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 HelloGold - Ask Me Anything, related to HelloGold or gold in general

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Pewufod
post Apr 29 2017, 01:45 PM

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QUOTE(morninghero @ Apr 29 2017, 01:40 PM)
what if suddenly hellogold shut down? what happen to our gold?

later become like JJPTR?
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my concern exactly

how do you compare yourself to other FI in the market ?
Pewufod
post Apr 29 2017, 03:19 PM

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Senior Member
1,481 posts

Joined: Jul 2008


QUOTE(robincflee @ Apr 29 2017, 02:53 PM)
I have replied to an earlier post about this

Ownership of your gold in HelloGold is outright.  HelloGold bullion is not subject to a trust deed, and it is not anyone's liability. It is - quite simply - your outright property from the moment you buy it to the moment you sell it. In accepting the HelloGold’s business terms, you have engaged HelloGold as a custodian of your bullion. HelloGold has subcontracted the physical custody of your bullion to vault operators and the trading of gold to its liquidity provider - currently those two services are with the same party.  HelloGold retains responsibility for administration and record keeping.

The gold is your personal property and is treated under Singaporean law as a "bailment". In law, a "bailment" occurs when a person [the bailor - the customer] delivers physical property into the possession of another person [the bailee - HelloGold] on condition that the goods are either returned to the bailor at some later agreed date, or disposed of in accordance with the bailor's instructions. The essence of a bailment is that the bailee [a custodian] has physical custody of goods but they remain the outright property of the bailor. Simply put, the transfer of goods to a custodian does not grant a property right to the custodian, or to its creditors in the event of the custodian's failure. Instead the property remains that of the original owner until it is delivered according to the bailor's instruction.

https://help.hellogold.com/en/what-is-the-d...allocated-gold/

If by FIs, you mean banks, then the gold that HelloGold holds on behalf of its customers is legally safer than the gold stored by the bank for its customers. Compared to most banks, HelloGold’s customers own only allocated gold. This obliges HelloGold’s custodian to hold the customers’ gold as their outright property, under a custodial or safe-keeping contract. Under well-established law of bailment (see above), a liquidator must return the formal property to the customer if any of the parties fail. In contrast, when a bank sells unallocated gold, the customer becomes a creditor - i.e. the bank owes you gold which it may not physically have. HelloGold’s gold is fully insured against all risks including loss or theft with cover in excess of RM300 million. In contrast, gold held by banks are not insured by Perbadanan Insurans Deposit Malaysia.

Other differences are as follows:
!) HelloGold will be the first shariah compliant gold product in Malaysia that will be fully compliant with the Accounting and Auditing Organisation for Islamic Financial Institutions’ (AAOIFI) standard on gold-based products. In contrast, most banks in Malaysia do not provide gold products that are compliant with this international standard.
2) HelloGold’s minimum purchase of RM1 is significantly more affordable than most banks which typically require a minimum transaction value of 1g and in multiples of whole grams (c. RM170)
3) HelloGold allows a minimum physical redemption of 1 gram. In contrast, some banks do not allow physical redemption while others only allow physical redemption of a minimum of 100 grams (c.RM17,000)
4) HelloGold is available through a mobile application on a 24/7 basis. Most banks only enable customers to buy and sell gold during office hours. Some operate extended hours but none provide a 24/7 service.
5) With the launch of the gold-backed personal finance product with Aeon Credit, HelloGold will offer customers the ability to use their gold as a form of collateral at market beating rates. No bank currently bundles its gold investment account with a lending product.
6) In 2017, HelloGold will enable its customers to transfer gold between accounts at no cost. No bank in Malaysia provides this facility.

I hope this answers your question
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i appreciate you taking the time for replying lowyat forumers and the desire for blockchain technology. i have registered via the app and will explore my way in.

 

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