 'Business Registration Number' (iii) 'Business Location' (iv) 'First Name' (v) 'Last Name' (vi) 'Email Address' Note: When associating with a business counterparty, the user must enter the correct Business Registration Number and select the correct Country of Business. Failing which, the user will not be able to create an escrow with the correct business counterparty.
  • Checking History
    This section provides an overview of the transaction history, including business counterparty; individual counterparty; professional intermediary; and account audit log. You are able to view your business counterparties Individual counterparties Professional Intermediaries Account audit log
  • How to fund fiat transactions
    Users can fund their fiat transactions via bank transfer (linking their bank account to their EscrowSG account) or via Paynow. For paynow, users can simply use their banking app to scan the QR code to fund the Escrow Account.
  • Transfer of fiat lump sum
    When transferring for fiat, your preview screen should indicate 'USD' or 'SGD' beside currency. When clicking 'transfer' under manage escrow - a transfer pop-up with a QR code and bank details will be initiated. Upon completion of fund transfer, the transaction will be pending verification by Trust Company / Escrow Agent The trust company / Escrow Agent will verify that the funds are deposited into the stipulated bank account and update the escrow status to funded. Note: Do inform us early if you have a preferred payment rail for integration. (additional integration cost and transaction cost may be applicable depending on complexity.)
  • Adding a bank account
    Users may add their bank accounts to fund and receive escrow transactions. To ad a bank account :- (i) 'Select Bank'; (ii) 'Enter Account Number' Note: For fiat withdrawals, further AML/KYC checks may be performed by the Escrow Agent to identify the legal/beneficial owner of the bank account provided.
  • Transfer of Fiat instalment transaction
    By clicking 'Transfer', enter the amount you wish to transfer. Once submitted, the instalment transfer will be initiated. A paynow QR code along with bank transfer details will pop-up. You can then transfer the amount you wish to be held in escrow. The admin will view that the amount is received before updating the details.
  • Withdrawal of fiat lump sum transactions
    By clicking 'Withdraw', a withdraw fund pop-up will be initiated. Click 'submit' to proceed. Upon successful withdrawal, transaction status will be updated to 'withdrawn' by the Escrow Agent. Note: Please allow the Escrow Agent some time to process your withdrawal request and the status will be updated accordingly.
  • Crypto instalment transaction
    By clicking “Transfer”, enter the amount you wish to transfer. Once submitted, instalment transfer will be initiated. You can then transfer as many times as required to complete the instalment transaction.
  • Multi-Signature or Multiparty computational
    EscrowSG supports the use of Multi-signature (e.g. gnosis) and multiparty computational. Users will only need to key in or connect their multi-signature or multiparty computational address when asked to connect wallet. The users can then make use of their own signer wallet (e.g. Metamask) to sign transactions on the chain. Once the multi-signature or multiparty computational is fulfilled, the escrow transaction can then go proceed.
  • Managing Crypto Lump Sum Transaction
    By clicking 'Transfer', the Solution will prompt you to open your Wallet app to confirm the transfer. Release of Crypto lump sum transaction By clicking 'Release', release fund pop-up will be initiated. To proceed, click 'Submit' Note: The solution will prompt user to open their wallet app for every blockchain interaction which the user needs to authorise.
  • Authorise function
    To proceed a cryptocurrency escrow transaction, users need to authorise the transaction to comply with ERC-20 token standards. (Every blockchain interaction requires the user to authorise) Click the authorise button and check your respective wallet to authorise the transaction to take place. add here, add into the guide as well
  • Connecting a wallet
    Upon logging in, users must scan the QR code with a WalletConnect - compatible wallet and associate their public address with their account. We recommend using Metamask. Once scanned, click connect on your wallet app, to connect to the solution. Note: Due to AML/KYC reasons, users may only associate one public address with their registered account. If users connect multiple public addresses to the same wallet, the account may be deactivated and will not function.
  • Add blockchain address
    The user must add their public blockchain address to perform escrow transactions :- (i) 'Enter Blockchain Address' If the user had previously scanned the QR code to associate their Wallet-connect compatible wallet, the blockchain address will be automatically populated. Note: Due to AML/KYC reasons, you will not be able to add or switch to another public blockchain address once you have submitted your blockchain address.
  • View detailed crypto transactions
    For blockchain transactions, when you click on transaction number on your wallet app, you are able to view your detailed transaction on Etherscan
  • What is Escrow?
    An escrow is defined as a financial instrument whereby assets of value are held by an independent third party on behalf of participants in the process of completing a financial transaction. The third party, called the escrow agent will hold the assets until receiving appropriate instructions or until certain predetermined conditions are satisfied. Money, shares, securities, funds or other type of assets can be held in escrow. Escrow is often used by transaction participants to add more comfort in their deals. They are assured that an independent contractual intermediary can help mitigate disputes that can potentially arise in a complex transaction, particularly with multiple settlement requirements and milestones. ​ Having an escrow account is essential especially when large sums of money is involved in transactions. This extra step is important because it protects the funds and ensures that everyone is held responsible. ESCROW SG helps to reduce the risk of a transaction failing between parties.
  • The overall process sounds complicated, how does it work?
    The application works similar to your usual bank transfer (with more customisation). Once the escrow is set-up, parties can jointly decide on any release or revert of funds.
  • How can I utilise this service as a professional services provider (e.g. trust company, escrow agents, law firm)?
    You may sign up as a professional intermediary on our platform. You are then able to create escrow transactions for your clients and make use of the service.
  • Cannot log in after creating an ESCROW SG account
    You may not be able to log in even after creating an ESCROW SG account as you have yet to pass KYC and AML checks. Do check your email for instructions on how to submit documents for KYC and AML checks. ESCROW SG will get back to you within 2 working days. After which you will be able to use ESCROW SG and create escrow transactions.
  • What kind of escrow currency do you support
    We support fiat, crypto and document escrow.
  • Step 3 Agree and Act upon Standard Escrow Terms and Agreement
    By using our web application, you agree to both the Terms and Standard Escrow Agreement.
  • Step 2 Creating a New Transaction
    Once KYC and AML checks are completed, you can start your first transaction. Simply add your business/individual counterparty and select Fiat/Crypto currency. An email will be sent to notify your counterparty.
  • Step 4 Manage your Escrow Transactions
    After creating and agreeing on your escrow transaction, simply click on 'Manage Escrow' in your homepage to view your detailed transactions! You are able to click on i) Transfer - to fund your escrow account ii) Release/Revert - to release funds to your counterparty after transactional terms are completed. iii) Withdraw - You are able to withdraw your funds after you and your counter party click on 'Release' Should a 'Release' and 'Revert' be clicked, the Escrow transaction will go into a dispute. ESCROW SG will then step in as the neutral third-party to resolve the dispute.
  • Step 1 Signing up on ESCROW SG
    We made signing up simple. Simply create an account and undergo a quick KYC and AML check and you are good to go.
  • Types of monetary escrow transactions
    You can either: fund a lump sum into your escrow account then release it wholly, or release the funds in installments.
  • Choosing between roles when setting up business account
    When setting up your business account, you are able to select your role. Director Shareholder/Beneficial Owner Authorised Signatory Administrative Officer Professional Intermediary Others For Professional Intermediary, senders or recipients are able to include you into transactions for Transaction Monitoring. You are also able to create transactions for your clients. For now, the Director and Authorised Signatory have 'edit' rights and are also able to create transactions. For all other roles, they are only able to view the transaction *Note: The rights of each roles are subject to change, as we roll out new features.
  • What happens if there is a dispute?
    In the event that both the sender and recipient are unable to jointly agree to release or revert the funds, EscrowSG as the escrow agent may adjudicate the release or refund of funds based on the terms of the escrow agreement.
  • What services does EscrowSG provide
    Sales and purchases of Assets/Shares Paymaster Escrow account Document Escrow Bespoke Escrow arrangement
  • Email Verification
    The user must click on the link sent to the registered email address to verify their email address. Note: New users are subject to AML/KYC checks. They will not be able to log into their EscrowSG account unless they have undergone AML/KYC checks to the satisfaction of their provider/Escrow Agent.
  • Cannot create an escrow transaction
    You are able to log into Escrow SG and test out all its features, except create transactions. To create and manage transactions, you have to pass KYC and AML checks by Escrow SG first. Note: KYC and AML checks will take a few days to complete.
  • Fees and costs
    There will be a flat fee of 1.75% per transaction. Gas Fees will still apply for cyrptocurrency transaction.
  • How Does EscrowSG work?
    A sender or recipient may initiate a fund transfer to the Escrow Account (both fiat and blockchain) The sender and recipient can agree to the release of funds to the recipient or revert of funds to the sender. In the case of dispute, EscrowSG as the escrow agent will make the determination to release the funds to the recipient or revert them to the sender
  • Adding more users under business entity
    To add multiple corporate users under a business entity, Step 1: Log into the main business account and go to 'My Account' Step 2: Click on ' Add Business User'. Step 3: Key in the user's email address. The user will then receive an email invitation to access the business account.
  • What is an Escrow
    An escrow is defined as a financial instrument whereby assets of value are held by an independent third party on behalf of participants in the process of completing a financial transaction. The third party, called the escrow agent will hold the assets until receiving appropriate instructions or until certain predetermined conditions are satisfied. Money, shares, securities, funds or other type of assets can be held in escrow. Escrow is often used by transaction participants to add more comfort in their deals. They are assured that an independent contractual intermediary can help mitigate disputes that can potentially arise in a complex transaction, particularly with multiple settlement requirements and milestones. ​ Having an escrow account is essential especially when large sums of money is involved in transactions. This extra step is important because it protects the funds and ensures that everyone is held responsible. ESCROW SG helps to reduce the risk of a transaction failing between parties.
  • What currency can you transact on EscrowSG?
    You can transact in Fiat or Crypto currency, the full list is available within the application.
  • What is Client ID
    The Client ID is Escrow SG's UEN. You do not have to edit it. It will be auto-populated for you.
  • Who can register and perform transactions with EscrowSG?
    All individual and business are welcome to perform a transaction with EscrowSG. They are required to input their counterparties' details for transaction to be complete. Both sender and recipient need to create an account with EscrowSG and either one of them is able to create an escrow transaction.
  • Manage Escrow Transactions
    To manage existing escrow transactions, users can select one of the following actions (i) 'Authorise' (ii) 'Transfer' (iii) 'Release' or (iv) 'Revert' (v) 'Withdraw'
  • Add Counterparties
    Users can add counterparties by (i) Clicking on 'counterparties' tab (ii) Click on either 'Individual Counterparty' or 'Business Counterparty'
  • Login
    All users must provide the following details in order to login to either their business or personal account : - (i) 'Email Address' (ii) 'Password' Alternatively, a user who has not signed up or is unable to login must select one of the following options : - (i) 'Register New Business Account' (ii) 'Register New Personal Account' (iii) 'Reset Password' (an email will be sent to the registered email address to reset password)
  • Add Third Party
    The user can also “Add Third Party” under the View Detailed Transaction page:- Note: Third Party can be lawyer, broker, agent, etc. (i) Click on 'Add third party' (ii) A pop-up will prompt you to fill in “Email Address” of the Third Party; and (iii) “Company Name” (“Full Legal Company Name”) Upon adding, user can add comments and upload documents under the Third Party checklist
  • Creating an escrow transaction
    Step 1 of 4 User has to provide the following details (i) 'Type of transaction' ("Lump Sum" / "Instalment Payment") (ii) 'Transaction Title' (iii) 'Your Role' ("Sender"/Recipient") Note: A lump sum escrow refers to a commercial transaction where all the funds are transferred into the escrow account at a predetermined date and withdrawn completely. The funding and escrow is performed for all the funds. The following is an example of a lump sum transaction. Party A purchase a motor vehicle from Party B pending inspection of the motor vehicle for $100,000. Party A funds the entire escrow account with $100,000, performs an inspection of the motor vehicle and upon successful inspection of the motor vehicle, both Party A and B agree to release $100,000 held in escrow to Party B, the seller of the motor vehicle. An instalment escrow on the other hand refers to a commercial transaction where partial funds are transferred into the escrow account initially with follow-up transfer at a later date. At the point of withdrawal, funds are withdrawn entirely or part of the funds are retained in an escrow (e.g. holdback escrow). The funding of the escrow and withdrawal are performed at various interval. An instalment escrow should be selected where the user is using the escrow account to handle deposit and balance payment and if the escrow will be used as a holdback escrow. The following is an example of an instalment escrow. Party A purchase a shipping vessel from Party B pending inspection and registration of the shipping vessel to Party A for $10,000,000. Party A funds 10% of the escrow ($1,000,000) as down-payment upon signing of the Sales and Purchase Agreement to purchase the vessel. Party A proceeds to inspect the vessel and wishes to complete the purchase of the shipping vessel. At completion, Party A funds the remaining $9,000,000 to purchase the shipping vessel and the relevant documents are lodged for the transfer of the vessel to Party A. Party B proceeds to withdraw $10,000,000 upon completion of the sale. Step 2 of 4 The user must provide the following details: - (i) 'Counterparty Type' ("Business"/"Individual") (ii) 'Counterparty Information' (select counterparty information from dropdown list) Note: Users must first add a counterparty before being able to select from dropdown list. Step 3 of 4 The users must provide: (i) 'Currency' ("Fiat - SGD/USD" or "Crypto - ETH/USDT/USDC/TUSD/DAI/WBTC) (ii) 'Total Amount' Users may also provide details under the 'Advanced' Section (i) 'Escrow Fee Amount' (ii) 'Escrow Fee Payment By' ("Sender" / "Recipient" / "Sender and Recipient Equally) (iii) 'Interest' ("Yes/No") Step 4 of 4 Preview Users are able to view all options selected and can click 'Submit' to proceed. Note: Users are then able to manage their escrow transactions under 'Manage Escrow' tab.
  • Setting up a New Personal Account
    The user signing up for a New Personal Account must provide the following details : - (i) 'Salutation' (i.e. "Mr" / "Mrs" / "Miss" / "Ms" / "Dr") (ii) 'First Name' (iii) 'Last Name' (iv) 'Email Address' (v) 'Password' (vi) 'Confirm Password'
  • Adding Individual Counterparty
    To add individual counterparty, the user must provide (i) 'First Name' (ii) 'Last Name' (iii) 'Email Address' Note: When associating with an individual counterparty, the user must enter the correct email address. Failing which, the user will not be able to create an escrow transaction with the correct individual counterparty.
  • Password Setting
    Users can change their password by (i) Clicking on the 'settings icon' (ii) Clicking on 'Change Password' (iii) 'Enter Current Password' (iv) 'Enter New Password' (v) 'Confirm New Password' Note: Users who do not remember their existing password should reset password instead.
  • 2FA Setting
    Users can enable 2FA setting by :- (i) Clicking on 'Settings Icon' (ii) Clicking on 'Change 2FA Settings' (iii) 'Scan the QR code using authenticator application, eg. Google Authenticator, Microsoft Authenticator or LastPass (iv) 'Enter Verification Code' Users can disable 2FA settings by clicking 'Disable'
  • Setting up a New Business Account
    The user signing up on behalf of a business must provide the following details: - (i) 'Full Legal Business Name' (ii) 'Business Registration Number' (iii) 'Business Location' (iv) 'Role in Business' (V) 'Salutation' (i.e. "Mr" / "Mrs" / "Miss" / "Ms" / "Dr") (vi) 'First Name' (vii) 'Last Name' (viii) 'Email Address' (ix) 'Password' (x) 'Confirm Password'
  • Add Business Counterparty
    The user must provide :- (i) 'Full Legal Business Name' (ii) 'Business Registration Number' (iii) 'Business Location' (iv) 'First Name' (v) 'Last Name' (vi) 'Email Address' Note: When associating with a business counterparty, the user must enter the correct Business Registration Number and select the correct Country of Business. Failing which, the user will not be able to create an escrow with the correct business counterparty.
  • Checking History
    This section provides an overview of the transaction history, including business counterparty; individual counterparty; professional intermediary; and account audit log. You are able to view your business counterparties Individual counterparties Professional Intermediaries Account audit log
  • How to fund fiat transactions
    Users can fund their fiat transactions via bank transfer (linking their bank account to their EscrowSG account) or via Paynow. For paynow, users can simply use their banking app to scan the QR code to fund the Escrow Account.
  • Transfer of fiat lump sum
    When transferring for fiat, your preview screen should indicate 'USD' or 'SGD' beside currency. When clicking 'transfer' under manage escrow - a transfer pop-up with a QR code and bank details will be initiated. Upon completion of fund transfer, the transaction will be pending verification by Trust Company / Escrow Agent The trust company / Escrow Agent will verify that the funds are deposited into the stipulated bank account and update the escrow status to funded. Note: Do inform us early if you have a preferred payment rail for integration. (additional integration cost and transaction cost may be applicable depending on complexity.)
  • Adding a bank account
    Users may add their bank accounts to fund and receive escrow transactions. To ad a bank account :- (i) 'Select Bank'; (ii) 'Enter Account Number' Note: For fiat withdrawals, further AML/KYC checks may be performed by the Escrow Agent to identify the legal/beneficial owner of the bank account provided.
  • Transfer of Fiat instalment transaction
    By clicking 'Transfer', enter the amount you wish to transfer. Once submitted, the instalment transfer will be initiated. A paynow QR code along with bank transfer details will pop-up. You can then transfer the amount you wish to be held in escrow. The admin will view that the amount is received before updating the details.
  • Withdrawal of fiat lump sum transactions
    By clicking 'Withdraw', a withdraw fund pop-up will be initiated. Click 'submit' to proceed. Upon successful withdrawal, transaction status will be updated to 'withdrawn' by the Escrow Agent. Note: Please allow the Escrow Agent some time to process your withdrawal request and the status will be updated accordingly.
  • Crypto instalment transaction
    By clicking “Transfer”, enter the amount you wish to transfer. Once submitted, instalment transfer will be initiated. You can then transfer as many times as required to complete the instalment transaction.
  • Multi-Signature or Multiparty computational
    EscrowSG supports the use of Multi-signature (e.g. gnosis) and multiparty computational. Users will only need to key in or connect their multi-signature or multiparty computational address when asked to connect wallet. The users can then make use of their own signer wallet (e.g. Metamask) to sign transactions on the chain. Once the multi-signature or multiparty computational is fulfilled, the escrow transaction can then go proceed.
  • Managing Crypto Lump Sum Transaction
    By clicking 'Transfer', the Solution will prompt you to open your Wallet app to confirm the transfer. Release of Crypto lump sum transaction By clicking 'Release', release fund pop-up will be initiated. To proceed, click 'Submit' Note: The solution will prompt user to open their wallet app for every blockchain interaction which the user needs to authorise.
  • Authorise function
    To proceed a cryptocurrency escrow transaction, users need to authorise the transaction to comply with ERC-20 token standards. (Every blockchain interaction requires the user to authorise) Click the authorise button and check your respective wallet to authorise the transaction to take place. add here, add into the guide as well
  • Connecting a wallet
    Upon logging in, users must scan the QR code with a WalletConnect - compatible wallet and associate their public address with their account. We recommend using Metamask. Once scanned, click connect on your wallet app, to connect to the solution. Note: Due to AML/KYC reasons, users may only associate one public address with their registered account. If users connect multiple public addresses to the same wallet, the account may be deactivated and will not function.
  • Add blockchain address
    The user must add their public blockchain address to perform escrow transactions :- (i) 'Enter Blockchain Address' If the user had previously scanned the QR code to associate their Wallet-connect compatible wallet, the blockchain address will be automatically populated. Note: Due to AML/KYC reasons, you will not be able to add or switch to another public blockchain address once you have submitted your blockchain address.
  • View detailed crypto transactions
    For blockchain transactions, when you click on transaction number on your wallet app, you are able to view your detailed transaction on Etherscan
  • What is Escrow?
    An escrow is defined as a financial instrument whereby assets of value are held by an independent third party on behalf of participants in the process of completing a financial transaction. The third party, called the escrow agent will hold the assets until receiving appropriate instructions or until certain predetermined conditions are satisfied. Money, shares, securities, funds or other type of assets can be held in escrow. Escrow is often used by transaction participants to add more comfort in their deals. They are assured that an independent contractual intermediary can help mitigate disputes that can potentially arise in a complex transaction, particularly with multiple settlement requirements and milestones. ​ Having an escrow account is essential especially when large sums of money is involved in transactions. This extra step is important because it protects the funds and ensures that everyone is held responsible. ESCROW SG helps to reduce the risk of a transaction failing between parties.
  • The overall process sounds complicated, how does it work?
    The application works similar to your usual bank transfer (with more customisation). Once the escrow is set-up, parties can jointly decide on any release or revert of funds.
  • How can I utilise this service as a professional services provider (e.g. trust company, escrow agents, law firm)?
    You may sign up as a professional intermediary on our platform. You are then able to create escrow transactions for your clients and make use of the service.
  • Cannot log in after creating an ESCROW SG account
    You may not be able to log in even after creating an ESCROW SG account as you have yet to pass KYC and AML checks. Do check your email for instructions on how to submit documents for KYC and AML checks. ESCROW SG will get back to you within 2 working days. After which you will be able to use ESCROW SG and create escrow transactions.
  • What kind of escrow currency do you support
    We support fiat, crypto and document escrow.
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Contact

Contact

600 North Bridge Road, #08-01/02 Parkview Square Singapore 188778

Tel: +65-6291-1751

Fax: +65-6725-0752

office@escrowsg.com 

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