Funds deposited into the Cash Hub will be held by FinClear in a client money trust account (Client Money Trust Account) maintained under Chapter 7.8 of the Corporations in anticipation of FinClear (or its related entities) providing financial services to the Client.
Funds in the Cash Hub will be held in an account FinClear’s name and maintained with FinClear’s Nominated Bank. This will be determined by FinClear in its sole discretion from time to time. For Day One, the nominated bank for Cash Hub is held in a Client Money Trust Account held by FinClear with JP Morgan Chase Bank in Australia.
As one of the world’s largest custodian banks, JPMorgan provides institutional-level safekeeping, settlement, and reporting services for cash and securities across multiple jurisdictions overseeing an estimated US $35 trillion in assets under custody and administration as of the end of 2024.