What is Trusts account?
A trust account is a financial account managed by a trustee on behalf of others. Its purpose is to safeguard and manage assets for the benefit of the beneficiaries. Trust accounts are commonly used for managing funds raised in investment or fundraising activities.
In compliance with Securities Commission (SC) requirements, all recognized platforms, including MyStartr, are mandated to maintain a trust account specifically designated for the funds raised. This trust account must be opened by an independent trustee who holds a valid license.
For a list of recommended trustees by the Securities Commission (SC), you can refer to the following link: Trustee List