We have been notified of a transition from Escrow Account to Trust Account. How will it affect me?

Effective 2nd October 2024, our current escrow agent, Vistra Corporate Trust (Singapore) Ltd will be stepping down as our escrow agent following their decision to surrender their license due to strategic business considerations. To ensure a smooth and seamless transition, Validus will assume the management of the escrow account maintained with DBS Bank. This transition will be carried out in full compliance with all applicable regulatory standards. As part of this change, the escrow account will be designated as a Trust Account.

Operationally, there will be no change to your engagement with Validus. The same bank account will be used for withdrawal processing and you will still be able to withdraw funds without any interruptions. There is no action required from you. However, please note that from 2nd October 2024, the account name will officially change to “Validus Capital Pte. Ltd.”