Your privacy is important to us. Please take a moment to read this Privacy Policy so that you know and understand the purposes for which we collect, use and disclose your Personal Information.
The consent you give us under this Privacy Policy shall be in addition to any other consents you may have previously given to us in respect of your Personal Information.
We may update this Privacy Policy from time to time to ensure its consistency with our business operations, future development, industry trends and/or changes in legal or regulatory requirements. Subject to your rights at law, you agree to be bound by the prevailing terms of this Privacy Policy as updated from time to time on this website. Please check back regularly for updated information on the handling of your Personal Information.
You accept the terms of this Privacy Policy when you sign up for, access, or use any product, service, content, features, technologies or functions offered on the XFERS website and all related sites.
By using our Services, interacting with us, submitting information to us and/or registering for an XFERS Account, you are also consenting to our collection, use, disclosure and retention of your personal information as described in this Privacy Policy and in our Terms of Service.
You may withdraw your consent to any use of your Personal Information as set out in this Privacy Policy by contacting us at support-sg@fazz.com. However, please note that we may have to limit your XFERS Account or decline to offer you certain Services if you withdraw your consent.
In this Privacy Policy, “Personal Information” means any information that can be associated with a specific person and which can be used to identify that specific person (whether from that data alone or from that data in combination with other information that XFERS has access to). We do not consider Personal Information to include information that has been made anonymous or aggregated so that it can no longer be used, whether in combination with other information or otherwise, to identify a specific person.
We collect Personal Information from you and the devices (including mobile devices) you use to access or use our Services. You should ensure that all Personal Information submitted to us is complete, accurate, true and correct. If you fail to do so, we may be unable to provide you with the products and services you have requested.
The Personal Information we collect includes, but is not limited to, information of the kinds described below:
We collect information about your interaction with our sites and Services, advertising, mobile notifications or e-mail communications. This is typically information we receive from your computer or other devices, including your mobile devices, and includes:
You may also be presented with an additional notice when using our Services explaining any additional information we may collect from you that is not listed in this Privacy Policy.
Such types of information include:
When you sign up for, access, or use any product, service, content, features, technologies or functions offered on the XFERS website and all related sites, we or our authorised service providers may use cookies, web beacons, and other similar technologies for storing information to help us provide you with a better, faster, and safer experience. Service providers are companies that help us with various aspects of our business, such as site operations, customer support, services, applications and tools.
Accordingly:
We may combine information you give us with information we collect from other sources and use it for the purposes disclosed in this Privacy Policy.
We use the Personal Information we collect to operate, improve and personalise our Services; to contact you and provide you customer service; to detect, prevent and mitigate fraudulent or illegal activities; to assess your suitability as a candidate for employment where you submit a job application to us; and for all other such purposes as described in paragraph 3.5 of this Section. You agree that we may use your Personal Information as follows:
The protection of your Personal Information is very important to XFERS. We will share selected Personal Information with other XFERS Users in order to facilitate your transactions and to help resolve a dispute between you and another XFERS User.
Our policies and Terms of Service expressly prohibits a receiving party from using any Personal Information that we may share with them for unrelated purposes, such as to directly market to you, unless you have agreed to it. Contacting Users with unwanted or threatening messages is also against our policies and constitutes a violation of our Terms of Service.
Please note that merchants, sellers, and other XFERS Users you buy from or contract with have their own privacy policies, and although our Terms of Service does not allow the other transacting party to use this information for anything other than providing Services, we are not responsible for their actions, including their information protection practices.
Subject to any applicable law, we may also share your Personal Information with the following third parties for the purposes listed below:
Please note that some of these third parties may be based in other countries where the laws on the processing and protection of Personal Information are less stringent than the laws in your country.
Additionally, if you open a XFERS Account directly on a third party website or via a third party application, any information that you enter on that website or application (and not directly on a XFERS website) will be shared with the owner of the third party website or application. These sites are governed by their own privacy policies, and you are encouraged to review their privacy policies before providing them with your Personal Information. We are not liable or responsible for the actions or information practices of such third parties.
We take steps to ensure the Personal Information we collect from you is accurate and up to date, and that you have the ability to access or update/correct it.
It is your responsibility to ensure all Personal Information that you submit to us is complete, accurate, true and correct.
We store and process your Personal Information in a Singapore data centre operated by Amazon Web Services, Inc (“AWS”). We use AWS as our technology infrastructure service provider to power the main core of our Services.
We protect your information using physical, technical, and administrative security measures to reduce the risks of loss, misuse, unauthorised access, disclosure and alteration. Some of the safeguards we use are firewalls and data encryption, physical access controls to our data centers, and information access authorisation controls.
AWS’s data centres utilise state-of-the art electronic surveillance and multi-factor access control systems. Data centers are staffed 24×7 by trained security guards, and access is authorised strictly on a least privileged basis. For more information, please visit: https://aws.amazon.com/security/
AWS is also audited by third-party auditors who have verified their compliance with a variety of computer security standards and regulations, including:
A full list of AWS’s third-party certifications can be viewed at: https://aws.amazon.com/compliance/
Despite our security precautions, we cannot fully guarantee the security of your Personal Information because of the inherent risks of data transmission over the internet. At all times, you assume the risks associated with the transmission of your Personal Information over the internet and the possibility of malware present on your device used for our Services. Therefore, you should ensure that you only enter or upload your Personal Information on a secure device within a secure environment.
We retain your Personal Information for as long as you continue to have an XFERS Account.
If you have any questions or
Privasi anda merupakan hal yang penting untuk kami. Mohon untuk membaca Kebijakan Privasi ini dengan seksama sehingga anda mengetahui dan memahami tujuan kami dalam mengumpulkan, menggunakan dan mengungkapkan Informasi Pribadi anda.
Kebijakan Privasi berikut ini menjelaskan bagaimana kami, Xfers (PT Xfers Indonesia Teknologi, atau “kami”) mengumpulkan, menyimpan, menggunakan, mengolah, menguasai, mentransfer, mengungkapkan dan melindungi Informasi Pribadi anda. Kebijakan Privasi ini berlaku bagi seluruh pengguna Xfers-Sobatku, kecuali diatur pada kebijakan privasi yang terpisah.
Persetujuan yang anda berikan berdasarkan Kebijakan Privasi ini merupakan persetujuan tambahan yang anda berikan dari persetujuan-persetujuan lain yang telah anda berikan kepada kami sehubungan dengan Informasi Pribadi anda.
Kami dapat meninjau dan mengubah Kebijakan Privasi ini atas kebijakan kami sendiri dari waktu ke waktu, untuk memastikan bahwa Kebijakan Privasi ini konsisten dengan perkembangan kami di masa depan, dan/atau perubahan persyaratan hukum atau peraturan. Jika kami memutuskan untuk mengubah Kebijakan Privasi ini, kami akan mempublikasikan versi revisi di situs website kami. Kebijakan Privasi yang telah diubah akan efektif pada saat kami publikasikan di website kami.
Anda setuju bahwa anda bertanggung jawab untuk meninjau Kebijakan Privasi ini secara teratur untuk informasi terbaru tentang pengolahan data dan praktik perlindungan data kami, dan bahwa dengan anda terus menggunakan Xfers-Sobatku, berkomunikasi dengan kami, atau mengakses dan menggunakan layanan setelah adanya perubahan apapun terhadap Kebijakan Privasi ini akan dianggap sebagai persetujuan anda terhadap Kebijakan Privasi ini dan segala perubahannya.
Kecuali didefinisikan lain, semua istilah dengan huruf kapital yang digunakan dalam Kebijakan Privasi ini memiliki arti yang sama dengan yang tercantum dalam Syarat dan Ketentuan.
Kami mengumpulkan informasi yang mengidentifikasikan atau dapat digunakan untuk mengidentifikasi, menghubungi, atau menemukan orang atau perangkat yang terkait dengan informasi tersebut (“Informasi Pribadi“). Informasi Pribadi termasuk, tetapi tidak terbatas pada, nama, alamat, tanggal lahir, pekerjaan, nomor telepon, nomor faks, alamat e-mail, rekening bank dan detail kartu kredit, jenis kelamin, identifikasi (termasuk KTP atau SIM) atau tanda pengenal lainnya yang dikeluarkan oleh pemerintah, foto, kewarganegaraan, serta informasi biometrik (termasuk namun tidak terbatas pengenalan wajah). Selain itu, untuk informasi lainnya, seperti profil pribadi, dan/atau nomor pengenal unik, yang dikaitkan atau digabungkan dengan Informasi Pribadi, maka informasi tersebut juga dianggap sebagai Informasi Pribadi. Informasi Pribadi yang kami kumpulkan dapat diberikan oleh anda secara langsung atau oleh pihak ketiga (misalnya: ketika anda mendaftar atau menggunakan Xfers-Sobatku di Merchant, ketika anda menghubungi layanan pelanggan kami, atau sebaliknya ketika anda memberikan Informasi Pribadi kepada kami). Kami dapat mengumpulkan informasi dalam berbagai macam bentuk dan tujuan (termasuk tujuan yang diizinkan berdasarkan peraturan perundang-undangan yang berlaku).
Informasi yang kami kumpulkan dari anda melalui Merchant
Informasi yang dikumpulkan setiap kali anda menggunakan atau mengunjungi aplikasi atau situs web Merchant
Informasi yang dikumpulkan dari pihak ketiga
Kami juga dapat mengumpulkan Informasi Pribadi anda dari pihak ketiga (termasuk agen, vendor, pemasok, kontraktor, mitra, dan pihak lainnya yang memberikan layanan kepada kami, melakukan tugas atas nama kami, atau dengan siapa kami melakukan kerja sama). Dalam kasus tersebut, kami hanya akan mengumpulkan Informasi Pribadi anda untuk atau sehubungan dengan tujuan yang melibatkan pihak ketiga tersebut atau tujuan kerja sama kami dengan pihak ketiga tersebut (tergantung pada situasinya).
Informasi tentang pihak ketiga yang anda berikan kepada kami
Anda dapat diwajibkan memberikan kepada kami Informasi Pribadi yang berkaitan dengan individu pihak ketiga lainnya (termasuk Informasi Pribadi yang berkaitan dengan pasangan anda, anggota keluarga, teman, atau individu lain). Anda tentu saja akan memerlukan persetujuan dari mereka terlebih dahulu untuk melakukannya – lihat “Persetujuan”, di atas, untuk informasi lebih lanjut.
Kami dapat menggunakan Informasi Pribadi yang dikumpulkan untuk tujuan sebagai berikut maupun untuk tujuan lain yang diizinkan oleh peraturan perundang-undangan yang berlaku (“Tujuan”):
Kerahasiaan Informasi Pribadi anda adalah hal yang terpenting bagi kami. Kami akan memberlakukan upaya terbaik untuk melindungi dan mengamankan data dan Informasi Pribadi anda dari akses, pengumpulan, penggunaan atau pengungkapan oleh orang-orang yang tidak berwenang dan dari pengolahan yang bertentangan dengan hukum, kehilangan yang tidak disengaja, pemusnahan dan kerusakan atau risiko serupa. Namun, pengiriman informasi melalui internet tidak sepenuhnya aman. Walau kami akan berusaha sebaik mungkin untuk melindungi Informasi Pribadi anda, anda mengakui bahwa kami tidak dapat menjamin keutuhan dan keakuratan Informasi Pribadi apa pun yang anda kirimkan melalui Internet, atau menjamin bahwa Informasi Pribadi tersebut tidak akan dicegat, diakses, diungkapkan, diubah atau dihancurkan oleh pihak ketiga yang tidak berwenang, karena faktor-faktor di luar kendali kami. Anda bertanggung jawab untuk menjaga kerahasiaan detail Akun anda, termasuk kata sandi anda dan One Time Password (OTP) dengan siapapun dan harus selalu menjaga dan bertanggung jawab atas keamanan perangkat yang anda gunakan.
Kami dapat membuat, menggunakan, melisensikan atau mengungkapkan Informasi Pribadi, yang tersedia, dengan catatan, (i) bahwa semua hal yang dapat mengidentifikasi telah dihapus sehingga data, baik sendiri atau dikombinasi dengan data lain yang tersedia, tidak dapat dihubungkan dengan atau dikaitkan dengan atau tidak dapat mengidentifikasi suatu individu, dan (ii) data serupa telah digabungkan sehingga data asli membentuk bagian dari kumpulan data yang lebih besar.
Aplikasi dan situs web Merchant berisi tautan ke situs web yang dioperasikan oleh Merchant atau pihak ketiga lain. Kami tidak mengendalikan atau menerima pertanggungjawaban atau tanggung jawab untuk aplikasi dan situs web pihak ketiga manapun, termasuk dan tidak terbatas Merchant dan pihak ketiga lain tersebut (“Pihak Ketiga”), dan untuk pengumpulan, penggunaan, pemeliharaan, berbagi, atau pengungkapan data dan informasi oleh Pihak Ketiga. Silakan baca syarat dan ketentuan dan kebijakan privasi dari situs web Pihak Ketiga tersebut untuk mengetahui bagaimana mereka mengumpulkan dan menggunakan Informasi Pribadi anda.
Jika anda memiliki pertanyaan mengenai Kebijakan Privasi ini atau anda ingin mendapatkan akses dan/atau melakukan koreksi terhadap Informasi Pribadi anda, silahkan mengunjungi website kami https://www.xfers.com/id/support/ atau melalui surat elektronik ke alamat support@xfers.com.
Platform digital Fazz Agen beserta layanannya (“Platform”) ini dikelola oleh PT Payfazz Teknologi Nusantara (“Kami” atau “Perusahaan“).
Kebijakan Privasi ini menjelaskan bagaimana Kami mengumpulkan, memperoleh, menyimpan, menggunakan, mengolah, menguasai, memindahkan, mengirimkan, mengungkapkan dan/atau melindungi segala informasi dan data yang diperoleh dari atau sehubungan dengan penggunaan Platform (“Informasi Yang Diperoleh“), termasuk informasi yang dapat diasosiasikan dengan orang secara spesifik (baik dari data saja atau dari data yang dikombinasikan dengan informasi dimana Perusahaan memiliki akses) (“Data Pribadi“).
Dengan mendaftar, mengakses dan/atau menggunakan Platform, Anda memahami dan setuju untuk tunduk terhadap Kebijakan Privasi ini. Mohon untuk membaca Kebijakan Privasi ini dengan seksama dan secara menyeluruh. Dalam hal Anda tidak setuju dengan Kebijakan Privasi ini, Anda berhak untuk tidak mendaftar, tidak mengakses dan/atau tidak menggunakan Platform.
A. DEFINISI-DEFINISI
Istilah-istilah yang digunakan dalam Kebijakan Privasi ini mempunyai arti sebagai berikut:
B. INFORMASI YANG DIPEROLEH / INFORMATION OBTAINED
C. PENGGUNAAN DAN PENYIMPANAN INFORMASI YANG DIPEROLEH
D. PEMBERIAN ATAU PENGUNGKAPAN INFORMASI YANG DIPEROLEH
Tunduk pada hukum yang berlaku, Anda menyetujui dan memberikan wewenang kepada Perusahaan untuk memberikan atau mengungkapkan Informasi Yang Diperoleh (termasuk Data Pribadi dan data pada seluler Anda) untuk kepentingan berikut:
Kami akan melakukan upaya yang wajar untuk menghapus Data Pribadi, atas diskresi Kami, yang tidak perlu dikaitkan dengan Anda sebelum memberikan atau mengungkapkan Informasi Yang Diperoleh (termasuk Data Pribadi).
Kami dapat menghilangkan bagian-bagian tertentu dari Data Pribadi yang dapat mengidentifikasi Pengguna sehingga menjadi data anonim, dan mengungkapkan data anonim tersebut kepada pihak ketiga. Kami juga dapat mengkombinasikan Data Pribadi dengan informasi-informasi lain sedemikian rupa sehingga informasi tersebut tidak lagi terasosiasi dengan Pengguna, dan kemudian memberikan atau mengungkapkan informasi yang telah dikombinasikan tersebut kepada pihak ketiga.
Kami dapat memberikan dan mengungkapkan Data Pribadi dan data pada seluler Anda jika Pengguna menyetujui pemberian atau pengungkapan tersebut.
E. PENGAMANAN
F. HAK AKSES ATAS DATA PRIBADI
Anda berhak untuk mengakses Data Pribadi yang disimpan pada Perusahaan dengan menyampaikan permintaan akses kepada Perusahaan pada setiap hari Senin-Minggu pukul 06.00-24.00 WIB melalui saluran yang disediakan oleh Perusahaan.
G. PERUBAHAN DATA PRIBADI
Anda bertanggung jawab untuk memastikan bahwa semua Data Pribadi disampaikan kepada Kami secara lengkap, akurat, dan benar. Anda berhak untuk memperbarui atau memperbaiki Data Pribadi yang disimpan pada Perusahaan dengan menyampaikan permintaan akses kepada Perusahaan pada setiap hari Senin – Minggu pukul 06.00-24.00 WIB melalui saluran yang disediakan oleh Perusahaan.
H. PERSETUJUAN PENARIKAN DAN PENGHAPUSAN PERSONAL DATA
Anda dapat menarik persetujuan Anda sehubungan dengan pengumpulan, akuisisi, penyimpanan, penggunaan, pemrosesan, pengontrolan, transfer, transmisi, pengungkapan dan/atau dan perlindungan atas Data Pribadi dan data atas seluler Anda yang ditetapkan dalam Kebijakan Privasi ini dan memohon penghapusan data tersebut sepanjang diperbolehkan dan/atau tidak ditentukan sebaliknya berdasarkan hukum dan peraturan perundang-undangan yang berlaku dengan menyampaikan sebuah permintaan untuk penarikan dan penghapusan dengan surel elektronik kepada Perusahaan, melalui saluran yang disediakan oleh Perusahaan. Anda memahami dan menyetujui bahwa penarikan persetujuan dan permintaan penghapusan Data Pribadi dapat mengakibatkan Anda tidak dapat lagi mengakses dan/atau menggunakan Platform.
I. KETENTUAN LAIN-LAIN
User advisory – The electronically stored monetary value issued by XFERS is regarded as “e-money” as defined under the Payment Services Act 2019. XFERS is also the issuer of the XFERS Token, which is characterised as a “digital payment token” under the Payment Services Act 2019. XFERS PTE. LTD. is a major payment institution licence holder for the provision of e-money issuance service. XFERS PTE. LTD. is also temporarily exempted from being licensed for its provision of account issuance services, merchant acquisition services, domestic money transfer services, inward cross-border money transfer services and digital payment token services. Users are advised to read these terms and conditions carefully.
This Terms of Service (“Agreement”) is a contract between you and XFERS PTE. LTD. and applies to your use of Fazz Services and the operation of your Fazz / StraitsX Account. If you do not agree to be bound by the terms and conditions of this Agreement, please do not use or access our Services.
You must read, agree with, and accept all of the terms and conditions contained in this Agreement and the Privacy Policy, which include those terms and conditions expressly set out below and those incorporated by reference, before you use Fazz Services or your Fazz / StraitsX Account. We strongly recommend that, as you read this Agreement, you also access and read the information contained in the other pages and websites referred to in this Agreement, as they may contain further terms and conditions that apply to you as an XFERS User. Please note: underlined words and phrases are links to these pages and websites. By accepting this Agreement, you also agree that your use of other XFERS websites and Services will be governed by the terms and conditions posted on those websites.
We may amend this Agreement, the Privacy Policy and each of our policies at any time by posting a revised version on our website. The revised version will be effective at the time we post it. If the revised version of this Agreement includes a Substantial Change, we will provide you with 14 calendar days’ prior notice of any Substantial Change. All future changes set out in the revised Agreement already published at the time you register for the Services are incorporated by reference into this Agreement and will take effect as specified. If you do not agree to be bound by the revised terms and conditions, you should discontinue your use or access of our Services and your Fazz / StraitsX Account. By continuing to use our Services, your Fazz / StraitsX Account and/or any part thereof on each and every occasion, you agree to and/or are deemed to have agreed to the revised terms in relation to the Services and your Fazz / StraitsX Account and shall be bound by them absolutely as issued or adopted by us from time to time. As such, you should visit this page periodically.
This is an important document which you must consider carefully when choosing whether to use the Fazz Services. Please note the following risks of using the Fazz Services:
Notice for Non-Singapore Residents: XFERS PTE. LTD. is licensed by the Monetary Authority of Singapore to provide e-money issuance services. Please note that this does not mean you will be able to recover all the money you paid to XFERS PTE. LTD. if XFERS PTE. LTD’s business fails.
You are solely responsible for understanding and complying with any and all laws, rules and regulations of your specific jurisdiction that may be applicable to you in connection with your use of the Fazz Services and your Fazz / StraitsX Account, including but not limited to, those related to export or import activity, taxes or foreign currency transactions.
RISK WARNING ON DIGITAL PAYMENT TOKEN SERVICES
The Monetary Authority of Singapore (MAS) requires us to provide this risk warning to you as a customer of a digital payment token (DPT) service provider. Before you pay XFERS PTE. LTD. any money or DPT, you should be aware of the following.
1 INTERPRETATION & DEFINITIONS
“Account”, “Fazz Account” or “StraitsX Account” means any account opened directly with XFERS PTE. LTD., including a Guest, Personal, Corporate or Merchant Account, and any future types of Accounts we may introduce, which may hold the following, where applicable:
(a) your user profile containing your Information;
(b) your Fazz Account / StraitsX Wallet, which will contain your XFERS e-money, your XFERS Tokens and/or your non-XFERS Tokens, and which may be used by you to place, transfer or withdraw XFERS e-money, your XFERS Tokens and/or your non-XFERS Tokens;
(c) your Settlement Wallet; and/or
(d) your Temporary Holding Balance.
“API” means application programming interface.
“Applicable Laws” means any and all applicable laws, statutes and regulations, and any and all directives, notices, guidelines, codes, practice notes, circulars, policy statements, rules, ordinances, orders, requests, requirements, judgements, decrees or writs (in each case whether or not having the force of law) of any governmental, regulatory or judicial body or agency having jurisdiction over any of the parties to this Agreement (i.e. Users, XFERS, Safeguarding Institution) or any of the subject matters of this Agreement, including, without limitation:
(a) the PSA and all subsidiary legislation pertaining to the PSA, as the same may be amended, supplemented or replaced from time to time;
(b) the E-payments User Protection Guidelines published by the MAS, as the same may be amended, supplemented or replaced from time to time;
(c) any directives, notices, guidelines, codes, practice notes, circulars, policy statements, rules, requests or requirements (in each case whether or not having the force of law) from time to time published or issued by MAS, as the same may be amended, supplemented or replaced from time to time, including but not limited to MAS Notices (i) PSN04 Notice on Submission of Regulatory Returns, (ii) PSN07 Notice on Conduct and (iii) PSN08 Notice on Disclosures and Communications; and
(d) all laws, statutes, regulations, guidelines, directives, rules, directions, codes, ordinances, judgements, decrees, writs or orders enacted or issued in relation to anti-money laundering, countering the financing of terrorism and sanctions, including but not limited to the Corruption, Drug Trafficking and Other Serious Crimes (Confiscation of Benefits) Act 1992, the Terrorism (Suppression of Financing) Act 2002, the respective regulations promulgated under the Monetary Authority of Singapore Act 1970, MAS Notice PSN01 Prevention of Money Laundering and Countering the Financing of Terrorism – Specified Payment Services, MAS Notice PSN02 Prevention of Money Laundering and Countering the Financing of Terrorism – Digital Payment Token Service, and other related MAS-issued guidelines.
“Attached Bank Account(s)” has the meaning stated in Clause 9.7.
“Business Day” means a day other than a Saturday, Sunday or a public holiday in Singapore.
“Chargeback” means a request that a User files directly with his or her bank to invalidate a payment.
“Claim” means a challenge to a payment that a User files directly with us, and we, in our absolute discretion, are of the opinion that the underlying products/goods/assets/property or services paid for using Fazz Services were not received or significantly not as described.
“Communications” means any emails which we may send to the primary email address that you have provided to us when you opened your Fazz / StraitsX Account, as well as any text messages or calls, including autodialled and pre-recorded messages from us, which we may from time to time send to the telephone number (including your mobile telephone number) that you have provided to us.
“Counterfeit XFERS Tokens” has the meaning stated in Clause 12A.1.
“digital payment token” shall have the meaning ascribed to it under Section 2(1) of the PSA and interpreted in light of other applicable regulatory materials, guidance and/or Frequently Asked Questions (FAQs) issued by the MAS (including, without limitation, the MAS’ response to Question 23 in its FAQs on the Payment Services Act dated 7 March 2022), which, for the avoidance of doubt, would include any digital assets (including, without limitation, any digital tokens or stablecoins) or any other instruments which fall within the definition of “digital payment token” under Section 2(1) of the PSA.
“Downtime” has the meaning stated in Clause 12A.3.
“e-money” shall have the meaning ascribed to it under Section 2(1) of the PSA and interpreted in light of other applicable regulatory materials, guidance and/or Frequently Asked Questions (FAQs) issued by the MAS (including, without limitation, MAS’ response to Question 23 in its FAQs on the Payment Services Act dated 7 March 2022), which, for the avoidance of doubt, would include any digital assets (including, without limitation, any digital tokens or stablecoins) or any other instruments which fall within the definition of “e-money” under Section 2(1) of the PSA.
“Error” means a processing error made by XFERS or its suppliers in which your Account is mistakenly debited or credited.
“fork” has the meaning stated in Clause 12A.3.
“Information” means any Account information that you (or other Users) provide to us, including but not limited to personal information, financial information, or other information related to you, your business, or other Users.
“Instruction” means any instruction for issuance of XFERS e-money, issuance, purchase or crediting of XFERS Tokens and/or Non-XFERS Tokens, payment, transfer, exchange, redemption or withdrawal or any other instructions in relation to the Fazz Services.
“MAS” means the Monetary Authority of Singapore.
“Merchant Account” means a Fazz Business and/or StraitsX Business Account.
“Merchant Account User” means any User who holds or operates a Merchant Account with XFERS PTE. LTD.
“Non-Fazz Account” means any account, device or facility that may hold XFERS Tokens, but which is not opened, maintained and/or operated by or with XFERS. For the avoidance of doubt, this includes any account opened, maintained and/or operated by or with Platform Users or Merchant Account Users, and any blockchain address or wallet controlled by any person or entity (other than XFERS).
“Non-Fazz Account Token Holder” means any person or entity that holds XFERS Token(s) in a Non-Fazz / StraitsX Account.
“Non-XFERS Token” means any supported digital assets (including, without limitation, any digital tokens or stablecoins) or any other instruments not issued by XFERS on a blockchain / distributed ledger which fall within the definition of “digital payment token” under Section 2(1) of the PSA.
“Payment/Transfer Review” has the meaning stated in Clause 5.8.
“Platform/Merchant Customer” has the meaning stated in Clause 10.4.
“Platform User” has the meaning stated in Clause 10.2.1.
“Policy” or “Policies” means any Policy or other agreement between you and XFERS PTE. LTD. that you entered into on the Fazz / StraitsX website, or in connection with your use of the Fazz Services.
“PSA” refers to the Payment Services Act 2019, as may be amended, supplemented, or replaced from time to time.
“Refund Step-In Event” means XFERS’ inability to process and complete any withdrawal or refund of Relevant Money solely as a result of the appointment of a liquidator, a provisional liquidator, an administrator, a receiver, receiver manager or judicial manager over XFERS PTE. LTD. or any of its assets.
“Relevant Money” shall, insofar as it relates to domestic money transfer service, cross-border money transfer service, merchant acquisition service and/or e-money issuance service that XFERS provides as a major payment institution (as defined in the PSA) under the PSA, have the meaning ascribed to it in Section 23(14) of the PSA, except that the reference to “major payment institution” in the definition of “relevant money” under Section 23(14) of the PSA shall refer to XFERS, and the reference to a “customer” in the definition of “relevant money” under Section 23(14) of the PSA shall refer to any User (as defined herein). For the avoidance of doubt, “Relevant Money” shall exclude all moneys received by XFERS from or on account of any User, in exchange for (i) the sale and/or issuance of XFERS Tokens by XFERS, or (ii) the sale of Non-XFERS Tokens by XFERS.
“Reserve” means a percentage of the funds (including XFERS e-money, XFERS Tokens and/or Non-XFERS Tokens) in your Account that we hold in order to protect against the risk of Reversals, Chargebacks, Claims or any other liability related to your Account and/or use of the Fazz Services.
“Restricted Activities” means those activities described in Clause 13 of this Agreement.
“Reversal” means XFERS reverses a payment/transfer you received because (a) it is invalidated by the sender’s bank, (b) it was sent to you in Error by XFERS, its parent, subsidiaries, affiliates, or any direct or indirect XFERS subsidiary, (c) the sender of the payment/the transferor did not have authorisation to send the payment/make the transfer (for example: the sender used a stolen internet banking account, debit card or credit card), (d) the sender of the payment/the transferor sent multiple payments/made multiple transfers erroneously, or such other manifest or obvious error, (e) you received the payment/transfer for activities that violated this Agreement, the Acceptable Use Policy, or any other Policy, or (f) XFERS decided a Claim against you.
“Rewards” has the meaning stated in Clause 8.8.
“Safeguarding Institution” means any bank or financial institution referred to in paragraph (a) of the definition of “safeguarding institution” in Section 23(14) of the PSA which is appointed by XFERS to safeguard the Relevant Money by way of an undertaking, in accordance with Section 23 of the PSA.
“Services” or “Fazz Services” means all our products and services and any other features, technologies and/or functionalities offered by us on our website(s) or through any other means, but does not include the issuance/operation of any Non-Fazz Account.
“Settlement Wallet” has the meaning stated in Clause 8.3.
“StraitsX Wallet” means a payment or other account opened and maintained with us in connection with the Fazz Services, which will contain your XFERS e-money, XFERS Tokens and/or Non-XFERS Tokens, and which may be used by you to place, transfer or withdraw XFERS e-money, XFERS Tokens and/or Non-XFERS Tokens.
“Substantial Change” means a change to the terms of this Agreement that significantly reduces your rights or significantly increases your responsibilities.
“Temporary Holding Balance” has the meaning stated in Clause 8.4.
“User” means any person or entity who holds a Fazz / StraitsX Account and uses the Fazz Services, including you.
“Verified Account” means an Account status that reflects that we have verified the identity of an Account holder and such other requirements as we may deem fit. A Verified Account status does not constitute an endorsement of a User or a guarantee of a User’s business practices.
“Withheld” means any funds (including XFERS e-money, XFERS Tokens and/or Non-XFERS Tokens) in an Account that cannot be transferred withdrawn, or redeemed, and includes funds (including XFERS e-money, XFERS Tokens and/or Non-XFERS Tokens) on Reserve.
“XFERS Credits” has the meaning stated in Clause 5.4.
“XFERS e-money” means any e-money issued by XFERS, whether stored in a Fazz Account / StraitsX Wallet or a Non-Fazz Account. For the avoidance of doubt, all XFERS Tokens and/or Non-XFERS Tokens are not considered to be “XFERS e-money”.
“XFERS Token” means any digital assets (including, without limitation, any digital tokens or stablecoins) or any other instruments issued by XFERS on a blockchain / distributed ledger which fall within the definition of “digital payment token” under Section 2(1) of the PSA.
“XFERS Token Contract” has the meaning stated in Clause 12A.1.
“XFERS”, “Fazz”, “StraitsX”, “we“, “us” or “our” means XFERS PTE. LTD., and where applicable, includes the subsidiaries and/or affiliates of XFERS PTE. LTD.
The headings in this Agreement are for convenience only and shall not affect the interpretation hereof.
2 PAYMENT SERVICES & ELIGIBILITY
2.1 Payment Services
XFERS PTE. LTD. is a payment services provider and acts as such by creating, hosting, maintaining and providing our Fazz Services to you via the Internet. Our services allow you to send payments/transfers to anyone with an Account or a Non-Fazz Account, and, where available, to receive payments/transfers. Our service availability varies by country.
XFERS operates the following e-money or digital payment token systems: (1) where the records relating to XFERS e-money or XFERS Tokens are stored on XFERS’ internal ledger, and (2) where the records relating to XFERS Tokens and/or Non-XFERS Tokens are stored on a blockchain ledger, and such XFERS Tokens and/or Non-XFERS Tokens are represented in the form of transferable digital tokens or stablecoins. The latter system is intended to create an open and interoperable network that would enable more flexible third-party development of new applications involving XFERS Tokens.
XFERS also provides account issuance, merchant acquisition, domestic money transfer and inward cross-border money transfer services in respect of XFERS e-money.
XFERS also allows Users to hold XFERS Tokens and/or Non-XFERS Tokens in their StraitsX Wallet(s), with such XFERS Tokens being recognised by the relevant blockchain system as being held and controlled by XFERS. XFERS will correspondingly maintain an internal ledger which records the XFERS Tokens that it holds and controls on behalf of each User.
Subject to all Applicable Laws, the other terms and conditions of this Agreement (including, without limitation, Clause 6.6 below), and any fees where applicable, XFERS undertakes to redeem / purchase from any User, one (1) XFERS Token for one (1) Singapore Dollar (“SGD“) or, as the case may be, one (1) unit of such other currency that the relevant XFERS Token is denominated in or pegged to. XFERS will hold SGD and/or other currencies or assets (“XFERS Reserves“) to back the redemption / purchase of XFERS Tokens in circulation. The composition of the XFERS Reserves used to back the redemption / purchase of XFERS Tokens is within the sole control and at the sole and absolute discretion of XFERS. While XFERS may hold XFERS Reserves in interest-bearing accounts or other yield-generating assets or instruments, holders of the XFERS Tokens are not entitled to any interest or other returns earned by the XFERS Reserves
XFERS is not a bank or deposit-taking company, and XFERS does not maintain any bank account or any current, savings or deposit account for Users.
XFERS is not providing the function of a settlement institution but is merely providing technology infrastructure support. All settlements are to be carried out by the Users’ bank.
XFERS is not in the business of moneylending.
XFERS is not a common carrier or public utility.
2.2 Eligibility
To be eligible to use the Fazz Services:
(a) You must be able to form legally binding contracts under Singapore law. Without limiting the generality of the foregoing: (i) you must be at least 18 years old or higher; and (ii) (for corporate bodies) you must have obtained the necessary corporate and/or regulatory approvals to use such Services.
(b) You must not impose a surcharge or any other fee for accepting Fazz / StraitsX as a payment method. However, this does not prevent you from passing on the fees charged by Fazz / StraitsX for the Services to the User sending the payment/making the transfer, provided that you accurately communicate that you (and not XFERS) are the party charging the fees to the User. You may charge a handling fee in connection with the sale of products/goods/assets/property or services, as long as the handling fee is not higher than the handling fee you charge for non-XFERS transactions and that you accurately communicate that you (and not XFERS) are the party charging such fees.
2.3 Legal Relationship
2.3.1 The XFERS e-money issued by XFERS is regarded as “e-money” under the PSA. XFERS PTE. LTD., as the holder of a major payment institution licence, is required to ensure that the Relevant Money received by XFERS is safeguarded in a manner prescribed by MAS. In this regard, CIMB Bank Berhad Singapore Branch (“CIMB“), as a Safeguarding Institution, has undertaken to be fully liable to Users for the Relevant Money in accordance with the Payment Services Banking Service Agreement entered into between XFERS and CIMB, as may be amended, supplemented or replaced from time to time.
For the avoidance of doubt, CIMB does not own, operate nor manage the Account, nor is it an issuer of the Account or the XFERS e-money under the PSA. However, as a Safeguarding Institution, CIMB, in addition to XFERS, is liable for the Relevant Money in accordance with the requirements under the PSA. In addition, CIMB will not be liable for all moneys received by XFERS from or on account of any User, in exchange for the sale and/or issuance of XFERS Tokens by XFERS.
2.3.2 In providing the Services, XFERS does not act as principal but acts as facilitator on behalf of the Users to send payments/transfers to other Users or Non-Fazz Account holders via the Users’ Accounts. As such, each payment/transfer transaction is between you and the other User or Non-Fazz Account holder, where the relationship may be contractual in nature.
We do not have any control over, and are not responsible or liable for, the products/goods/assets/property (whether tangible or intangible) or services that are paid for with our Service. We cannot ensure that a buyer or a seller you are dealing with will actually complete the transaction. Accordingly, neither XFERS, CIMB, nor any of their officers, employees or agents shall be liable in any way for the products/goods/assets/property and services sold or provided by the User or Non-Fazz Account holder including any defect, damage, quality, failure or unavailability of or relating to the products/goods/assets/property purchased from or services provided by the User or Non-Fazz Account holder or for any other disputes concerning the said products/goods/assets/property or services.
2.4 Customer Information
In order to open and maintain an Account, you must provide us with correct and updated Information.
2.4.1 Your personal information & contact details: It is your responsibility to keep your personal information, primary email address and telephone number (including mobile telephone number) up to date so that we can communicate with you. You understand and agree that if we send you a Communication but you do not receive it because your primary email address or telephone number on file is incorrect, out of date, blocked by your service provider, or you are otherwise unable to receive Communications, we will be deemed to have provided the Communication to you. Please note that if you use a spam filter that blocks or re-routes emails from senders not listed in your email address book, you must add our email address to your address book so that you will be able to receive the Communications we send to you. You can update your primary email address, telephone number, or residential/registered address at any time by logging into the Fazz / StraitsX website or by submitting a ticket through this link: https://support-sg.fazz.com/hc/en-us/requests/new. If your contact information becomes invalid such that Communications sent to you by us are returned, we may deem your Account to be inactive, and you will not be able to transact any activity using your Account until we receive a valid, working primary email address and/or telephone number from you.
2.4.2 Identity verification: You authorise us, directly or through third parties, to make any inquiries we consider necessary to validate your identity. This may include, but is not limited to, asking you for further information or documentation, requiring you to provide a scan of your national identification documents/card (or passport), proof of address, taxpayer or national identification number, requiring you to take steps to confirm ownership of your email address or financial instruments, ordering a credit report or verifying your Information against third party databases or through other sources.
2.4.3 Compliance with Applicable Laws: You agree to provide us with all information, documents and / or materials that we may from time to time request from you, and to perform any and all such acts or things, including your forbearance to do any and all such acts or things, in each case as may be required or expedient for the purposes of complying, or facilitating our compliance with Applicable Laws, or to avoid violation of any Applicable Laws. Examples of Applicable Laws that we are subject to in connection with its provision of account issuance services, inward cross-border money transfer services, domestic money transfer services, digital payment token services, merchant acquisition service and e-money issuance services, which may give rise to such obligations on your part include but is not limited to:
2.4.4 Credit report authorisation: If you open a Merchant Account, you are providing us with your written instructions and authorisation in accordance with any applicable law to obtain your personal and/or business credit report from a credit bureau. You are also authorising us to obtain your personal and/or business credit report: (a) when you request certain new products, or (b) at any time we reasonably believe there may be an increased level of risk associated with your Account.
2.4.5 Sharing of personal information: In providing your information to us, you authorise us to share your information to such parties and for such purposes as indicated in our Privacy Policy. You may access the Privacy Policy here: https://fazz.com/sg/privacy-policy/fazz-biz/pp-sg/.
2.4.6 Restriction on use of other Users’ personal information: Without limiting the generality of Clause 17.8, if you are a recipient of personal information of another Fazz / StraitsX User or Non-Fazz Account holder, you shall only use the information for the purpose of performing or enforcing any transactions between you and that User or Non-Fazz Account holder, and you shall not use, disclose or disseminate the information to other parties except in accordance with the law.
2.5 Beneficial Owner
You must be the beneficial owner of the Account, and conduct business only on behalf of yourself.
3. FEES FOR Fazz Services
3.1 Fees
You agree to pay us any and all prevailing fees charged by us from time to time in connection with the provision or use of the Services. The fees are stated on our website and will be disclosed to you prior to confirmation of the transaction. In the event of any inconsistency, the fees disclosed to you prior to confirmation of the transaction will prevail over the fees stated on the website. The fees are chargeable as long as the Fazz Services were used, even if the placement, payment, transfer, withdrawal, and/or any other transaction (as the case may be) was unauthorised, made in error, cancelled, subject to Payment/Transfer Review, Reversal, Chargeback or Claim, or for whatever other reason that the receiving User or Non-Fazz Account holder has not received the money, XFERS e-money, XFERS Tokens and/or Non-XFERS Tokens (as the case may be).
We may change our fees (including adding new fees) from time to time, which shall be stated on our website and which shall be binding on you if you continue to maintain or use the Services after the effective date for imposing the revised fees.
3.2 Deduction from or Set-off Against Your Account
Any fees charged by us may be deducted from or set-off against the funds (including XFERS e-money, XFERS Tokens and/or Non-XFERS Tokens) in your Fazz / StraitsX Account (including any incoming receivables which have not yet been credited into your Fazz / StraitsX Account).
3.3 No Fee Refunds
The fees charged by us shall be payable in advance and are strictly non-refundable.
4. ISSUING XFERS E-MONEY / PURCHASE OF XFERS TOKENS
4.1 Issuance Limits for XFERS E-Money
We may, in our sole and absolute discretion, impose limits on the amount of XFERS e-money that we can issue into your Fazz Account / StraitsX Wallet. If you have a Verified Account, we may increase your issuance limits. Do note that where we receive any amounts in excess of the issuance limits, or which will cause the amount of XFERS e-money held in your Fazz Account / StraitsX Wallet to exceed the maximum limits (as imposed by us pursuant to Clause 8.2 below), we reserve the right not to issue and credit such excess amounts to your Fazz Account / StraitsX Wallet in the form of XFERS e-money, but instead reflect them in your Temporary Holding Balance, in accordance with Clause 8.4 below.
Persons who wish to have XFERS e-money issued into their Fazz Account / StraitsX Wallet exceeding the limits and/or for purposes other than personal usage of such XFERS e-money (e.g. business or enterprise usage of XFERS e-money, including, without limitation, the integration of XFERS e-money with any platforms, exchanges, applications or network) should contact us.
4.2 Issuance Methods for XFERS E-Money
You may instruct us to issue XFERS e-money to you into your Fazz Account / StraitsX Wallet by using the following payment methods:
(a) Bank transfer from your bank account;
(b) Debit card; and
(c) Credit card.
If you have not received the XFERS e-money in your Fazz Account / StraitsX Wallet, or if funds in excess of the (i) issuance limits and/or (ii) maximum limit of XFERS e-money you are permitted to hold in your Fazz Account / StraitsX Wallet have not been reflected in your Temporary Holding Balance by the next Business Day, please contact us immediately.
4.3 Purchase Limits for XFERS Tokens
We may, in our sole and absolute discretion, impose limits on the amount of XFERS Tokens that may be purchased by a User. If you have a Verified Account, we may increase your purchase limits. Do note that where we receive any amounts in excess of the purchase limits, or which will cause the amount of XFERS Tokens held in your StraitsX Wallet to exceed the maximum limits (as imposed by us pursuant to Clause 8.2 below), we reserve the right not to sell and credit such excess amounts to your StraitsX Wallet in the form of XFERS Tokens, but instead reflect them in your Temporary Holding Balance, in accordance with Clause 8.4 below.
Persons who wish to have XFERS Tokens credited into their StraitsX Wallet exceeding the purchase limits and/or for purposes other than personal usage of such XFERS Tokens (e.g. business or enterprise usage of XFERS Tokens, including, without limitation, the integration of XFERS Tokens with any platforms, exchanges, applications or network) should contact us.
4.4 Payment Methods for Purchase of XFERS Tokens
You may purchase XFERS Tokens from XFERS to be issued to your StraitsX Wallet by using the following payment methods:
(a) Bank transfer from your bank account;
(b) Debit card; and
(c) Credit card.
If you have not received the XFERS Tokens in your StraitsX Wallet, or if XFERS Tokens in excess of the (i) purchase limits and/or (ii) maximum limit of XFERS Tokens you are permitted to hold in your StraitsX Wallet have not been reflected in your Temporary Holding Balance by the next Business Day, please contact us immediately.
4A. PURCHASE OF NON-XFERS TOKENS
4A.1 Supported Non-XFERS Tokens
Where available, you may instruct us to purchase supported Non-XFERS Tokens on your behalf through the Fazz Services. The purchase of Non-XFERS Tokens is available only in connection with Non-XFERS Tokens that StraitsX supports, and this may change from time to time, at the sole and absolute discretion of XFERS.
XFERS is not the issuer of Non-XFERS Tokens. No fiat currency is held on reserve for Non-XFERS Token holders by XFERS or by the Safeguarding Institution.
Should you elect to purchase and/or hold Non-XFERS Tokens in your StraitsX Wallet, you might be using one of our third party service providers, such as Circle. In addition to this Agreement, you agree to comply with and be bound by any agreement governing your purchase and/or holding of the Non-XFERS Tokens. For instance, your holding and use of USDC is governed by the Circle USDC Terms (found here: https://www.circle.com/en/legal/usdc-terms).
You agree and irrevocably authorise XFERS to collect and disclose your transaction information to such third party service providers. Your information will be used in accordance with their respective privacy policies. For instance, Circle will handle your information in accordance with their Circle Privacy Policy (found here: https://www.circle.com/en/legal/privacy-policy).
4A.2 Purchase Limits for Non-XFERS Tokens
We may, in our sole and absolute discretion, impose limits on the amount of supported Non-XFERS Tokens that may be purchased by a User. If you have a Verified Account, we may increase your purchase limits. Do note that where we receive any amounts in excess of the purchase limits, or which will cause the amount of Non-XFERS Tokens held in your StraitsX Wallet to exceed the maximum limits (as imposed by us pursuant to Clause 8.2 below), we reserve the right not to sell and credit such excess amounts to your StraitsX Wallet in the form of Non-XFERS Tokens, but instead reflect them in your Temporary Holding Balance, in accordance with Clause 8.4 below.
Persons who wish to have supported Non-XFERS Tokens credited into their StraitsX Wallet exceeding the purchase limits and/or for purposes other than personal usage of such Non-XFERS Tokens (e.g. business or enterprise usage of Non-XFERS Tokens, including, without limitation, the integration of Non-XFERS Tokens with any platforms, exchanges, applications or network) should contact XFERS.
4A.3 Payment Methods for Purchase of Non-XFERS Tokens
You may instruct us to purchase supported Non-XFERS Tokens from XFERS on your behalf, to be credited to your StraitsX Wallet, by using the following payment methods:
(a) Bank transfer from your bank account;
(b) Debit card; and
(c) Credit card.
We may use third party service providers to facilitate your purchase of Non-XFERS Tokens. In connection with your purchase of Non-XFERS Tokens, we may provide you with instructions to make payment directly to such third party service providers. You are solely responsible for ensuring that you comply with such payment instructions. We bear no responsibility for any losses you might incur as a result of your non-compliance with such payment instructions.
5. SENDING & RECEIVING PAYMENTS AND TRANSFERS WITH YOUR FAZZ / STRAITSX ACCOUNT
5.1 Sending and/or Receiving Limits
In accordance with Applicable Laws, the type and extent of information which we require you to provide in order to facilitate the payments or transfers you can send and/or receive through the Fazz Services may vary. This may vary depending on, among other things, the amount of XFERS e-money being transacted as follows:
(a) where the transaction value does not exceed the equivalent of $20,000 SGD; and
(b) where the transaction value exceeds the equivalent of $20,000 SGD.
We may, in our sole and absolute discretion, impose limits on the amount of payments or transfers you can send and/or receive through the Fazz Services, whether to and/or from an Fazz / StraitsX Account or a Non-Fazz Account.
If you have a Verified Account, we may increase your sending and/or receiving limits.
5.2 Default Payment Methods
Unless otherwise instructed, when you make a payment or transfer, XFERS will fund your transaction in this order (subject to availability based on your payment methods and country of registration):
(a) Balance XFERS e-money, XFERS Tokens and/or Non-XFERS Tokens in your Fazz Account / StraitsX Wallet;
(b) Bank transfer from your bank account;
(c) Debit card; and then
(d) Credit card.
5.3 Card Charge Authorisation
By adding a debit card or credit card to your Account as a payment method, you are providing XFERS with continuous authority to automatically charge that card to obtain the relevant funds when the card is used as a payment method pursuant to this Agreement. You can stop the continuous authority in respect of any card by removing that card as a payment method in your Account profile.
If you pay for a transaction with your debit card or credit card without adding it as a payment method, you are providing us with irrevocable authority to charge that card to obtain the relevant funds required for that transaction.
5.4 Obtaining XFERS Credits
In addition to the XFERS e-money, XFERS Tokens and/or Non-XFERS Tokens stored in your Fazz Account / StraitsX Wallet, you may obtain XFERS Credits which may be used to pay for your transactions with Merchant Account Users or Platform Users.
You may obtain XFERS Credits in the following ways:
(a) We may issue you XFERS Credits as part of a promotional campaign which we may conduct from time to time (for example, cashback schemes, loyalty reward schemes, bonus top-up schemes, etc);
(b) You may purchase XFERS Credits from us using the balance in your Fazz / StraitsX Account;
(c) You may purchase XFERS Credits from us by making a bank transfer from your bank account; or
(d) You may purchase XFERS Credits from us by using your debit card or credit card.
You may use your XFERS Credits to:
(i) pay (partially or fully) for transactions with our selected Merchant Account Users or Platform Users; or
(ii) pay us any fees for using Fazz Services.
XFERS may at its sole and absolute discretion reject your request to purchase XFERS Credits for any reason whatsoever.
XFERS Credits are not redeemable for cash nor are they refundable under any circumstances. They cannot be resold or exchanged for value under any circumstances. XFERS Credits shall not be regarded, construed, or used as valuable or exchangeable instruments under any circumstances.
You may check your XFERS Credits balance in your Fazz / StraitsX Account. The XFERS Credits balance set out in your Account shall serve as conclusive evidence of your XFERS Credits.
XFERS Credits will only be valid for (6) six months from the date of their last purchase or spend, whichever is later. The expiry date set out in your Account will serve as conclusive evidence of the expiry date of your XFERS Credits. XFERS shall have the right to deal with the expired XFERS Credits in such manner as it deems fit in its absolute discretion. You hereby agree that you will have no claim whatsoever against XFERS for any expired XFERS Credits.
As your XFERS payments may involve credit or debit cards transaction through our third party service providers and financial institutions, if such transaction results in a reversal or chargeback from our third party service providers or financial institutions, we reserve the right to charge you an administrative fee in addition to a claw-back of the amount from your XFERS Credits or your Account balance, or any other way we deem fit.
5.5 Sending Payments/Transfers from your Fazz Account / StraitsX Wallet
If you are making a payment and/or transfer from your Fazz Account / StraitsX Wallet and your Fazz Account / StraitsX Wallet does not have sufficient XFERS e-money, XFERS Tokens and/or Non-XFERS Tokens, you are required to add XFERS e-money, XFERS Tokens and/or Non-XFERS Tokens to your Fazz Account / StraitsX Wallet, which may be done through one or more of the following ways:
(a) Instruct that we issue XFERS e-money or credit XFERS Tokens and/or Non-XFERS Tokens into your StraitsX Wallet by:
(i) transferring money from your bank account into XFERS’ designated bank account (as stated on our website); or
(ii) entering your debit card or credit card details and provide XFERS with irrevocable authority to charge that card to obtain the relevant funds required for that transaction; or
(b) transfer XFERS Tokens and/or Non-XFERS Tokens from your Non-Fazz Account into XFERS’ designated wallet address as stated on our website.
If you transfer money from your bank account, we will not issue XFERS e-money or credit XFERS Tokens and/or Non-XFERS Tokens into your Fazz Account / StraitsX Wallet unless we receive the money in the XFERS designated bank account(s) as stated on our website, with the correct initials / transaction reference code (as generated by the XFERS system).
If you transfer XFERS Tokens and/or Non-XFERS Tokens from your Non-Fazz Account, your StraitsX Wallet will not be credited with XFERS Tokens and/or Non-XFERS Tokens unless we receive the Tokens in the XFERS designated wallet address with the correct initials / transaction reference code (as generated by the XFERS system). The transfer of XFERS Tokens and/or Non-XFERS Tokens from your Non-Fazz Account is also subject to Clause 5.7 below.
Upon receiving sufficient money in exchange for the issuance of XFERS e-money / purchase of XFERS Tokens and/or Non-XFERS Tokens, we will credit your Fazz Account / StraitsX Wallet accordingly with XFERS e-money, XFERS Tokens and/or Non-XFERS Tokens (subject to any issuance limits, purchase limits, transfer limits and/or maximum limit(s) of XFERS e-money, XFERS Tokens and/or Non-XFERS Tokens that you can hold in your Fazz Account / StraitsX Wallet, which we may impose pursuant to Clause 4.1 and 4.3 and Clause 8.2 respectively) and effect the transfer to the User or the Non-Fazz Account holder you wish to pay/transfer. Any amounts topped-up in excess of the issuance limits, transfer limits or which will cause the amount of XFERS e-money, XFERS Tokens and/or Non-XFERS Tokens held in your Fazz Account / StraitsX Wallet to exceed the maximum limits may be reflected in your Temporary Holding Balance instead.
If the User or Non-Fazz Account holder does not receive the funds after the following period of time, please contact XFERS immediately:
(a) three (3) Business Days after the XFERS e-money, XFERS Tokens and/or Non-XFERS Tokens in your Fazz Account / StraitsX Wallet has been debited, where you and the recipient are both in Singapore; and
(b) seven (7) Business Days after the XFERS e-money, XFERS Tokens and/or Non-XFERS Tokens in your Fazz Account / StraitsX Wallet has been debited, where you are in Singapore and the recipient is outside Singapore (or in a case where the recipient is in Singapore, where you are outside Singapore).
5.6 Receiving Payments/Transfers
If you are receiving payments and/or transfers from credit card or debit card transactions on XFERS, you might be using one of our third party service providers, such as Stripe Payments Singapore Pte Ltd (“Stripe”). We may change the service providers we use any time without prior notice.
In addition to these terms, you agree to comply with the User Agreement governing your use of the services of our service providers. For instance, your use of Stripe’s services are governed by Stripe Connected Account Agreement (found here: https://stripe.com/connect/account-terms).
You agree and irrevocably authorise XFERS to collect and disclose your transaction information to such third party service providers. Your information will be used in accordance with their respective privacy policies. For instance, Stripe will handle your information in accordance with their Stripe Privacy Policy (found here: https://stripe.com/privacy).
5.7 Receiving Payments/Transfers of XFERS Tokens and/or Non-XFERS Tokens from Non-Fazz Accounts
You may receive payments and/or transfers of XFERS Tokens and/or Non-XFERS Tokens from Non-Fazz Accounts into your StraitsX Wallet. Where applicable, we may convert the XFERS Tokens and/or Non-XFERS Tokens that are to be paid / transferred to your Account to XFERS e-money or funds before depositing them into your Account.
We may in our sole and absolute discretion restrict or prohibit the payment and/or transfer of XFERS Tokens and/or Non-XFERS Tokens from any Non-Fazz Account to a StraitsX Wallet and/or impose a limit on the amount of XFERS Tokens and/or Non-XFERS Tokens that may be transferred from any Non-Fazz Account to a StraitsX Wallet (i.e. transfer limits). We shall not be liable for any loss (direct or indirect) suffered by you or any other person due to any such transfer and/or payment restriction or prohibition imposed by us.
Your StraitsX Wallet only supports sending and receiving of XFERS Tokens and/or supported Non-XFERS Tokens. If you or any third party (including Non-Fazz Account holders) attempt to send any other virtual currency, token, digital currency, or similar digital assets (“Other Digital Assets”) into your Account, such Other Digital Assets will be lost forever. We bear no responsibility for any losses you might incur as a result of you or any third party sending Other Digital Assets to your Account.
If you have not received a payment/transfer from a Non-Fazz Account within a reasonable time, your only recourse will be to contact the payment sender/transferor, and/or the party that issues/operates (if applicable) the Non-Fazz Account. We shall not be responsible or liable for the failure of any payment/transfer made from a Non-Fazz Account.
5.8 Payment/Transfer Review
Payment/Transfer Review is a process by which we review certain potentially high-risk transactions. If a payment/transfer is subject to Payment/Transfer Review, we may place a hold on the payment/transfer and conduct a review and either clear or cancel the payment/transfer. If the payment/transfer is cleared, to the extent that the payment/transfer is made to an Fazz / StraitsX Account, the receiving User will be notified that the funds have been transferred. Otherwise, the payment/transfer will be cancelled and returned to the sending User’s Account or the sending Non-Fazz Account holder.
5.9 Risk of Reversals, Chargebacks and Claims
When you receive a payment/transfer, you are liable to us for the full amount of the payment/transfer plus any fees if the payment/transfer is later invalidated for any reason, regardless of whether such payment/transfer has been received from an Fazz / StraitsX Account or Non-Fazz Account. This means that, in addition to any other liability, you will be responsible for the amount of the payment/transfer, plus the applicable fees, as charged by us, if you lose a Claim or a Chargeback, or if there is a Reversal of the payment/transfer.
5.10 Refund or Return of Paid/Transferred Amount
If you are a receiving User wishing to return or refund the paid/transferred amount to the sending User or to the sending Non-Fazz Account holder (as the case may be), you should contact our customer support team. The return or refund amount should not exceed the original paid/transferred amount. The processing of any return or refund is in XFERS’ absolute discretion, and if a return or refund is issued, you continue to be liable for fees for the initial payment/transfer, as well as the prevailing administrative fees for effecting such a return or refund (if any).
If you are a sending User, you should contact the receiving User if you wish to get a return or refund for the paid/transferred amount. We may, in our absolute discretion, assist you in contacting the receiving User, but we shall not be under any obligation to return or refund you the paid/transferred amount.
For any payments/transfers of XFERS Tokens and/or Non-XFERS Tokens to Non-Fazz Accounts, XFERS is under no obligation to entertain any request for returns or refunds from the sender of such payments/transfers made to Non-Fazz Accounts. The sender shall bear full responsibility or liability for any payment/transfer made to Non-Fazz Accounts.
5.11 No Double Recovery
You shall not attempt to or receive a return or refund for the same transaction from more than one of the following parties:
(a) a receiving User or Non-Fazz Account holder;
(b) any third party (e.g. through a chargeback claim to your bank); or
(c) XFERS (only if applicable).
6 WITHDRAWING FUNDS FROM YOUR FAZZ / STRAITSX WALLET / ACCOUNT
6.1 Withdrawing XFERS e-money / XFERS Tokens to Your Bank Account
You can withdraw XFERS e-money / XFERS Tokens in your Fazz Account / StraitsX Wallet to your Attached Bank Account at any time. If you do not use such XFERS e-money / XFERS Tokens in your Fazz Account / StraitsX Wallet for a prolonged period, we may remind you to withdraw some or all of such XFERS e-money / XFERS Tokens, or we may return such XFERS e-money / XFERS Tokens to your Attached Bank Account. In the case of XFERS Tokens, the withdrawal of the XFERS Tokens will be effected through a redemption / purchase of the XFERS Tokens from you, for a corresponding amount of fiat currency, followed by the withdrawal of such fiat currency to your Attached Bank Account.
Further, you irrevocably authorise us to withdraw some or all of your funds (including XFERS e-money / XFERS Tokens) in your Account (which are in excess of prevailing limits) to your Attached Bank Account.
Please note that XFERS Tokens that are stored in any Non-Fazz Account must first be transferred to XFERS’ designated wallet address and credited into your Fazz Account / StraitsX Wallet, before XFERS will redeem / purchase such XFERS Tokens from you for a corresponding amount of fiat currency, followed by the withdrawal of such fiat currency to your Attached Bank Account.
XFERS reserves the right to deal with any redeemed / purchased XFERS Tokens in its sole discretion, including but not limited to matters relating to the burning of such XFERS Tokens.
6.2 Selling/Redemption of Non-XFERS Tokens
You may instruct us to sell / redeem supported Non-XFERS Tokens in your StraitsX Wallet on your behalf, followed by the transfer of the equivalent amount of fiat currency to your Attached Bank Account.
We may use third party service providers to facilitate your sale / redemption of Non-XFERS Tokens. In connection with your sale / redemption of Non-XFERS Tokens, we are only obligated to transmit your sale / redemption instruction, and the details of your Attached Bank Account, to such third party service providers. You shall be solely responsible for ensuring that your Attached Bank Account is able to receive the appropriate fiat currency from your sale / redemption of Non-XFERS Tokens.
We have no obligation to ensure that the third party service provider transfers the equivalent amount of fiat currency to your Attached Bank Account. You shall be solely responsible for ensuring that the amount of fiat currency received in your Attached Bank Account is accurate and corresponds to the amount of Non-XFERS Tokens which you instruct us to sell, less any applicable fees. We bear no responsibility for any losses you might incur as a result of the failure of third party service providers to transfer any amount of fiat currency to your Attached Bank Account.
We have no obligation to purchase your Non-XFERS Tokens for the equivalent amount of fiat currency.
6.3 Transfer of XFERS Tokens and/or Non-XFERS Tokens to your Non-Fazz Account
You can transfer the XFERS Tokens and/or Non-XFERS Tokens in your StraitsX Wallet to your Non-Fazz Account at any time.
We may in our sole and absolute discretion restrict or prohibit the transfer of XFERS Tokens and/or Non-XFERS Tokens in your StraitsX Wallet to your Non-Fazz Account, and/or impose a limit on the amount of XFERS Tokens and/or Non-XFERS Tokens that may be transferred from your StraitsX Wallet to your Non-Fazz Account. We shall not be liable for any loss (direct or indirect) suffered by you or any other person due to any such transfer and/or payment restriction or prohibition imposed by us.
You are solely responsible for ensuring that the Non-Fazz Account into which you are transferring XFERS Tokens and/or Non-XFERS Tokens supports such Tokens. If you attempt to send XFERS Tokens and/or Non-XFERS Tokens from your StraitsX Wallet to a Non-Fazz Account that does not support such Tokens, your XFERS Tokens and/or Non-XFERS Tokens will be lost forever. XFERS bears no responsibility for any losses you might incur as a result of you sending XFERS Tokens and/or Non-XFERS Tokens from your StraitsX Wallet to a Non-Fazz Account that does not support such Tokens.
6.4 Redemption/Withdrawal and Transfer Limits
Depending on, among other things, the degree to which you have verified your Account, we may limit your ability to redeem/withdraw your XFERS e-money, XFERS Tokens and/or Non-XFERS Tokens in your Fazz Account / StraitsX Wallet to your bank account or transfer the XFERS e-money, XFERS Tokens and/or Non-XFERS Tokens in your Fazz Account / StraitsX Wallet to your Non-Fazz Account (as the case may be) until you comply with our requests for information. For the avoidance of doubt, Withheld XFERS e-money, XFERS Tokens and/or Non-XFERS Tokens or XFERS e-money, XFERS Tokens and/or Non-XFERS Tokens placed on hold shall not be redeemed/withdrawn. Additionally, we may delay redemption, withdrawals and/or transfers of large sums of XFERS e-money, XFERS Tokens and/or Non-XFERS Tokens while we perform a risk review.
6.5 Redemption / Withdrawal / Transfer Fees
When redeeming / withdrawing / transferring the XFERS e-money, XFERS Tokens and/or Non-XFERS Tokens in your Fazz Account / StraitsX Wallet (whether pursuant to this Clause 6 or otherwise), you will be charged the prevailing redemption / withdrawal / transfer fees. The fees for redemption / withdrawal / transfer will depend on the method of redemption / withdrawal / transfer you choose. In addition, if you redeem / withdraw / transfer your XFERS e-money, XFERS Tokens and/or Non-XFERS Tokens in a currency / Token other than the currency / Token in which the balance on your Fazz Account / StraitsX Wallet is denominated, the prevailing exchange rate and conversion fees as stated on our website will apply.
We also reserve the right to charge you withdrawal fees for any withdrawal of the funds in your Temporary Holding Balance, Settlement Wallet or otherwise to your Attached Bank Account (whether pursuant to Clause 8.3, Clause 8.4, Clause 9.7 or otherwise).
6.6 Delays in Redemption / Purchase of XFERS Tokens
XFERS reserves the right to delay the redemption / purchase of XFERS Tokens by XFERS, if such delay is necessitated by the illiquidity or unavailability of any XFERS Reserves held by XFERS to back the redemption / purchase of XFERS Tokens in circulation. XFERS also reserves the right to redeem / purchase XFERS Tokens using other currencies or assets other than the currency in which the relevant XFERS Token is denominated in or pegged to.
7 REFUND STEP-IN EVENT
7.1 If XFERS is unable to process and complete any refund of Relevant Money, including redemption and/or withdrawal of funds (including XFERS e-money) in your Account, due to a Refund Step-In Event, XFERS and/or the Safeguarding Institution will announce that a Refund Step-In Event has occurred. After XFERS and/or the Safeguarding Institution has so announced:
(a) If you wish to seek a refund of Relevant Money, you may file a claim with the Safeguarding Institution at any of the refund location(s) as may be specified by the Safeguarding Institution;
(b) You must provide the Safeguarding Institution with (i) such proof of identity as the Safeguarding Institution may require, (ii) an acknowledgement stating the amount refunded or (if specified by the Safeguarding Institution) to be refunded and (iii) any other supporting documents the Safeguarding Institution may require, in each case, failing which the Safeguarding Institution may decline to make a refund;
(c) In the event that you are representing a User who is a non-natural person, you shall provide a letter of authorisation, in such form and substance satisfactory to the Safeguarding Institution, confirming details of the individual(s) authorized to act on the User’s behalf;
(d) No refund or payment will be made to you where, in the Safeguarding Institution’s opinion,
(i) your Account which stores the relevant funds/XFERS e-money has been unlawfully accessed, modified, or used;
(ii) your Account which stores the relevant funds/XFERS e-money is or appears to be a fake account;
(iii) if any of your XFERS Credits have expired or been voided;
(iv) if the Account was used by an individual who was not the beneficial owner of the funds in the Account; or
(v) your funds/XFERS e-money have been illegally or unlawfully obtained.
(e) Refunds made by the Safeguarding Institution will be made by way of cash, cheque, direct account credit or such other modes of payment as may be determined by the Safeguarding Institution in its sole discretion.
(f) The Safeguarding Institution shall not be liable to you or any other person by reason of any delay in making a refund to you in respect of the Relevant Money you are entitled to in accordance with this Agreement, to the extent that such delay was due to a Force Majeure Event as defined in Clause 17.5. The Safeguarding Institution shall be excused for such delay pursuant to this sub-paragraph (f) on and as from the start of the relevant Force Majeure Event until the expiry of such Force Majeure Event.
7.2 The making of refunds by XFERS and the Safeguarding Institution shall be subject to such additional procedural or operational requirements as XFERS or the Safeguarding Institution (as the case may be) may prescribe from time to time. Your failure to observe or comply with such procedural or operational requirements may result in a delay in XFERS or the Safeguarding Institution (as the case may be) making the relevant refund.
7.3 In accordance with the applicable laws and regulations (including PSN08), XFERS is required to provide the following disclosure:
Notice for Non-Singapore Residents: XFERS PTE. LTD. is licensed by the Monetary Authority of Singapore to provide e-money issuance services. Please note that this does not mean you will be able to recover all the money you paid to XFERS PTE. LTD. if XFERS PTE. LTD’s business fails.
8 YOUR ACCOUNT BALANCE & REWARDS
8.1 Balances
The funds (including XFERS e-money, XFERS Tokens and/or Non-XFERS Tokens) in your Account will be reflected in your Account balance (whether in the Fazz Account / StraitsX Wallet balance, Settlement Wallet balance, or Temporary Holding Balance). Each time you transact with or add funds into your Account (including where you Instruct that we issue XFERS e-money or credit XFERS Tokens and/or Non-XFERS Tokens into your Fazz Account / StraitsX Wallet), you shall be solely responsible for ensuring that the balance reflected is accurate and corresponds to the amount paid or transferred to your Account, or the amount that you have provided us with in exchange for the issuance of XFERS e-money or crediting of XFERS Tokens and/or Non-XFERS Tokens into your Fazz Account / StraitsX Wallet.
XFERS, and the Safeguarding Institution and their respective officers, employees and agents shall not be liable for any error or omission not drawn to their attention upon any payments or transfers to/from Fazz / StraitsX Accounts, or Instruction for issuance of XFERS e-money or crediting of XFERS Tokens and/or Non-XFERS Tokens into your Fazz Account / StraitsX Wallet.
Subject to the terms of this Agreement, XFERS and the Safeguarding Institution are only liable to you in respect of the withdrawal or refund of your Relevant Money, without any interest accruing.
Additionally, XFERS’ records of all balances and transactions (including blockchain records and your Account balance) shall, save for manifest error or fraud, be conclusive and binding on you for all purposes.
This Clause 8.1 does not affect any right that you may have in respect of XFERS Tokens and/or Non-XFERS Tokens which are stored in Non-Fazz Accounts controlled by you.
8.2 Maximum Limits
Depending on, among other things, the degree to which you have verified your Account, we may limit the maximum amount of XFERS e-money, XFERS Tokens and/or Non-XFERS Tokens that you can hold in aggregate in your Fazz Account / StraitsX Wallet. Additionally, we may impose separate maximum limits based on our prevailing operational thresholds.
8.3 Settlement Wallet
When opening an Account, we may also open a wallet for you in which you may receive funds from your sale of goods or provision of services, in connection with our provision of merchant acquisition services (“Settlement Wallet”).
Subject to and in accordance with our fund transfer and settlement processes and timelines (as may be amended, supplemented or replaced from time to time), all funds in your Settlement Wallet will be transferred to your Fazz Account / StraitsX Wallet and/or Attached Bank Account. You will not be able to instruct us as to how the amounts in your Settlement Wallet may be applied.
Without limiting the generality of the actions we may take under Clause 14, we may, in our sole and absolute discretion, withhold some or all of your funds in your Settlement Wallet. This is to take into account the possibility that the payment or transfer of such funds received in your Settlement Wallet may be subject to a Chargeback, Reversal, Claim or be otherwise invalidated – in which case, we may reverse the payment or transfer of such funds from your Settlement Wallet.
8.4 Temporary Holding Balance
Any Instruction for issuance of XFERS e-money, crediting of XFERS Tokens and/or Non-XFERS Tokens or transfers of XFERS e-money, XFERS Tokens and/or Non-XFERS Tokens into your Fazz Account / StraitsX Wallet which are in excess of the issuance, purchase or transfer limits (as determined by us pursuant to Clauses 4.1, Clause 4.3 and 5.7 above) and/or maximum limits you are permitted to hold in your Fazz Account / StraitsX Wallet (as determined by us pursuant to Clause 8.2 above) will be separately reflected in your Account as a temporary holding balance, and will not be held in your Fazz Account / StraitsX Wallet (“Temporary Holding Balance”).
You will not be able to instruct us as to how the amounts in your Temporary Holding Balance may be applied. Subject to and in accordance with our fund transfer and settlement processes and timelines (as may be amended, supplemented or replaced from time to time), we will effect withdrawals of the amounts in your Temporary Holding Balance to your Attached Bank Account. Where you have not specified an Attached Bank Account, we will retain the amounts in your Temporary Holding Balance until you have specified an Attached Bank Account.
8.5 Set-off of Due Amounts
You agree to allow XFERS to recover any amounts due to us by debiting your Account balance or your XFERS Credits. If there are insufficient funds (including XFERS e-money, XFERS Tokens and/or Non-XFERS Tokens) in your Account balance and insufficient XFERS Credits to cover your liability, you agree to make payment to XFERS through other means.
Additionally, if you have a past due amount owed to a XFERS affiliate, subsidiary, or parent company, XFERS may debit your Account to pay any amounts that are more than 90 calendar days past due.
8.6 Negative Balances and Multiple Currencies
If your Account has a negative balance for any reason, you shall take all necessary actions to restore your Account to a zero or positive balance as soon as possible.
XFERS may set-off the negative balance with any funds (including XFERS e-money, XFERS Tokens and/or Non-XFERS Tokens) that you subsequently add to or receive into your Account. If you have multiple currency balances in your Account and one of the currency balances becomes negative for any reason, you irrevocably authorise XFERS to set-off the negative balance by using funds you maintain in a different currency balance by converting the said funds at the prevailing currency exchange rate as stated on our website.
If your Account still remains negative despite the set-off, you shall, as soon as possible, transfer (a) money from your bank account, debit card or credit card into XFERS’ designated bank account, or (b) XFERS Tokens and/or Non-XFERS Tokens into XFERS’ designated wallet address to bring your Account to a zero or positive balance (whether through an issuance of XFERS e-money or crediting of XFERS Tokens and/or Non-XFERS Tokens to your Fazz Account / StraitsX Wallet or a transfer of XFERS e-money, XFERS Tokens and/or Non-XFERS Tokens into your Fazz Account / StraitsX Wallet). Additionally, you agree and irrevocably authorise XFERS to charge your debit card or credit card for the amounts owing, or to engage in other collection efforts to recover such funds from you.
8.7 Inactive Accounts and Expiry of funds in Fazz / StraitsX Account
8.7.1 Account Validity Period: Your Account shall be suspended if you do not use it for a period of (3) three years (“Validity Period”). We may at our sole discretion from time to time vary the Validity Period for any or all types of Account.
8.7.2 Reactivation of suspended Accounts: You may request to reactivate your suspended Account by filing a request with us. We may require you to re-verify your identity and provide further supporting documents before we decide to reactivate your Account.
8.7.3 Service Fee for suspended Accounts: If your Account has been suspended, you shall be entitled to a full refund of the funds in your Account within (4) four calendar years after the Validity Period, PROVIDED THAT if a refund of the funds in your Account is requested or effected more than (4) four calendar years after the Validity Period, we shall be entitled to levy a service charge of $5.00 SGD per month or such other amount as we may determine from time to time, such levy to be deducted from the funds in your Account commencing the month after the end of the aforesaid (4) four years until the funds in your Account is fully depleted or until the 72nd calendar month (6 calendar years), whichever is the earlier.
8.7.4 Expiry of funds in suspended Accounts: You shall not be entitled to a refund of the funds in your Account after the lapse of 72 calendar months or (6) six calendar years after the Validity Period whereupon you shall have no claim whatsoever against us.
8.8 Rewards
8.8.1 You may be eligible to earn rewards in the form of XFERS e-money, XFERS Tokens or Non-XFERS Tokens (“Rewards”), depending on the amount of your Account balance from time to time, to be decided by XFERS in its sole and absolute discretion.
8.8.2 XFERS reserves the right to vary the Rewards rate and the amount of Rewards which you are eligible to earn at any time, in XFERS sole and absolute discretion. The prevailing Rewards rate and corresponding Account balance tiers shall be displayed on our website.
8.8.3 You may redeem or withdraw any Rewards which you have earned on your Account balance by following the instructions on your Account dashboard. XFERS reserves the right to withhold the redemption or withdrawal of any Rewards for any reason and at any time, in its sole and absolute discretion.
9 YOUR INSTRUCTIONS AND AUTHORISATIONS
9.1 Giving instructions
You are solely responsible for accurately entering any Instruction, including (but not limited to) in respect of any issuance of XFERS e-money, issuance, purchase or crediting of XFERS Tokens and/or Non-XFERS Tokens, payment, transfer, exchange, redemption or withdrawal, describing or identifying the receiving User/Non-Fazz Account and all the necessary information of the receiving User/Non-Fazz Account in order to enable us to carry out any Instruction. We are not responsible for confirming such information, or for monitoring or refusing to process duplicate Instructions.
Prior to us carrying out any of your Instructions, you are required to, and agree to provide us with all information that we may require from you, including but not limited to any information required by us to comply with any regulatory reporting obligation, failing which we reserve the right to not carry out any of your Instructions.
If you, or a Platform User or Merchant Account User to whom your Account is linked, gives an Instruction that is incorrect, you agree that we may act upon such Instruction, including (but not limited to) charging your Fazz Account / StraitsX Account, bank account, debit card or credit card for the payment/transfer whether or not the error could have been detected by us. We are not obligated to detect errors in such Instruction(s).
Your Instructions shall be irrevocable and unconditional and shall be binding on you, and such Instructions may be acted or relied upon by us irrespective of any other circumstances. As such, once you give any Instruction, you shall not rescind or withdraw such Instruction without our consent.
Your Instructions shall not be considered to be received by us until they have actually reached our central system successfully.
Additionally, our records of all Instructions will be conclusive and binding on you for all purposes.
9.2 Linking your Fazz / StraitsX Account to a Platform User’s or Merchant Account User’s Website, App, Software or Service
9.2.1 Authorising Platform Users or Merchant Account Users: In order to be able to provide you with the use of their services or platforms, Platform Users or Merchant Account Users may require you to link your Fazz / StraitsX Account to their website, app, software or service. If you do so, you agree and authorise that we may permit these Users to (without any further action or confirmation on your part):
(i) Access your Account, your Account balance, payment data and transaction history;
(ii) Create charges and transactions in your Account;
(iii) Send payments, receive payments and redeem/withdraw XFERS e-money / XFERS Tokens / Non-XFERS Tokens / money from your Account into a bank account, or give us such other Instructions on your behalf (which shall be deemed to have come from you); and
(iv) Deduct from your Account (where there are sufficient funds) fees and charges arising from services provided or transactions conducted through the Platform User’s or Merchant Account User’s services.
9.2.2 Disclosure of your Information: If you link your Fazz / StraitsX Account to a Platform User’s or Merchant Account User’s website, app, software or service, you agree and authorise that we may provide them with your Information, including your personal information and information relating to your Fazz / StraitsX Account. These Platform Users and Merchant Account Users may have their own privacy policy, and you agree that we shall not be liable for how these Users use, share or disclose your Information.
9.3 Rejecting Instructions
You acknowledge and agree that we may refuse to act upon an Instruction for any reason whatsoever and may defer acting thereon or seek further information with respect to the Instruction as we think fit. Additionally, we are authorised (but not obliged) to act on any Instruction which we believe was given by you.
Without limiting the generality of this provision, we may refuse to act upon an Instruction in particular if:
(a) Your Account is suspected by us, or a third party service provider to be a counterfeit, or to have been fraudulently or illegally issued or revalued, or to have been illegally accessed, modified or used in any way;
(b) The Instruction is suspected to have been given in furtherance of any illegal, unlawful or criminal activity, including but not limited to any money laundering and terrorism financing activity, or any activity in breach of sanctions laws;
(c) Your XFERS Credits have expired;
(d) The XFERS e-money, XFERS Tokens and/or Non-XFERS Tokens in your Fazz Account / StraitsX Wallet is insufficient or has been exhausted;
(e) There is any breakdown in the Fazz / StraitsX system or a part of it which disables you from accepting or processing the Account as a means of effecting payment or a transaction; or
(f) XFERS and/or the Safeguarding Institution determine that the XFERS e-money, XFERS Tokens and/or Non-XFERS Tokens in your Fazz Account / StraitsX Wallet is incorrectly or erroneously stated or reflected in the Account or any records as having a higher or other value than its actual value due to any defect, damage, error or failure of, or programming in relation to, the Fazz / StraitsX system (including any data processing system or network system) or for any reason.
9.4 Your Identity or Authority
XFERS and the Safeguarding Institution shall not be under any obligation to verify the identity or authority of any person giving any Instruction and the authenticity of such Instruction. XFERS and the Safeguarding Institution shall not be liable for relying or acting on Instructions which are given or purported to be given by any person(s) whom we believe to be a (a) User (or a Platform User or Merchant Account User to whom a User’s Account is linked) as defined in Clause 1 above or (b) Non-Fazz Account Token Holder, regardless of the circumstances prevailing at the time of such Instructions, the nature of the arrangement, services or transaction made pursuant to such Instruction or the amount of money involved and notwithstanding any error, misunderstanding, fraud, forgery or lack of clarity or authorisation in the terms of such Instruction.
9.5 Notification of Instructions/Completion Notifications
We may transmit a notification upon receipt of an Instruction via the Fazz Services. You are responsible to ensure the confirmation is in accordance with your Instruction. Completion notification that an Instruction and/or a transaction has been received and/or effected through the Fazz Services will be provided via electronic communications. Such completion notification shall be deemed to have been received by you immediately after transmission and you should check such completion notification. You should contact us if you do not receive any completion notification within the time usually required for a similar notification to be received.
9.6 Your Authorisation
You agree and authorise that (upon receiving your Instruction to issue XFERS e-money / purchase XFERS Tokens and/or Non-XFERS Tokens to be credited into your Fazz Account / StraitsX Wallet), XFERS may act upon such Instruction and to effect your selected payment method to pay for the amount of XFERS e-money, XFERS Tokens and/or Non-XFERS Tokens to be issued / credited (less any applicable fees).
You agree and authorise that (upon receiving your Instruction to send XFERS e-money / XFERS Tokens / Non-XFERS Tokens / money to another User or Non-Fazz Account holder), we may act upon such Instruction and to transfer XFERS e-money / XFERS Tokens / Non-XFERS Tokens / money from your Fazz Account / StraitsX Wallet, bank account, debit card or credit card to the receiving User’s Fazz / StraitsX Account or bank account or the receiving Non-Fazz Account (less any applicable fees).
You agree and authorise that (upon receiving your Instruction to receive XFERS e-money / XFERS Tokens / Non-XFERS Tokens / money from another User or Non-Fazz Account holder), we may act upon such Instruction and to receive the XFERS e-money / XFERS Tokens / Non-XFERS Tokens / money in your Fazz / StraitsX Account (less any applicable fees).
You agree and authorise that (upon receiving your Instruction to redeem, withdraw and/or sell some or all of your XFERS e-money, XFERS Tokens and/or Non-XFERS Tokens in your Fazz Account / StraitsX Wallet), we may act upon such Instruction and to debit the corresponding amount (less any applicable fees) from your Fazz / StraitsX Account to pay you with the withdrawal method you specify (subject to any restrictions or limits in this Agreement – see in particular Clause 6).
9.7 Your Attached Bank Account
You may specify your bank account(s) which are to be linked to your Fazz / StraitsX Account (“Attached Bank Account(s)”). If you do so, you hereby represent that you are the lawful and authorised holder of the Attached Bank Account(s).
By specifying your Attached Bank Account(s), you hereby agree and authorise that we may effect, at any time, withdrawal of some or all of your funds (including XFERS e-money, XFERS Tokens and/or Non-XFERS Tokens) in your Fazz / StraitsX Account (whether such funds are in the Fazz Account / StraitsX Wallet, Settlement Wallet, Temporary Holding Balance or otherwise) to your Attached Bank Account without your prior Instruction. In the case of XFERS Tokens and/or Non-XFERS Tokens, the withdrawal of the XFERS Tokens and/or Non-XFERS Tokens will be effected through a redemption / purchase of the XFERS Tokens and/or Non-XFERS Tokens from you, for a corresponding amount of fiat currency, followed by the withdrawal of such fiat currency to your Attached Bank Account.
10 INTEGRATION WITH YOUR WEBSITE, APP OR BUSINESS
10.1 Integration
We offer advanced features for Users with Merchant Accounts to start sending or accepting payments via Fazz Services by integrating certain software features into their existing website(s), app(s), software, or service(s).
Users are advised to study the developers’ documentation in the Fazz / StraitsX website and to conduct extensive testing on their websites before “going live” to accept payments or transfers from their customers using the integrated Fazz Services.
10.2 Platform Users
10.2.1 Platform Users: We enable Users to integrate Fazz Services in their platform or marketplace (referred to as “Platform Users”) to manage the payment experience of their end-users, who may be buying or selling products/goods/assets/property or services on such platforms or marketplaces. Platform Users are able to, amongst other things, create a new Fazz / StraitsX Account on behalf of their end-users, send payments, receive payments and withdraw funds from their end-user’s Account on the end-user’s behalf.
For the avoidance of doubt, as a Platform User, you do not own any of the transactions or other details related to any User’s Fazz / StraitsX Account. Your role is only as a facilitator.
10.2.2 Agreements with end-users: As a Platform User, you must have an agreement, whether written or otherwise, with your end-user on how you will be transacting with their Fazz / StraitsX Account.
You represent and warrant to Xfers that you will: (a) obtain authorisation from your end-users for all the Activity initiated on their behalf, and for the use of their data obtained through or used with the Fazz Services by you, your employees, and your agents; (b) not use the Fazz Services or knowingly permit the use of the Fazz Services in a manner that is fraudulent, unlawful, deceptive or abusive.
You must always take all reasonable steps to ensure that your end-users do not use Fazz Services in violation of these terms or for any Restricted Activity.
You are solely responsible for ensuring that each end-user using the Fazz Services expressly agrees to comply with this Terms of Service. You must ensure that these end-users agree to these terms in a manner that clearly evidences their acceptance and makes clear that XFERS is providing services to them subject to these Terms of Service. You must ensure that each end-user has an opportunity to review these Terms of Service prior to acceptance that the end-user’s acceptance is sufficient under applicable law (including by ensuring that the person agreeing on behalf of the end-user is of suitable legal age and is authorised to bind the end-user), and that such acceptance is confirmed, recorded, and can be audited.
10.2.3 Data protection: You agree to have a privacy policy in place to inform your end-users on how their personal information will be collected, used, disclosed and transferred. You will use all reasonable efforts to protect and secure the personal information of your end-users against unauthorised use or disclosure.
You will include a prominent link to your privacy policy and to our Privacy Policy (found here: https://fazz.com/sg/privacy-policy/fazz-biz/pp-sg/) in your agreement.
You will promptly inform us and your end-users where any of their personal information is accessed or disclosed in a manner or for a purpose not indicated in your privacy policy and without their consent.
10.2.4 Platform Users’ right to charge fees: As a Platform User, you may choose to charge your end-users additional fees on top of our fees. We will deduct those fees from transactions completed through your services and allocate them to your Fazz / StraitsX Account immediately.
You are solely responsible for accurately and clearly communicating in your agreement with your end-users such fees for their use of your services. You also agree to accurately and clearly communicate to us any such fees that you plan to charge to your end-users before they sign up to use your services.
10.3 Transactions with Linked Fazz / StraitsX Accounts
10.3.1 Authorised transactions and Instructions only: If you are a Platform User or Merchant Account User transacting with another User’s Account linked to your website, app, software or service, you shall ensure that you have been duly authorised or have a legal or contractual right to transact with, give Instructions, or otherwise make any deductions from these linked Users’ Accounts.
10.3.2 Responsibility for Transactions and Instructions: You are solely responsible for all transactions and Instructions you have given to us in relation to the Users’ Accounts linked to your website, app, software or service. This includes the provision of any products/goods/assets/property or services sold to such Users or your other end-users as part of your use of the Fazz Services, as well as any obligations you may owe to such Users or your other end-users. Consequently, you agree to fully indemnify us (in accordance with Clause 17.4) in relation to any such transactions or Instructions on your linked Users’ Accounts.
10.3.3 Responsibility for Chargebacks, Reversals, refunds etc.: Without limiting the generality of Clause 14.1, you are financially liable for all Chargebacks, Reversals, refunds, charges and fines for transactions or Instructions on your linked Users’ Accounts.
10.4 Non-Fazz Accounts opened by Platform Users and Merchant Account Users
Platform Users and Merchant Account Users may also open and operate Non-Fazz Accounts for their customers (“Platform/Merchant Customers”) to store XFERS Tokens and/or Non-XFERS Tokens. The use of any such Non-Fazz Accounts by the Platform/Merchant Customers shall be subject to the terms and conditions imposed by the Platform Users and Merchant Account Users.
If you are a Platform User or Merchant Account User who has opened/opens Non-Fazz Accounts for your Platform/Merchant Customers, you hereby undertake to us to comply with all Applicable Laws, including but not limited to all anti-money laundering and countering the financing of terrorism laws of all jurisdiction(s) that you operate in.
We may require Platform Users or Merchant Account Users to separately agree to additional terms and conditions relating to (among other matters) the purchase, sale, and use of XFERS Tokens and/or Non-XFERS Tokens in the Non-Fazz Accounts operated by the Platform Users or Merchant Account Users.
10.5 Fazz / StraitsX Co-Branding
If you are a Platform User or a Merchant Account User using advanced features like our integration APIs, we may require you to feature the Fazz / StraitsX logo and branding at your payment options or payment pages or both. The exact placements and layouts of the Fazz / StraitsX logo and branding shall be discussed with and agreed on by us, and may be subject to change from time to time.
10.6 Use of Fazz / StraitsX APIs
We may make available to you Fazz / StraitsX API guides and documentation, and you shall comply with such documentation in connection with the integration and use of the APIs.
You are prohibited from interfacing with Fazz / StraitsX APIs in a way which we have stated is not permitted in the documentation.
10.7 Grant of Software Licence
If you are using Fazz / StraitsX software such as an API, developer’s toolkit or other software application that you have downloaded to your computer, device, or other platform, then we grants you a revocable, non-exclusive, non-transferable license to use our software in accordance with the documentation. This license grant includes the software and all updates, upgrades, new versions and replacement software. You may not rent, lease or otherwise transfer your rights in the software to a third party. You must comply with the implementation and use requirements contained in all Fazz / StraitsX documentation accompanying the Fazz Services. If you do not comply with our implementation and use requirements you will be liable for all resulting damages suffered by you, Fazz / StraitsX and third parties. You agree not to alter, reproduce, adapt, distribute, display, publish, reverse engineer, translate, disassemble, decompile or otherwise attempt to create any source code which is derived from the software. You acknowledge that all rights, title and interest to our software are owned by XFERS. Any third party software application you use on the Fazz / StraitsX website is subject to the license you agreed to with the third party that provides you with this software. Fazz / StraitsX does not own, control nor have any responsibility or liability for any third party software application you elect to use on the Fazz / StraitsX website and/or in connection with the Fazz Services. If you are using the Fazz Services on the Fazz / StraitsX website, or other website or platform hosted by us, or a third party, and are not downloading our software or using third party software applications on the Fazz / StraitsX website, then this Clause does not apply to your use of the hosted Fazz Services.
10.8 No Support
We do not provide technical or customer support in relation to integrating Fazz Services into your website or your business. If we do provide any support, it is purely out of goodwill and we shall not be obligated to continue or follow-up in any matter. Additionally, we shall not be liable for any losses (direct or indirect, special or consequential) that you may suffer from any support that we have provided, even if it was provided negligently.
You should consult or engage a web developer or an IT team to integrate the Fazz Services into your business.
11 CLOSING YOUR FAZZ / STRAITSX ACCOUNT
11.1 How to Close Your Fazz / StraitsX Account
You may terminate this Agreement and close your Account at any time by following the instructions in your Account profile. Upon closure of your Account, we will cancel any pending transactions and you will forfeit any special discounts or promotional credits etc., unless we are otherwise legally prohibited from doing so. You must redeem and/or withdraw your Account balance prior to closing your Account. You agree that you will continue to be responsible for all obligations related to your Account even after it is closed.
11.2 Limitations on Closing Your Account
You may not evade an investigation by closing your Account. If you close your Account while we are conducting an investigation, we may hold the funds (including XFERS e-money, XFERS Tokens and/or Non-XFERS Tokens) in your Account to protect XFERS, its parent, subsidiaries and affiliates or a third party against the risk of Reversals, Chargebacks, Claims, fees, fines, penalties and other liability. You will remain liable for all obligations related to your Account even after the Account is closed.
12 ERRORS & UNAUTHORISED TRANSACTIONS
12.1 Safeguarding your Account ID, password and API keys
You are responsible for maintaining adequate security and control of any and all IDs, passwords, personal identification numbers (PINs), API keys, API secret keys, or any other codes that you use to access Fazz Services or to send any Instruction to us. All such codes should be protected, and you should not (a) voluntarily disclose any code to any third party, except as instructed by us for any purpose including to initiate or execute any payment/transfer transaction through your Account, (b) disclose any code in a recognisable way on your Account or any other account; or (c) keep a record of any code in a way that allows any third party to easily misuse the code.
If you keep a record of any code, you should make reasonable efforts to secure the record, including (a) keeping the record in a secure electronic or physical location accessible or known only to you, and (b) keeping the record in a place where the record is unlikely to be found by a third party.
When using a device to access your Account, you should (a) update your device’s browser (e.g. Chrome, Safari, Internet Explorer, Firefox) to the latest version available, (b) patch the device’s operating systems (e.g. Windows operating system (OS), Macintosh OS, iOS, Android OS) with regular security updates provided by the operating system provider, (c) install and maintain the latest anti-virus software on the device, where applicable, and (d) use strong passwords, such as a mixture of letters, numbers and symbols.
Where any Non-Fazz Account is opened, maintained and/or operated by you, you are responsible for maintaining security and control of any private key, password or code that you use to access your Non-Fazz Account.
12.2 Transaction Notifications
You are also responsible for enabling transaction notification alerts on any device used to receive transaction notifications from us, opting to receive all transaction notifications for all outgoing transactions (of any amount) made from your Account, and to monitor the transaction notifications sent to your primary email address and/or telephone number. We may assume that you will monitor such transaction notifications without further reminders or repeat notifications.
12.3 Unauthorised Transactions
You are responsible for the control and use of your Account and any Instructions sent from your Account are deemed to be authorised and are binding on you. As stated in Clause 9.1, we are not in the position (nor are we obligated) to verify the identity or authority of any person(s) using your Account.
If you discover a transaction in your Account that you did not authorise, you should contact us immediately as soon as practicable after discovery of the unauthorised transaction by submitting a support ticket through this this link: https://support-sg.fazz.com/hc/en-us/requests/new, and provide us with all information that we may request from you (such information being any of the information set out in paragraph 3.9 of the MAS E-Payments User Protection Guidelines (effective 5 September 2020)). You may also wish to contact the other relevant party (e.g. the recipient of your XFERS e-money, XFERS Tokens and/or Non-XFERS Tokens, or the bank which the money was withdrawn to) directly to resolve the issue.
Where you are not able to report the unauthorised transaction to us as soon as you receive any transaction notification alert for any unauthorised transaction, you should provide us with reasons for the delayed report should we so request.
You undertake to make a police report where we request for you to do so.
We are not liable in respect of any unauthorised transactions on Non-Fazz Accounts. Please contact your Non-Fazz Account issuer/operator (if applicable) in respect of any unauthorised transactions on your Non-Fazz Account.
12.4 Our Errors
We will rectify any Error that we discover.
(a) If an Error results in you receiving less than the correct amount which you are entitled to, XFERS will restore your Account balance with the difference.
(b) If an Error results in you receiving more than the correct amount which you are entitled to, we will remove the extra funds from your Account balance. If the deduction results in your Account balance becoming negative, you shall add funds into your Account (in accordance with Clause 8.6 above) as soon as possible to restore your Account to a zero or positive balance.
12.5 Your Errors
12.5.1 Sending payments and transfers: If you erroneously send a payment or a transfer to the wrong party, or send a payment or transfer for the wrong amount (based on a typographical error, for example), you may contact us at https://support-sg.fazz.com/hc/en-us/requests/new and we will make reasonable efforts to recover sums sent in error. You should also make efforts to contact the party to whom you have sent the payment/make the transfer and ask them to refund the payment/transfer amount. We do not guarantee that we will reimburse you or reverse a payment/transfer that you have made in error.
If you erroneously transfer XFERS Tokens and/or Non-XFERS Tokens to a Non-Fazz Account, you may contact us at https://support-sg.fazz.com/hc/en-us/requests/new and we will make reasonable efforts to recover sums sent in error. You should also make efforts to contact the Non-Fazz Account holder and/or service provider (if any) who has opened, maintained and/or operated the Non-Fazz Account which the XFERS Tokens and/or Non-XFERS Tokens have been erroneously sent to. We do not guarantee that we will reimburse you or reverse a transaction that you have made in error.
12.5.2 Issuance of XFERS e-money, XFERS Tokens and/or Non-XFERS Tokens: If your Fazz Account / StraitsX Wallet does not have a sufficient balance to send the requested payment and/or transfer, you will have to Instruct us to issue XFERS e-money / credit XFERS Tokens and/or Non-XFERS Tokens into your Fazz Account / StraitsX Wallet via bank transfer or alternative funding sources. If you erroneously transferred money to the wrong bank account (i.e. a bank account that is not an XFERS’ designated bank account), your only recourse will be to contact your bank and ask them to cancel the transfer. If you have transferred money successfully into the XFERS designated bank account(s) but you entered the wrong initials / transaction reference code when initiating the bank transfer, you should contact Fazz / StraitsX customer support and send the necessary screenshots and documents to prove that the transfer originated from you. We are under no obligation to credit your Account with XFERS e-money, XFERS Tokens and/or Non-XFERS Tokens unless we are satisfied that your funds were successfully transferred into XFERS’ designated bank account(s) AND with the correct initials / transaction reference code (as generated by the XFERS system).
12.5.3 Transfer of XFERS Tokens and/or Non-XFERS Tokens into your StraitsX Wallet: You may transfer XFERS Tokens and/or Non-XFERS Tokens from your Non-Fazz Account into your StraitsX Wallet. If you have erroneously transferred XFERS Tokens and/or Non-XFERS Tokens into a wallet address other than the StraitsX designated wallet address as specified in the payment instructions, you should contact StraitsX customer support and send the necessary screenshots and documents to prove that the transfer originated from you. We do not guarantee that we will credit your StraitsX Wallet with the XFERS Tokens and/or Non-XFERS Tokens that have been erroneously transferred to a wallet address other than the wallet address designated by StraitsX, unless StraitsX is satisfied that your XFERS Tokens and/or Non-XFERS Tokens were successfully transferred into a wallet address controlled by StraitsX.
If your XFERS Tokens and/or Non-XFERS Tokens were erroneously transferred from your Non-Fazz Account to another Non-Fazz Account, your only recourse is to contact the Non-Fazz Account holder and/or service provider (if any) who opened, maintained and/or operated the Non-Fazz Account which the XFERS Tokens and/or Non-XFERS Tokens have been erroneously sent to. We shall not be responsible or liable in respect of any such erroneous transfer.
12.5.4 Redemptions/Withdrawals: Following from a redemption / withdrawal of XFERS e-money, XFERS Tokens and/or Non-XFERS Tokens, if due to an error on your part, the funds are erroneously withdrawn to a wrong bank account, or the wrong amount is redeemed/withdrawn (based on a typographical error, for example), you may contact us at https://support-sg.fazz.com/hc/en-us/requests/new and we will make reasonable efforts to recover sums sent in error. You should also make efforts to contact the bank to whom you sent the payment and ask them to refund the payment/transfer. We do not guarantee that we will reimburse you or reverse a withdrawal that you have made in error.
If you have erroneously specified an incorrect bank account as your Attached Bank Account, and a withdrawal of the funds in your Fazz / StraitsX Account to such bank account was effected by us (whether pursuant to Clause 6.1, Clause 8.3, Clause 8.4, Clause 9.7 or otherwise), you may contact us at https://support-sg.fazz.com/hc/en-us/requests/new and we will make reasonable efforts to recover sums sent in error. We do not guarantee that we will reimburse you or reverse a withdrawal that has been effected by us to such incorrect bank account.
12.5.5 Transfers of XFERS Tokens and/or Non-XFERS Tokens from your StraitsX Wallet: If you erroneously withdrew the funds in your StraitsX Wallet in the form of XFERS Tokens and/or Non-XFERS Tokens to a Non-Fazz Account, you may contact us at https://support-sg.fazz.com/hc/en-us/requests/new and we will make reasonable efforts to recover sums sent in error. You should also make efforts to contact the service provider (if any) who has opened, maintained and/or operated the Non-Fazz Account which the XFERS Tokens and/or Non-XFERS Tokens have been erroneously sent to. We do not guarantee that we will reimburse you or reverse a transaction that you have made in error.
12A XFERS TOKENS
12A.1 XFERS Token Contract
You are responsible for ensuring that any XFERS Tokens that you receive and/or hold originate from the smart contract that has been developed and deployed by us in respect of the XFERS Tokens on the relevant blockchain system (each such smart contract, a “XFERS Token Contract“). You may access the list of XFERS Token Contracts on our website and/or the StraitsX website.
It is possible that a party unaffiliated with XFERS may create an alternative version of XFERS Tokens by developing and deploying a smart contract on a blockchain system, and passing off such tokens as “XFERS Tokens” (“Counterfeit XFERS Tokens“)
We do not support any Counterfeit XFERS Tokens, and the provisions at Clause 5.7 which apply to Other Digital Assets will likewise apply to such Counterfeit XFERS Tokens. For the avoidance of doubt, any Counterfeit XFERS Token would not be considered as XFERS e-money, and therefore the holder(s) of such Counterfeit XFERS Tokens shall not be entitled to redeem or exchange such Counterfeit XFERS Tokens for fiat money with XFERS.
12A.2 Records of XFERS Tokens
All balances and transactions in respect of all XFERS Tokens held in a Non-Fazz Account will be determined by us based on the records stored on the relevant blockchain system, and all such determination shall, save for any fraud or manifest error in such records, be conclusive and binding on you for all purposes. In the event that we determine there is any fraud or manifest error in such records, we shall have the sole and absolute discretion to determine what shall be the correct balances and transactions in respect of all XFERS Tokens (including, without limitation, all XFERS Tokens that we hold and control on behalf of Users), and all such determinations shall be conclusive and binding on you for all purposes.
Notwithstanding the above and without prejudice to Clauses 13 and 14 below, we reserve the right to blacklist any Non-Fazz Account and/or freeze any XFERS Tokens held in Non-Fazz Accounts where we, in our sole and absolute discretion, believe that such XFERS Tokens have been used for the purposes of and/or in connection with any Restricted Activity. Such XFERS Tokens which have been frozen or which are held in blacklisted Non-Fazz Accounts shall no longer be considered as XFERS Tokens, and therefore the holder(s) of such XFERS Tokens shall not be entitled to redeem or exchange such XFERS Tokens for fiat money. We may, in our sole and absolute discretion, issue new XFERS Tokens in replacement for such XFERS Tokens which have been frozen or which are held in blacklisted Non-Fazz Accounts.
12A.3 Forks
As a result of the decentralised and open source nature of the XFERS Tokens, anybody may develop a patch or upgrade of the source code of the blockchain system on which records of the XFERS Tokens are stored without prior authorisation from anyone else. Accordingly, these blockchain systems can experience sudden changes in operating rules that are outside our control when a significant, but not overwhelming, percentage of the users accepts such patches or upgrades, called “forks“. Consequently, this could result in the operation of two separate networks on which records of the XFERS Tokens are stored (i.e. multiple versions of the XFERS Tokens), and will remain separate until the blockchain systems are merged.
In the event of any such fork of an XFERS Token, we may, in our sole and absolute discretion, determine which fork of the XFERS Token it will support, if any. We are under no obligation to support any fork of an XFERS Token. Further, we are entitled to in our sole and absolute discretion (but not obligated to) adjust your XFERS Token balance held in your Fazz Account / StraitsX Wallet and/or adjust the records of the XFERS Tokens (by issuing and/or freezing XFERS Tokens) held by Non-Fazz Account Token Holders. Any such adjustments shall be determined by us in our sole and absolute discretion, depending on the circumstances. In doing so we will use reasonable endeavours to effect such adjustment on the basis of good faith and fairness, and where appropriate, by taking into account the records of XFERS Tokens stored (a) on the various blockchain systems, and (b) by us in our own ledger, if any.
Where we do not support any fork of an XFERS Token, XFERS Tokens which are recorded on the forked network would not be considered as XFERS Tokens, and therefore the holder(s) of such XFERS Tokens shall not be entitled to redeem or exchange such XFERS Tokens for fiat money with XFERS. This also means that we assume no responsibility for any value that might be lost as a result of any unsupported forks of any XFERS Token.
In the event of a fork of an XFERS Token, we may suspend some or all activities relating to the XFERS Token (including, without limitation, issuance, redemption, purchase, sending and/or receiving of XFERS Tokens) for an extended period of time (“Downtime“) During this period of Downtime, you will not be able to Instruct us to issue XFERS Tokens, nor redeem, purchase, withdraw, send or receive XFERS Tokens.
You agree that we are not responsible or liable to you for any losses or damages, including lost profits, which may occur as a result of a fork, Downtime, or our determination to support or to not support any particular fork.
12A.4 Updates, Upgrades and Migration of XFERS Tokens
We may from time to time undertake an update or upgrade to the XFERS Tokens, or migrate the XFERS Tokens to a new blockchain system. If you decide not to participate in such an update, upgrade or migration, you may no longer be able to use your XFERS Tokens, although you may still redeem and withdraw the non-updated/upgraded/migrated XFERS Tokens with XFERS in accordance with Clause 6.1 above, subject to any additional terms that we may impose on such redemption and/or withdrawal of non-updated/upgraded/migrated XFERS Tokens in our sole and absolute discretion. You agree that we are not responsible or liable to you for any losses or damages, including lost profits, caused directly or indirectly by your failure to participate in any update, upgrade or migration of XFERS Tokens.
13 ACCEPTABLE USE POLICY – RESTRICTIONS ON USE OF FAZZ SERVICES
In connection with your use of our website, your Account, the Fazz Services, or in the course of your interactions with us, other Users, or third parties, you will not:
(a) Breach this Agreement or any other Policy that you have agreed to with XFERS;
(b) Violate or attempt to violate any law, statute, ordinance, or regulation, including but not limited to laws relating to money laundering and terrorism financing, and regulations relating to sanctions;
(c) Infringe our or any third party’s copyright, patent, trademark, trade secret or other intellectual property rights, or rights of publicity or privacy;
(d) Sell counterfeit goods;
(e) Sell any goods or provide any services that is (in our absolute opinion) undesirable, questionable or immoral;
(f) Use Fazz Services in relation to pyramid or ponzi schemes, matrix programs, other “get rich quick” schemes or such multi-level marketing programmes;
(g) Use Fazz Services in relation to betting, gambling, gaming or participating in a lottery (each of which are as defined in the Gambling Control Act 2022, including, but not limited to casino games, sports betting, horse or greyhound racing, fantasy sports, lottery tickets, other ventures that facilitate gambling, any games involving an element of chance for money or money’s worth, and sweepstakes;
(h) Act in a manner that is defamatory, trade libellous, threatening or harassing;
(i) Provide false, inaccurate or misleading Information;
(j) Engage in potentially fraudulent or suspicious activity and/or transactions;
(k) Refuse to cooperate in an investigation or provide confirmation of your identity or any Information you provide to us;
(l) Receive or attempt to receive funds from both XFERS and the other User (or bank, where applicable) for the same transaction during the course of a dispute;
(m) Control an Account that is linked to another Account that has engaged in any of these Restricted Activities;
(n) Conduct your business or use the Fazz Services in a manner that results in or may result in complaints, disputes, Claims, Reversals, Chargebacks, fees, fines, penalties and other liability to XFERS, other Users, third parties or you;
(o) Have a credit score from a credit reporting agency that indicates a high level of risk associated with your use of the Fazz Services;
(p) Use your Account or the Fazz Services in a manner that XFERS, banks, Visa, MasterCard, American Express, Discover, JCB, Union Pay or any other electronic funds transfer network reasonably believes to be an abuse of the funds transfer system or card system or a violation of card association or network rules;
(q) Use a credit card with your Account to provide yourself a cash advance (or help others to do so);
(r) Use Fazz Services to make transactions for the primary purpose of earning rewards, perks, miles, points etc. with your credit card, debit card, or bank account (or help others to do so);
(s) Allow your Account to have a negative balance;
(t) Access the Fazz Services from a country that is not listed on Fazz / StraitsX Worldwide page;
(u) Disclose or distribute another User’s Information to a third party or use the Information for marketing purposes, unless you receive the User’s express consent to do so;
(v) Send unsolicited email to a User or use the Fazz Services to collect payments for sending, or assisting in sending, unsolicited email to third parties;
(w) Take any action that imposes an unreasonable or disproportionately large load on our infrastructure;
(x) Facilitate any viruses, trojan horses, worms or other computer programming routines that may damage, detrimentally interfere with, surreptitiously intercept or expropriate any system, data or Information;
(y) Use an anonymising proxy;
(z) Use any robot, spider, other automatic device, or manual process to monitor or copy our website without our prior written permission;
(aa) Use any device, software or routine to bypass our robot exclusion headers, or interfere or attempt to interfere with our website or the Fazz Services; or
(bb) Take any action that may cause us to lose any of the services from our Internet service providers, payment processors, or other suppliers.
14 YOUR LIABILITY – ACTIONS WE MAY TAKE
14.1 Your Liability
You are responsible for all Reversals, Chargebacks, Claims, fees, fines, penalties and other liability incurred by us, a User, or a third party caused by or arising out of your breach of this Agreement, and/or your use of the Fazz Services. You agree to reimburse us, a User, or a third party for any and all such liability.
You are also liable for using the services of our third party service providers in a manner prohibited by them in their agreement with you, or providing inaccurate or incomplete information while using their service.
14.2 Reimbursement for Your Liability
If you are liable for any amounts owed to us, we may immediately remove such amounts from your XFERS Credit and your Account balance. If your current Account balance is insufficient to meet your liability, we will remove any funds remaining in your Account and instate your Account with a negative balance up to the remaining amount of your liability, and you shall add funds into your Account (whether through an issuance of XFERS e-money / crediting of XFERS Tokens and/or Non-XFERS Tokens to your Fazz Account / StraitsX Wallet or a transfer of XFERS e-money, XFERS Tokens and/or Non-XFERS Tokens into your Fazz Account / StraitsX Wallet, in accordance with Clause 8.6 above) as soon as possible to restore your Account to a zero or positive balance, or to pay us through an alternative method agreed to by us.
14.3 Actions by Fazz – Restricted Activities
If we, in our sole and absolute discretion, believe that you may have engaged in any Restricted Activities, we may take various actions to protect XFERS, its parent, subsidiaries and affiliates, other Users, other third parties or you from Reversals, Chargebacks, Claims, fees, fines, penalties and any other liability. The actions that may be taken include but are not limited to the following:
(a) We may close, suspend, freeze, or limit your access to your Account or the Fazz Services;
(b) We may freeze your ability to transfer, use, redeem, purchase and/or withdraw XFERS Tokens and/or Non-XFERS Tokens, whether in respect of your Account or Non-Fazz Accounts;
(c) You may have to forfeit your XFERS Credits;
(d) We may refuse to provide the Fazz Services to you now and in the future; and
(e) We may hold your funds for a period of time reasonably needed to protect against the risk of liability to XFERS or a third party, or if we believe that you may be engaging in potentially fraudulent or suspicious activity and/or transactions.
14.4 Actions by Fazz – Holds
Risk-based holds: We may, in our sole and absolute discretion, place a hold on any or all of the payments/transfers you receive/send when we believe there may be a high level of risk associated with you, your Account, or any or all of your transactions. Our determination may be based on different factors and we may rely on information it receives from third parties. If we place a hold on a payment/transfer, the funds will appear in your “withheld balance” and the payment/transfer status will indicate the hold, for example it can show as “Completed – Funds not yet available.” We will release the hold on any payment/transfer after 30 calendar days from the date the payment/transfer was received into your Account unless we have a reason to continue to hold the payment such as (a) the receipt of a dispute, Claim, Chargeback, or Reversal, (b) we believe that you have violated the terms of this Agreement or any other Policy and that such a violation results in the need to continue holding the funds, or (c) we believe that you may be engaging in potentially fraudulent or suspicious activity and/or transactions. In such an event, we may continue holding the payment/transfer in your Account until the matter is resolved pursuant to this Agreement. We may, in our sole and absolute discretion, release the hold earlier under certain circumstances, for example when you upload tracking information of the item you shipped or when the paying User confirms that you have delivered the goods or services promised.
Disputed transaction holds: If a User files a dispute, Claim, Chargeback or Reversal on a payment you received, we may place a temporary hold on the funds in your Account to cover the amount of the liability. If you win the dispute, we will lift the temporary hold. If you lose the dispute, we will remove the funds from your Account.
14.5 Actions by Fazz – Reserves
We may, in our sole and absolute discretion, place a Reserve on funds (including XFERS e-money, XFERS Tokens and/or Non-XFERS Tokens) held in your Account where we believe there may be a high level of risk associated with your Account. If we place a Reserve in your Account, transactions will be shown as “pending” or “withheld” in your Account balance, and you will not have access to funds in a “pending” or “withheld” status until they are cleared. The terms of the Reserve may require that a certain percentage of the amounts received into your Account are held for a certain period of time, or that a certain amount of money is held in Reserve, or anything else that we determine is necessary to protect against the risk associated with your Account. We may change the terms of the Reserve at any time by providing you with notice of the new terms.
14.6 Actions by Fazz – Blacklisting of Account and/or Non-Fazz Account
We may, in our sole and absolute discretion, blacklist your Account or Non-Fazz Account, when we believe there may be a high level of risk associated with you, your Account and/or Non-Fazz Account, or any or all of your transactions. Our determination may be based on different factors and we may rely on information it receives from third parties. If we blacklists your Account or Non-Fazz Account, you will not be able to:
(a) receive transfers or payments (whether in XFERS e-money, XFERS Tokens and/or Non-XFERS Tokens or otherwise) into your blacklisted Account/Non-Fazz Account, or
(b) transfer or make payments using your funds or XFERS e-money, XFERS Tokens and/or Non-XFERS Tokens from your blacklisted Account/Non-Fazz Account to another Account/Non-Fazz Account.
Even if your Account has not been blacklisted, you will not be able to:
(a) receive transfers or payments (whether in XFERS e-money, XFERS Tokens and/or Non-XFERS Tokens or otherwise) from a blacklisted Account/Non-Fazz Account, or
(b) transfer or make payments using your funds or XFERS e-money, XFERS Tokens and/or Non-XFERS Tokens from your Account to a blacklisted Account/Non-Fazz Account.
14.7 Actions by Fazz – Account Closure, Termination of Service, Limited Account Access; Confidential Criteria
We reserve the right to terminate this Agreement and/or access to the Fazz Services for any reason and at any time upon notice and payment to you of any unrestricted funds held in your balance. If we limit access to your Account, you may have the opportunity to request restoration of access if, in our sole and absolute discretion, we deem it appropriate. Further, you acknowledge that our decision to take certain actions, including limiting access to your Account, placing holds or imposing Reserves, may be based on confidential criteria that is essential to our management of risk, the security of Users’ Accounts and the XFERS system. You agree that we are under no obligation to disclose the details of its risk management or its security procedures to you.
14.8 Acceptable Use Policy Violations
If you violate the Acceptable Use Policy, then in addition to the above actions, you will be liable to XFERS for XFERS’ damages for each violation of the Acceptable Use Policy. You agree that $500.00 SGD (or equivalent) per transaction in violation of the Acceptable Use Policy is presently a reasonable minimum estimate of XFERS’s actual damages considering all currently existing circumstances, including the relationship of the sum to the range of harm to XFERS that reasonably could be anticipated because due to the nature of the violations of the Acceptable Use Policy, actual damages would be impractical or extremely difficult to calculate. XFERS may deduct such damages directly from any existing balance in the offending Account, or any other Account you control.
15 DISPUTES
15.1 Disputes with other Users/Non-Fazz Account Token Holders regarding underlying transaction
If you have any disputes with other User(s) and/or Non-Fazz Account Token Holder(s) regarding the underlying transaction, you should take it up with the other User(s) and/or Non-Fazz Account Token Holder(s) (as the case may be) directly. We shall not be involved in any dispute that may arise between or amongst Users and/or Non-Fazz Account Token Holder(s) unless all of the following criteria are met:
(a) Such dispute relates specifically to the use of the Fazz Services;
(b) Such dispute does not relate in any way to, or involve a Non-Fazz Account;
(c) Such dispute does not relate to a transaction conducted through a Platform User’s website, app, software or service;
(d) Such dispute is notified to XFERS within 30 calendar days of the date of occurrence of the dispute;
(e) Such dispute or claim arises from a transaction through the Users’ email addresses or mobile telephone numbers registered with XFERS for the use of the Fazz Services; and
(f) You have furnished XFERS with all materials and information relating to the said dispute which we may reasonably request for the purpose of our investigations.
15.2 Receiving User’s/Non-Fazz Account Token Holder’s responsibility
If you are a User and/or Non-Fazz Account Token Holder receiving funds (including XFERS e-money, XFERS Tokens and/or Non-XFERS Tokens) via the Fazz Services or a Platform User, it shall be your sole responsibility to comply with all Applicable Laws and obligations relating to your provision of goods or services to your customers or end-users. You shall also deal with all customer service issues, notifications, handling of refunds, and complaints made by the sending User and/or Non-Fazz Account Token Holder (or other third parties) in respect of the products/goods/assets/property (whether tangible or intangible) or services supplied by you or your end-users under the Fazz Services.
15.3 Release of XFERS
If you have a dispute with one or more Users and/or Non-Fazz Account Token Holders, you release XFERS, its parent, subsidiaries and affiliates (and any of the aforementioned entities’ officers, directors, agents, joint ventures, employees and suppliers) from any and all claims, demands and losses and damages (direct or indirect) (actual and consequential) of every kind and nature arising out of or in any way connected with such disputes.
15.4 Disputes with XFERS regarding Fazz Services
15.4.1 Contact XFERS first: If a dispute arises between you and XFERS, our goal is to learn about and address your concerns and, if we are unable to do so to your satisfaction, to provide you with a neutral and cost effective means of resolving the dispute quickly. Disputes between you and XFERS regarding the Fazz Services may be reported to our customer support department via the XFERS website (https://support-sg.fazz.com/hc/en-us/requests/new).
15.4.2 Arbitration: For any claim (excluding claims for injunctive or other equitable relief) where the total amount of the award sought is less than $10,000.00 SGD (or other currencies equivalents), the party requesting relief may elect to resolve the dispute in a cost effective manner through binding non-appearance-based arbitration. If a party elects arbitration, that party will initiate such arbitration through the Singapore International Arbitration Centre or any other established alternative dispute resolution (“ADR”) provider mutually agreed upon by the parties. The ADR provider and the parties must comply with the following rules: a) the arbitration shall be conducted by telephone, online and/or be solely based on written submissions, the specific manner shall be chosen by the party initiating the arbitration; b) the arbitration shall not involve any personal appearance by the parties or witnesses unless otherwise mutually agreed by the parties; and c) any judgment on the award rendered by the arbitrator may be entered in any court of competent jurisdiction.
15.4.3 Law and forum for disputes: Except as otherwise agreed by the parties or as described in Clause 15.4.2 above, you agree that any claim or dispute you may have against XFERS must be resolved by a court located in Singapore or where the defendant is located. You agree to submit to the personal jurisdiction of the courts located within Singapore for the purpose of litigating all such claims or disputes. This Agreement shall be governed in all respects by the laws of Singapore as such laws are applied to agreements entered into and to be performed entirely within Singapore, without regard to conflict of law provisions.
15.4.4 Improperly filed litigation: All claims you bring against XFERS must be resolved in accordance with Clause 15.4 of this Agreement. All claims filed or brought contrary to Clause 15.4 shall be considered improperly filed and a breach of this Agreement. Should you file a claim contrary to Clause 15.4, XFERS may recover all attorneys’ fees and costs (including in-house attorneys and paralegals), provided that XFERS has notified you in writing of the improperly filed claim, and you have failed to promptly withdraw the claim.
16 NOTICES
16.1 Notices to You
You agree that XFERS may provide you communications about your Fazz / StraitsX Account and the Fazz Services electronically. XFERS reserves the right to close your Fazz / StraitsX Account if you withdraw your consent to receive electronic communications. Any electronic communications will be considered to be received by you: (1) within 24 hours of the time we post it to our website; or (2) immediately upon our sending of an email to you. Any notice sent to you by postal mail will be considered to be received by you 3 Business Days after we send it.
16.2 Notices to You from our Third Party Service Providers
You authorise us to receive notices and forms on your behalf from third party service providers. XFERS reserves the right to close your Account or restrict the Services provided to you if you withdraw your consent to enable us to receive such notices or forms.
16.3 Notices to XFERS
Unless otherwise stated in this Agreement, notice to XFERS must be sent by postal mail to the registered address of XFERS PTE. LTD., Attention: Legal Department.
17 MISC. TERMS
17.1 Limitation of Liability
Notwithstanding anything to the contrary contained here, and subject to Applicable Laws, the Safeguarding Institution, XFERS and their respective parent, subsidiaries and affiliates, officers, directors, agents, joint ventures, employees or service providers shall not be liable, whether or not arising out of negligence of each of the Safeguarding Institution, XFERS and their respective parent, subsidiaries and affiliates, officers, directors, agents, joint ventures, employees or suppliers, for any losses, loss of profits, consequential or special losses, damages, expenses, claims, liability and costs (including cost on a solicitor and client basis) that you may incur or suffer in connection with:
(a) The creation, use, suspension or closure of an Account; or
(b) The creation, use, suspension or closure of a Non-Fazz Account; or
(c) Any delay in creation and verification of Account or suspension and discontinuance of creation and verification of Account or approval of a Non-Fazz Account; or
(d) Any period where any equipment, software or system is unavailable for processing the use of Account for payment; or
(e) Any delay or detention arising from use of Account (including locked or suspended Account); or
(f) Any delay in sending or receiving XFERS Tokens and/or Non-XFERS Tokens arising from any attacks on or issues that might arise with the Ethereum, Zilliqa or Polygon blockchain ledgers on which XFERS Tokens and/or Non-XFERS Tokens are stored. XFERS is neither able nor obliged to prevent or mitigate attacks or resolve any other issues that might arise with the Ethereum, Zilliqa or Polygon blockchains. Any such attacks or delays on the blockchains might materially delay or prevent you from sending or receiving XFERS Tokens and/or Non-XFERS Tokens, and XFERS shall not be liable for any losses that result from such issues; or
(g) Any period where XFERS may be forced to suspend all activities relating to XFERS Tokens and/or Non-XFERS Tokens (including issuance, purchase, crediting, transfers, redemptions and/or withdrawals of XFERS Tokens and/or Non-XFERS Tokens) arising from certain circumstances, including a fork of the Ethereum, Zilliqa or Polygon blockchain or the identification of a security issue with the Ethereum, Zilliqa or Polygon blockchain; or
(h) Any delay or failure in sending XFERS Tokens and/or Non-XFERS Tokens to a Non-Fazz Account arising from the Non-Fazz Account’s inability to support such Tokens, whether because it is incompatible with the Ethereum, Zilliqa or Polygon blockchains or otherwise. For the avoidance of doubt, XFERS reserves the right to migrate the XFERS Tokens to another blockchain in the future should XFERS determine that doing so is necessary or desirable. XFERS shall not, upon giving 14 days’ notice to you of the migration, be liable for any losses that may arise if you attempt to send XFERS Tokens to a Non-Fazz Account which is incompatible with the blockchain to which the XFERS Tokens have migrated; or
(i) Any delay or failure in the redemption, purchase or withdrawal of XFERS Tokens and/or Non-XFERS Tokens, or the loss of value of XFERS Tokens and/or Non-XFERS Tokens or the XFERS Reserves backing the redemption / purchase of such XFERS Tokens, resulting from (i) the failure or insolvency of any bank, depository, custodian, borrower, or payment processor holding or processing the XFERS Reserves, (ii) the theft of XFERS Reserves, or (iii) freezes, seizures or other legal processes asserted by a government or a court of law.
In all other cases, the total liability of the Safeguarding Institution, XFERS and their respective parent, subsidiaries and affiliates, officers, directors, agents, joint ventures, employees or service providers shall be limited to the actual amount of direct damages and shall not exceed $500.00 SGD or the XFERS e-money, XFERS Tokens and/or Non-XFERS Tokens balance in your Account as of the date your claim arises, whichever is lower. For the avoidance of doubt, the refund of Relevant Money under a Refund Step-in Event in Clause 7 is not subject to this $500.00 SGD cap.
17.2 Services Limitation
XFERS is not a bank and the Fazz Services are payment processing services rather than banking services. XFERS is not acting as a trustee, fiduciary or escrow with respect to your funds, but is acting only as an agent and custodian. XFERS does not have control of, nor liability for, the products or services that are paid for with the Fazz Services. We do not guarantee the identity of any User and/or Non-Fazz Account Token Holder or ensure that a buyer or a seller will complete a transaction.
17.3 No Warranty
THE Fazz Services ARE PROVIDED “AS IS” AND WITHOUT ANY REPRESENTATION OF WARRANTY, WHETHER EXPRESS, IMPLIED OR STATUTORY. XFERS, OUR PARENT, SUBSIDIARIES AND AFFILIATES, OUR OFFICERS, DIRECTORS, AGENTS, JOINT VENTURES, EMPLOYEES AND OUR SUPPLIERS SPECIFICALLY DISCLAIM ANY IMPLIED WARRANTIES OF TITLE, MERCHANTABILITY, FITNESS FOR A PARTICULAR PURPOSE AND NON-INFRINGEMENT. XFERS does not have any control over the products or services that are paid for with the Fazz Services and XFERS cannot ensure that a buyer or a seller you are dealing with will actually complete the transaction or is authorised to do so. XFERS does not guarantee continuous, uninterrupted or secure access to any part of the Fazz Services, and operation of our site may be temporarily suspended for maintenance or upgrade or interfered with by numerous factors outside of our control. XFERS will make reasonable efforts to ensure that requests for electronic debits and credits involving bank accounts are processed in a timely manner but XFERS makes no representations or warranties regarding the amount of time needed to complete processing because the Fazz Services are dependent upon many factors outside of our control, such as delays in the banking system or mail service. XFERS also has limited or no control over the XFERS Tokens and/or Non-XFERS Tokens stored on Non-Fazz Accounts, and XFERS cannot ensure nor enforce your rights in respect of such XFERS Tokens and/or Non-XFERS Tokens held on a Non-Fazz Account. Some jurisdictions do not allow the disclaimer of implied warranties, so the foregoing disclaimers may not apply to you. This paragraph gives you specific legal rights and you may also have other legal rights that vary from country to country.
17.4 Indemnification
You shall indemnify and hold harmless XFERS and the Safeguarding Institution in respect of any and all damages, losses (including consequential losses and special damages), costs (including costs on a full indemnity basis), expenses, claims, proceedings or actions suffered or incurred by XFERS, Safeguarding Institution or any third party by reason of any breach or non-compliance by you of this Agreement or by XFERS or the Safeguarding Institution in enforcing any of the terms of this Agreement or preventing any breach thereof.
17.5 Force Majeure Event
Neither Safeguarding Institution nor XFERS nor any of their respective parent, subsidiaries and affiliates, officers, directors, agents, joint ventures, employees or suppliers shall be liable for non-performance, error, interruption or delay in the performance of their obligations under this Agreement, in the XFERS system’s operations, if this is due, in whole or in part, directly or indirectly to an event or failure which is beyond its reasonable control which includes without limitation: –
(a) Flood, lightning, acts of God, fire, earthquakes, epidemics, pandemics and other natural disasters;
(b) Judgements, legislation, acts, orders, directives, policies, restrictions, regulations, bye-laws, prohibitions or measures of any kind on the part of any court, governmental, parliamentary and/or regulatory authority imposed or to be imposed after the fact;
(c) Power failure;
(d) Acts or defaults of any telecommunications network operator;
(e) Circumstances where communications lines and/or computer systems of XFERS, Safeguarding Institution or any of their respective parent, subsidiaries and affiliates, officers, directors, agents, joint ventures, employees or suppliers cannot be used for reason attributable to third party telecommunications carriers; and
(f) Acts or omissions of any service provider or any party for whom Safeguarding Institution, XFERS and/or any of their respective parent, subsidiaries and affiliates, officers, directors, agents, joint ventures, employees or suppliers are/is not responsible.
17.6 Intellectual Property
“XFERS” and all other URLs, logos and trademarks related to the Fazz Services are either trademarks or registered trademarks of XFERS or its licensors. You may not copy, imitate or use them without XFERS’ prior written consent. In addition, all page headers, custom graphics, button icons, and scripts are service marks, trademarks, and/or trade dress of XFERS. You may not copy, imitate, or use them without our prior written consent. You may use HTML logos provided by XFERS through our merchant services or affiliate programs without prior written consent for the purpose of directing web traffic to the Fazz Services. You may not alter, modify or change these HTML logos in any way, use them in a manner that is disparaging to XFERS or the Fazz Services or display them in any manner that implies XFERS’ sponsorship or endorsement. All right, title and interest in and to the XFERS website, any content thereon, the Fazz Services, the technology related to the Fazz Services, and any and all technology and any content created or derived from any of the foregoing is the exclusive property of XFERS and its licensors.
17.7 Personal Data Protection
You acknowledge that you have read and accepted our Privacy Policy, and you give your consent for our collection, use and disclosure of your personal data in a manner described in our Privacy Policy. You may withdraw your consent to any collection, use or disclosure of your personal data by contacting DataProtection@fazz.com. However, please note that we may have to limit your Account or decline to offer you certain Services if you withdraw your consent.
17.8 Confidentiality
If you receive Information about another User through the Fazz Services, you must keep the Information confidential and only use it in connection with the Fazz Services. You may not disclose or distribute a User’s Information to a third party or use the Information for marketing purposes, unless you receive that User’s express consent to do so.
17.9 Taxes
It is your responsibility to determine what, if any, taxes apply to the payments you make or receive, and it is your responsibility to collect, report and remit the correct tax to the appropriate tax authority. XFERS is not responsible for determining whether taxes apply to your transaction, or for collecting, reporting or remitting any taxes arising from any transaction.
Please be advised that you may be subject to withholding taxes or other tax liabilities with respect to importing services from a foreign entity. In addition, you may be subject to GST, sales tax, income tax, or other tax liabilities as a seller of goods or services. It is your responsibility to check with your local tax advisor to determine which taxes apply to you, and it is your responsibility to pay such taxes to the appropriate tax authority. All fees related to the Fazz Services are made free and clear of, and without any deduction or withholding for and on account of, any taxes, duties or other deductions. Any such deduction or withholding, if required by the laws of any country are your sole responsibility.
17.10 Complete Agreement and Survival
This Agreement, along with any applicable Policies on the Legal Agreements page on the XFERS website, sets forth the entire understanding between you and XFERS with respect to the Fazz Services, save that the placement, transfer, purchase, crediting, exchange, redemption and/or withdrawal of XFERS Tokens and/or Non-XFERS Tokens may also be subject to further terms imposed by the person or entity that opens, maintains and/or operates the Non-Fazz Account which holds your XFERS Tokens and/or Non-XFERS Tokens. Clauses 1(Interpretation & Definitions), 11(Closing Your Fazz / StraitsX Account), 14(Your Liability – Actions We May Take), 15(Disputes), 16 (Notices) and 17 (Misc. Terms), as well as any other terms which by their nature should survive, will survive the termination of this Agreement. If any provision (or parts thereof) of this Agreement is held to be invalid or unenforceable, such parts of the provision shall be struck out to the extent of the invalidity/unenforceability and the remaining provisions shall be enforced.
17.11 Assignment
You may not transfer or assign any rights or obligations you have under this Agreement without XFERS’s prior written consent. XFERS reserves the right to transfer or assign this Agreement or any right or obligation under this Agreement at any time.
17.12 Contract (Rights of Third Parties) Act 2001
The Safeguarding Institution is entitled to the benefit of, and to enforce, all terms of this Agreement conferring rights, exemptions or benefits on them. However, the Safeguarding Institution’s consent is not required for any variation or rescission of this Agreement.
All other persons who are not a party to this Agreement have no right under the Contract (Rights of Third Parties) Act 2001 to enforce any term of this Agreement.
17.13 Translated Agreement
Any translation of this Agreement is provided solely for your convenience and is not intended to modify the terms of this Agreement. In the event of a conflict between the English version of this Agreement and a version in a language other than English, the English version shall apply.
17.14 No Waiver
No delay or failure on the part of XFERS or the Safeguarding Institution in exercising any power, right or remedy under this Agreement shall operate as a waiver of such power, right or remedy.
17.15 Assumption of Rights
If XFERS pays out a Claim, Reversal or Chargeback that you file against a recipient of your payment, you agree that XFERS assumes your rights against the recipient and third parties related to the payment, and may pursue those rights directly or on your behalf, in XFERS’s absolute discretion.
Published Date: 23 November 2022
Effective Date: 23 November 2022
User advisory – XFERS PTE. LTD. (“XFERS”) is not a bank or deposit-taking company, and does not maintain any bank account or any current, savings or deposit account for Users. Fazz Earn is not a deposit or savings account, and is not covered by the Deposit Insurance Scheme. Users are advised to read these terms and conditions carefully.
This Terms of Service (“Agreement”) is a contract between you and XFERS PTE. LTD. and applies to your use of Fazz Earn Services and the operation of your Fazz Earn Account. If you do not agree to be bound by the terms and conditions of this Agreement, please do not use or access our Services.
You must read, agree with, and accept all of the terms and conditions contained in this Agreement and the Privacy Policy, which include those terms and conditions expressly set out below and those incorporated by reference, before you use the Fazz Earn Product or your Fazz Earn Account. We strongly recommend that, as you read this Agreement, you also access and read the information contained in the other pages and websites referred to in this Agreement, as they may contain further terms and conditions that apply to you as a Fazz Earn User. By accepting this Agreement, you also agree that your use of other XFERS websites and Services will be governed by the terms and conditions posted on those websites.
We may amend this Agreement, the Privacy Policy and each of our policies at any time by posting a revised version on our website. The revised version will be effective at the time we post it. If the revised version of this Agreement includes a Substantial Change, we will provide you with 14 calendar days’ prior notice of any Substantial Change. All future changes set out in the revised Agreement already published at the time you register for the Fazz Earn Services are incorporated by reference into this Agreement and will take effect as specified. If you do not agree to be bound by the revised terms and conditions, you should discontinue your use or access of our Fazz Earn Services and your Fazz Earn Account. By continuing to use our Services, your Fazz Earn Account and/or any part thereof on each and every occasion, you agree to and/or are deemed to have agreed to the revised terms in relation to the Fazz Earn Services and your Fazz Earn Account and shall be bound by them absolutely as issued or adopted by us from time to time. As such, you should visit this page periodically.
This is an important document which you must consider carefully when choosing whether to use the Fazz Earn Services. Specifically, Fazz Earn is not a risk-free product, and before using our Services, you should be aware of the risk disclosures in Clause 11 below and the following:
Please note that we may close, suspend, or limit your access to your Fazz Earn Account or the Fazz Earn Services, and/or limit access to your funds if you violate this Agreement.
You are solely responsible for understanding and complying with any and all laws, rules and regulations of your specific jurisdiction that may be applicable to you in connection with your use of the Fazz Earn Services and your Fazz Earn Account.
1 INTERPRETATION & DEFINITIONS
“Account” or “Fazz Earn Account” means any Fazz Earn account opened directly with XFERS, in accordance with this Agreement. Your Fazz Earn account is separate and distinct from your Fazz / StraitsX payment account, or any other account opened directly with XFERS.
“Applicable Laws” means any and all applicable laws, statutes and regulations, and any and all directives, notices, guidelines codes, practice notes, circulars, policy statements, rules, ordinances, orders, requests, requirements, judgements, decrees or writs (in each case whether or not having the force of law) of any governmental, regulatory or judicial body or agency having jurisdiction over any of the parties to this Agreement (i.e. Users, XFERS) or any of the subject matters of this Agreement, including, without limitation all laws, statutes, regulations, directives, rules, directions, codes, ordinances, judgements, decrees, writs or orders enacted or issued in relation to anti-money laundering and countering the financing of terrorism.
“Balance” or “Account Balance” means the account balance of your Fazz Earn Account, representing the amount of money which you may withdraw from your Fazz Earn Account.
“Business Day” means a day other than a Saturday, Sunday or a public holiday in Singapore.
“Communications” means any emails which XFERS may send to the primary email address that you have provided to XFERS when you opened your Fazz Earn Account, as well as any text messages or calls, including autodialled and pre-recorded messages from XFERS, which XFERS may from time to time send to the telephone number (including your mobile telephone number) that you have provided to XFERS.
“e-money” shall have the meaning ascribed to it under Section 2(1) of the PSA, which, for the avoidance of doubt, would include any digital assets (including, without limitation, any digital tokens or stablecoins) or any other instruments which fall within the definition of “e-money” under Section 2(1) of the PSA.
“Error” means a processing error made by XFERS or its suppliers in which your Account Balance is mistakenly deducted or credited.
“Information” means any Account information that you (or other Users) provide to us, including but not limited to personal information, financial information, or other information related to you, your business, or other Users.
“Instruction” means any instruction to credit or withdraw from your Account Balance or any other instructions in relation to the Fazz Earn Services.
“MAS” means the Monetary Authority of Singapore.
“Platform” means the Fazz Earn online platform (accessible through our website) operated by XFERS including any software or information provided as part of or in connection with the Platform.
“PSA” refers to the Payment Services Act 2019 (No. 2 of 2019), as may be amended, supplemented, or replaced from time to time.
“Services” or “Fazz Earn Services” means all the products and services and any other features, technologies and/or functionalities labeled as “Earn” or “Fazz Earn” offered by us on our website(s) or through any other means.
“Substantial Change” means a change to the terms of this Agreement that significantly reduces your rights or significantly increases your responsibilities.
“User” means any entity which holds an Fazz Earn Account and uses the Fazz Earn Services, including you.
“Verified Fazz Account” means means any account (other than a Fazz Earn Account) opened directly with XFERS, including a FazzBiz Account, with an account status that reflects that XFERS has verified the identity of the account holder and satisfied such other requirements as XFERS may deem fit.
“XFERS e-money” means any e-money issued by XFERS PTE. LTD., whether stored in an XFERS payment account or a non-XFERS account.
“Fazz Earn” or “Fazz Earn Product” refers to the Fazz Earn product offered by XFERS.
“XFERS”, “we“, “us” or “our” means XFERS PTE. LTD., and where applicable, includes the subsidiaries and/or affiliates of XFERS PTE. LTD.
The headings in this Agreement are for convenience only and shall not affect the interpretation hereof.
2 FAZZ EARN ACCOUNT & ELIGIBILITY
2.1 Eligibility
Only companies or corporations (as defined in the Companies Act 1967) are eligible to use the Fazz Earn Services. To be eligible to use the Earn Services:
(a) Your company/corporation must have obtained the necessary corporate and/or regulatory approvals to use such Services.
(b) Your company/corporation must be formed or incorporated or existing in Singapore, or in one of the countries in which Earn is supported. Our service availability varies by country.
(c) Your company/corporation must be a holder of a Verified Fazz Account in order to use the Fazz Earn Services.
2.2 Customer Information
In order to open and maintain an Account, you must provide us with correct and updated Information.
2.2.1 Identity verification: You must complete or have completed the account-opening and account-verification procedures with XFERS PTE. LTD. You agree that XFERS may receive or request, and keep copies of, any of the information which you provide in connection with the on-boarding process, including information you may have provided for the purposes of identity verification and the detection of money laundering, terrorist financing, fraud or any other financial crimes, to make any inquiries we consider necessary to validate your identity. You further agree that XFERS may ask you for further information or documentation directly on an ongoing basis, in order to comply with our obligations to detect and prevent money laundering, terrorist financing, fraud or any other financial crimes. This includes requiring you to provide a scan of your proof of address, requiring you to take steps to confirm ownership of your email address or financial instruments, ordering a credit report or verifying your Information against third party databases or through other sources. Your access to the Fazz Earn Services and the limits that apply to your Fazz Earn Account or use of the Fazz Earn Services may be altered as a result of information collected about you on an ongoing basis.
2.2.2 Your personal information & contact details: It is your responsibility to keep your personal information, primary email address and telephone number (including mobile telephone number) up to date so that XFERS can communicate with you. You understand and agree that if XFERS sends you a Communication but you do not receive it because your primary email address or telephone number on file is incorrect, out of date, blocked by your service provider, or you are otherwise unable to receive Communications, XFERS will be deemed to have provided the Communication to you. Please note that if you use a spam filter that blocks or re-routes emails from senders not listed in your email address book, you must add XFERS to your email address book so that you will be able to receive the Communications we send to you. You can update your primary email address, telephone number, or residential/registered address at any time by logging into the XFERS website or by contacting support@xfersearn.com. If your contact information becomes invalid such that Communications sent to you by XFERS are returned, XFERS may deem your Account to be inactive, and you will not be able to transact any activity using your Account until we receive a valid, working primary email address and/or telephone number from you.
2.2.3 Provision of information: You agree to provide us with all information that we may require from you in order for us to comply with Applicable Laws.
2.2.4 Sharing of personal information: In providing your information to XFERS, you authorise XFERS to share your information to such parties and for such purposes as indicated in XFERS’ Privacy Policy. You may access the Privacy Policy here: https://fazz.com/sg/privacy-policy/fazz-biz/pp-sg/
2.3 Earn Account
2.3.1 By crediting your Fazz Earn Account, you are thereby lending such money to XFERS. XFERS, acting as principal and for its own account, utilises the funds borrowed from Users and in order to invest in financial instruments, including but not limited to government bonds and money market funds. In providing the Fazz Earn Services, XFERS does not hold any funds beneficially for you, on your behalf or as your agent.
2.3.2 Any contractual entitlement you have in the course of our provision of the Fazz Earn Services is solely in respect of the value of your Account Balance, and you will not have any claim to any interest in the financial instruments which XFERS invests in. The Fazz Earn Services do not provide you with any form of remittance or money transfer service.
2.3.3 XFERS earns its remuneration in the form of the difference between the yield we receive by investing in financial instruments and the interest we credit your Account Balance with.
2.4 Beneficial Owner
You must be the beneficial owner of the Account, and conduct business only on behalf of yourself.
3 CREDITING YOUR FAZZ EARN ACCOUNT
3.1 You may credit your Fazz Earn Account using any of the following methods:
(a) From your Verified Fazz Account: you may instruct XFERS to transfer XFERS e-money from your Verified Fazz Account into your Fazz Earn Account.
If your Fazz Earn Account Balance is not credited by the end of the next business day after your Verified Xfers Account has been debited, please contact us immediately.
3.2 Each time you credit your Fazz Earn Account, you shall be solely responsible for ensuring that the balance reflected in your Fazz Earn Account is accurate and corresponds to the amount paid or transferred to your Fazz Earn Account after deducting any applicable fees.
3.3 Additionally, XFERS’ records of all balances and transactions shall, save for manifest error or fraud, be conclusive and binding on you for all purposes. In the event that XFERS determines there is any fraud or manifest error in such records, XFERS shall have the sole and absolute discretion to determine what shall be the correct balances and transactions in respect of your Fazz Earn Account, and all such determinations shall be conclusive and binding on you for all purposes.
4 YOUR FAZZ EARN ACCOUNT BALANCE & INTEREST
4.1 Account Balance Limits
We may, in our sole and absolute discretion, impose limits on the Balance which you can hold in your Fazz Earn Account, and/or on the amount of value you may credit your Fazz Earn Account with, either on a per-transaction basis or over the course of a defined period. Any such limits will be displayed on our website from time to time.
4.2 Account Balance
Your Fazz Earn Account Balance represents the sum of:
(a) the aggregate amount of funds which you have credited your Fazz Earn Account with;
(b) any interest accrued on (a);
(c) any positive or negative adjustments for Errors under Clause 12.4; and
(d) LESS any amounts you have withdrawn from your Fazz Earn Account.
Subject to Clause 5.1 below, you may withdraw all or any part of your Account Balance at any time. You acknowledge that although your Account Balance is denominated in fiat currency, XFERS does not hold any money or financial instruments beneficially for you, on your behalf or as your agent.
4.3 Interest
4.3.1 Interest shall accrue on your Account Balance, at the prevailing interest rate as may be determined in our sole and absolute discretion.
4.3.2 XFERS reserves the right to vary the interest rate applicable to your Fazz Earn Account Balance from time to time, in its sole and absolute discretion. The prevailing interest rate (annual percentage yield (APY), which takes into account interest that is compounded and added to your Account Balance) shall be displayed on our website.
4.3.3 Interest accrues on a daily basis and compounds on a daily basis. Interest will be payable in arrears and your Account Balance will be updated to reflect the interest earned on a daily basis. For the avoidance of doubt, your Account Balance each day may not take into account any credits and/or withdrawals if a request for such credits and/or withdrawals has been initiated by you (even if not fulfilled) on the same day.
4.3.4 When you submit a withdrawal request, interest shall stop accruing on the amount that is subject to the withdrawal request from the time the withdrawal request is made.
5 WITHDRAWAL FROM YOUR FAZZ EARN ACCOUNT
5.1 At any time, you may withdraw all or part of your Account Balance using any of the following methods:
(a) To your Verified Fazz Account: you may instruct XFERS to debit your Fazz Earn Account Balance and transfer funds into your Verified Fazz Account.
5.2 Subject to Clause 6.1, XFERS will facilitate the withdrawal of all or part of your Account Balance as soon as practicable for any withdrawal request made through the Platform.
5.3 Each time you withdraw your Account Balance, you shall be solely responsible for ensuring that the balances reflected in your Account Balance (and your Verified Fazz Account, if applicable) are accurate and correspond to the withdrawal amount requested.
6. FEES FOR FAZZ EARN SERVICES
6.1 Fees
You agree to pay XFERS any and all prevailing fees charged by XFERS from time to time in connection with the provision or use of the Fazz Earn Services. The fees are stated on our website and will be disclosed to you prior to confirmation of the transaction. In the event of any inconsistency, the fees disclosed to you prior to confirmation of the transaction will prevail over the fees stated on the website.
We may change our fees (including adding new fees) from time to time, which shall be stated on our website and which shall be binding on you if you continue to maintain or use the Fazz Earn Services after the effective date for imposing the revised fees.
6.2 Deduction from or Set-off Against Your Account
Any fees charged by XFERS may be deducted from or set-off against the funds in your Fazz Earn Account (including any incoming receivables which have not yet been credited into your Fazz Earn Account).
6.3 No Fee Refunds
The fees charged by XFERS shall be payable in advance and are strictly non-refundable.
7. COVENANTS
For the purposes of the Securities and Futures Act (Cap. 289), the User covenants with XFERS that for so long as the User has a positive Fazz Earn Account Balance, the User is and will continue to be:
(a) an entity regulated to carry on any financial activity by the Monetary Authority of Singapore (“MAS”), or if incorporated in a jurisdiction other than Singapore, by a public authority of that jurisdiction that exercises a function that corresponds to a regulatory function of the MAS; and/or
(b) a company/corporation with net assets of more than SGD10,000,000 in value (or its equivalent in a foreign currency) as determined by the most recent audited balance sheet of the corporation.
8. REPRESENTATIONS & WARRANTIES
The User undertakes and represents to and for the benefit of XFERS that:
8.1 it is validly existing and in good standing under the laws of the jurisdiction of its incorporation and of any jurisdiction in which it carries on business, and has all necessary licences, consents and approvals to carry on its business;
8.2 it has the legal right, capacity, authority, and all necessary consents and approvals to enter into and perform its obligations under this Agreement;
8.3 the entry into and performance of its obligations under this Agreement does not:
(a) violate or conflict with any applicable law or any requirement of any governmental or regulatory authority to which it is subject;
(b) violate or conflict with any provision in its constitutional documents, including its Memorandum or Articles of Association or bylaws; or
(c) breach any agreement or instrument to which it is a party or by which it is bound;
8.4 it is not insolvent under the law of its jurisdiction of incorporation or of any jurisdiction in which it carries on business, and is not unable to pay its debts as they fall due, nor has it stopped paying its debts as they fall due;
8.5 no insolvency proceedings have been commenced or applied for, nor has any liquidator, receiver or similar officer been appointed, in relation to it or any of its assets;
8.6 no arrangement or compromise has been made by it with its creditors, nor is it in the process of negotiating such arrangement or compromise;
8.7 no resolution has been passed, proceedings commenced or order made for its winding up or any other re-organisation or restructuring; and
8.8 all information supplied by it to XFERS is true, accurate and complete in all material respects.
9 YOUR INSTRUCTIONS AND AUTHORISATIONS
9.1 Giving instructions
You are solely responsible for accurately entering any Instruction, including (but not limited to) in respect of crediting or withdrawing from your Fazz Earn Account, and describing or providing all necessary information in order to enable us to carry out any Instruction. XFERS is not responsible for confirming such information, or for monitoring or refusing to process duplicate Instructions.
Prior to us carrying out any of your Instructions, you are required to, and agree to provide us with all information that we may require from you, including but not limited to any information required by us to comply with any Applicable Laws, failing which we reserve the right to not carry out any of your Instructions.
Your Instructions shall be irrevocable and unconditional and shall be binding on you, and such Instructions may be acted or relied upon by us irrespective of any other circumstances. As such, once you give any Instruction, you shall not rescind or withdraw such Instruction without our consent.
XFERS shall not be under any obligation to verify the identity or authority of any person giving any Instruction and the authenticity of such Instruction. XFERS shall not be liable for relying or acting on Instructions which are given or purported to be given by any person(s) whom we believe to be a User.
Your Instructions shall not be considered to be received by XFERS until they have actually reached XFERS’ central system successfully.
Additionally, XFERS’ records of all Instructions will be conclusive and binding on you for all purposes.
9.2 Rejecting Instructions
You acknowledge and agree that XFERS may refuse to act upon an Instruction for any reason whatsoever and may defer acting thereon or seek further information with respect to the Instruction as it thinks fit. Additionally, XFERS is authorised (but not obliged) to act on any Instruction which XFERS believes was given by you.
Without limiting the generality of this provision, XFERS may refuse to act upon an Instruction in particular if:
(a) Your Fazz Earn Account is suspected by us, or a third party service provider to be a counterfeit, or to have been fraudulently or illegally issued or revalued, or to have been illegally accessed, modified or used in any way;
(b) The Instruction is suspected to have been given in furtherance of any illegal, unlawful or criminal activity, including but not limited to any money laundering and terrorism financing activity, or any activity in breach of sanctions laws;
(c) There is any breakdown in the XFERS system or a part of it which disables you from accessing your Fazz Earn Account; or
(d) We determine that your Account Balance is incorrectly or erroneously stated or reflected on any records as having a higher or other value than its actual value due to any defect, damage, error or failure of, or programming in relation to, the XFERS system (including any data processing system or network system) or for any reason.
9.3 Notification of Instructions/Completion Notifications
XFERS may transmit a notification via electronic communications to you upon receipt of an Instruction. You are responsible to ensure the confirmation is in accordance with your Instruction. Such completion notification shall be deemed to have been received by you immediately after transmission and you should check such completion notification. You should contact us if you do not receive any completion notification within the time usually required for a similar notification to be received.
10 CLOSING YOUR FAZZ EARN ACCOUNT
10.1 How to Close Your Fazz Earn Account
You may terminate this Agreement and close your Account at any time by following the instructions in your Account profile. Upon closure of your Account, interest shall stop accruing on your Account Balance. You must withdraw your Account Balance to your linked XFERS Account prior to closing your Account. You agree that you will continue to be responsible for all obligations related to your Account even after it is closed.
11 RISK DISCLOSURES
Fazz Earn is not a risk-free product. By lending funds to XFERS or otherwise using the Fazz Earn Services, you will not be entitled to any profits or income XFERS may generate from any subsequent use of the funds lent by you (or otherwise), nor will you be exposed to any losses which XFERS may suffer as a result thereof. You are, however, exposed to the possibility of XFERS becoming unable to repay its obligations in part or in full, in which case you may not be able to recover all the funds you lend to XFERS.
11.1 Acknowledgement of Risks
Before using the Fazz Earn Services, you should ensure that you fully understand and can afford to undertake the risks involved. You should carefully read and make sure you understand this Clause 11.1, which lists some, but not all of the risks involved in using the Earn Services. You are solely responsible for understanding the risks associated with the Fazz Earn Services, and you should assess whether such risks are appropriate for your particular use or circumstances.
11.1.1 Technical risk: the Earn platform may experience unforeseen outages or technical errors beyond XFERS’ reasonable control. Should such unforeseen outages or technical errors occur, XFERS will take reasonable steps to restore functionality as promptly as possible.
11.1.2 Investment risk: although XFERS does not hold financial instruments or your Account Balance beneficially for you, on your behalf or as your agent, you should consider the usual risks of investing and participating in collective investment schemes, before using the Fazz Earn Services. In particular, all relevant documentations pertaining to the product should be read to make an independent assessment of the appropriateness of the transaction. The Fazz Earn Services do not take into account the specific investment objectives, financial situation or particular needs of any particular User. Investments can be volatile and there is no assurance that XFERS’ investments will be able to attain its objectives. The occurrence of adverse economic events may affect the ability of XFERS to repay or fulfill withdrawal requests from Users.
11.1.3 Regulatory risk: the risk that regulatory bodies may implement changes to Applicable Laws and regulations affecting the Fazz Earn Services. While XFERS has taken every reasonable effort to ensure that the Fazz Earn Services are compliant with Applicable Laws, any changes in Applicable Laws or other regulatory actions could negatively impact XFERS, including but not limited to the availability of Fazz Earn Services to Users in certain jurisdictions.
These disclosures have not been reviewed by the Monetary Authority of Singapore, or any regulatory authority elsewhere.
11.2 Not an Offer or Solicitation
The content of our website and the Fazz Earn Services do not constitute an offer to buy or sell or a solicitation of an offer to buy or sell investments, securities, partnership interests, commodities or any other financial instruments. The content of our website and the Fazz Earn Services also do not constitute, and may not be used for or in connection with, an offer or solicitation by anyone in any jurisdiction in which such an offer or solicitation is not authorised or permitted, or to any person to whom it is unlawful to make such offer or solicitation.
11.3 Taxes
XFERS does not provide any legal, tax or financial advice, nor make any offers, recommendations or invitations to deal in digital assets.
It is your responsibility to determine what, if any, taxes apply to your intended use of the Fazz Earn Services, and it is your responsibility to collect, report and remit the correct tax to the appropriate tax authority. XFERS is not responsible for determining whether taxes apply to your intended use of the Fazz Earn Services.
12 ERRORS & UNAUTHORISED TRANSACTIONS
12.1 Safeguarding your Account ID, Password and Devices
You are responsible for maintaining adequate security and control of any and all IDs, passwords, personal identification numbers (PINs) or any other codes that you use to access the Fazz Earn Services or to send any Instruction to us. All such codes should be protected, and you should not (a) voluntarily disclose any code to any third party, except as instructed by us for any purpose including to initiate or execute any payment/transfer transaction through your Earn Account, (b) disclose any code in a recognisable way on your Fazz Earn Account or any other account; or (c) keep a record of any code in a way that allows any third party to easily misuse the code.
If you keep a record of any code, you should make reasonable efforts to secure the record, including (a) keeping the record in a secure electronic or physical location accessible or known only to you, and (b) keeping the record in a place where the record is unlikely to be found by a third party.
When using a device to access your Fazz Earn Account, you should (a) update your device’s browser (e.g. Chrome, Safari, Internet Explorer, Firefox) to the latest version available, (b) patch the device’s operating systems (e.g. Windows operating system (OS), Macintosh OS, iOS, Android OS) with regular security updates provided by the operating system provider, (c) install and maintain the latest anti-virus software on the device, where applicable, and (d) use strong passwords, such as a mixture of letters, numbers and symbols.
You should never allow remote access or share your computer screen with someone else when you are logged on to your Fazz Earn Account. XFERS will never under any circumstances ask you for your passwords or to screen-share or otherwise seek to access your computer or Fazz Earn Account. You should not provide your details to any third party for the purposes of remotely accessing your Fazz Earn Account. Always log into your Fazz Earn Account through our website to review any required actions if you have any uncertainty regarding the authenticity of any communication or notice.
12.2 Transaction Notifications
You are also responsible for enabling transaction notification alerts on any device used to receive transaction notifications from us, opting to receive all transaction notifications for all outgoing transactions (of any amount) made from your Fazz Earn Account, and to monitor the transaction notifications sent to your primary email address and/or telephone number. We may assume that you will monitor such transaction notifications without further reminders or repeat notifications.
12.3 Unauthorised Transactions
You are responsible for the control and use of your Fazz Earn Account and any Instructions sent from your Earn Account are deemed to be authorised and are binding on you. As stated in Clause 9.1, we are not in the position (nor are we obligated) to verify the identity or authority of any person(s) using your Fazz Earn Account.
If you discover a transaction in your Fazz Earn Account that you did not authorise, you should contact us immediately, or in any case as soon as practicable after discovery of the unauthorised transaction by submitting a support ticket through this this link: https://support.xfers.com/hc/en-us/requests/new, and provide us with all information that we may request from you.
You undertake to make a police report where we request for you to do so.
12.4 Errors
We will rectify any Error that we discover.
(a) If an Error results in your Account Balance containing less than the correct amount which you are entitled to, XFERS will restore your Account Balance with the difference.
(b) If an Error results in your Account Balance containing more than the correct amount which you are entitled to, XFERS will deduct the excess from your Account Balance.
13 YOUR LIABILITY – ACTIONS WE MAY TAKE
13.1 Your Liability
You are responsible for all fees, fines, penalties and other liability incurred by XFERS, other affected User(s), or a third party caused by or arising out of your breach of this Agreement, and/or your use of the Fazz Earn Services. You agree to reimburse XFERS, other affected User(s), or a third party for any and all such liability.
You are also liable for using the services of our third party service providers in a manner prohibited by them in their agreement with you, or providing inaccurate or incomplete information while using their service.
13.2 Reimbursement for Your Liability
If you are liable for any amounts owed to XFERS in relation to your use of the Fazz Earn Services, XFERS may immediately remove such amounts from your Account Balance. If your current Account Balance is insufficient to meet your liability, XFERS will deduct any amounts which you are liable for from your Account Balance and instate your Fazz Earn Account with a negative balance up to the remaining amount of your liability, and you shall add funds to your Account (in accordance with Clause 3.1 above) as soon as possible to restore your Account Balance to a zero or positive balance, or to pay XFERS through an alternative method agreed to by XFERS.
13.3 Actions by XFERS – Holds
Risk-based holds: XFERS, in its absolute discretion, may place a hold on any or all amounts in your Account Balance when XFERS believes there may be a high level of risk associated with you or your Earn Account. XFERS’ determination may be based on different factors and XFERS may rely on information it receives from third parties. If XFERS places a hold on any amount, this will be indicated on your Account dashboard. We will release the hold on any amount(s) in your Account Balance after 30 calendar days unless we have a reason to continue to hold the payment such as (a) if we have any reason to believe that you have violated the terms of this Agreement or any other Policy and that such a violation results in the need to continue holding the amount(s), or (b) we believe that you may be engaging in potentially fraudulent or suspicious activity and/or transactions. In such an event, XFERS may continue holding the amount(s) in your Account Balance until the matter is resolved pursuant to this Agreement. XFERS, in its absolute discretion, may release the hold earlier under certain circumstances.
13.4 Actions by XFERS – Account Closure, Termination of Service, Limited Account Access; Confidential Criteria
XFERS, in its sole and absolute discretion, reserves the right to terminate this Agreement and/or access to the Fazz Earn Services for any reason and at any time upon notice and payment to you of any unrestricted funds held in your balance. If we limit access to your Fazz Earn Account, you may have the opportunity to request restoration of access if, in our sole and absolute discretion, we deem it appropriate. Further, you acknowledge that XFERS’ decision to take certain actions, including limiting access to your Fazz Earn Account or placing Holds, may be based on confidential criteria that is essential to our management of risk, the security of Users’ Accounts and the XFERS system. You agree that XFERS is under no obligation to disclose the details of its risk management or its security procedures to you.
14 DISPUTES
14.1 Disputes with XFERS regarding Fazz Earn Services
14.1.1 Contact XFERS first: If a dispute arises between you and XFERS, our goal is to learn about and address your concerns and, if we are unable to do so to your satisfaction, to provide you with a neutral and cost effective means of resolving the dispute quickly. Disputes between you and XFERS regarding the Fazz Earn Services may be reported to our customer support department via https://support-sg.fazz.com/hc/en-us/requests/new.
14.1.2 Arbitration: For any claim (excluding claims for injunctive or other equitable relief) where the total amount of the award sought is less than $10,000.00 SGD (or equivalent in other currencies), the party requesting relief may elect to resolve the dispute in a cost effective manner through binding non-appearance-based arbitration. If a party elects arbitration, that party will initiate such arbitration through the Singapore International Arbitration Centre or any other established alternative dispute resolution (“ADR”) provider mutually agreed upon by the parties. The ADR provider and the parties must comply with the following rules: a) the arbitration shall be conducted by telephone, online and/or be solely based on written submissions, the specific manner shall be chosen by the party initiating the arbitration; b) the arbitration shall not involve any personal appearance by the parties or witnesses unless otherwise mutually agreed by the parties; and c) any judgment on the award rendered by the arbitrator may be entered in any court of competent jurisdiction.
14.1.3 Law and forum for disputes: Except as otherwise agreed by the parties or as described in Clause 14.1.2 above, you agree that any claim or dispute you may have against XFERS must be resolved by a court located in Singapore or where the defendant is located. You agree to submit to the jurisdiction of the courts in Singapore for the purpose of litigating all such claims or disputes. This Agreement shall be governed in all respects by the laws of Singapore as such laws are applied to agreements entered into and to be performed entirely within Singapore, without regard to conflict of law provisions.
14.1.4 Improperly filed litigation: All claims you bring against XFERS must be resolved in accordance with Clause 14.1 of this Agreement. All claims filed or brought contrary to Clause 14.1 shall be considered improperly filed and a breach of this Agreement. Should you file a claim contrary to Clause 14.1, XFERS may recover all attorneys’ fees and costs (including in-house attorneys and paralegals), provided that XFERS has notified you in writing of the improperly filed claim, and you have failed to promptly withdraw the claim.
15 NOTICES
15.1 Notices to You
You agree that XFERS may provide you communications about your Fazz Earn Account and the Fazz Earn Services electronically. Such communications may be sent by XFERS, or our parent, subsidiaries, affiliates or service providers. XFERS reserves the right to close your Fazz Earn Account if you withdraw your consent to receive electronic communications. Any electronic communications will be considered to be received by you: (1) within 24 hours of the time we post it to our website; or (2) immediately upon our sending of an email to you. Any notice sent to you by postal mail will be considered to be received by you 3 Business Days after we send it.
15.2 Notices to You from our Third Party Service Providers
You authorise us to receive notices and forms on your behalf from third party service providers. XFERS reserves the right to close your Fazz Earn Account or restrict the Fazz Earn Services provided to you if you withdraw your consent to enable us to receive such notices or forms.
15.3 Notices to XFERS
Unless otherwise stated in this Agreement, notice to XFERS must be sent by postal mail to the registered address of XFERS PTE. LTD., Attention: Legal Department.
16 MISC. TERMS
16.1 Limitation of Liability
Notwithstanding anything to the contrary contained here, and subject to Applicable Laws, XFERS and its parent, subsidiaries and affiliates, officers, directors, agents, joint ventures, employees or service providers shall not be liable, whether or not arising out of negligence of each of XFERS and its parent, subsidiaries and affiliates, officers, directors, agents, joint ventures, employees or suppliers, for any losses, loss of profits, consequential or special losses, damages, expenses, claims, liability and costs (including cost on a solicitor and client basis) that you may incur or suffer in connection with:
(a) The creation, use, suspension or closure of an Fazz Earn Account; or
(b) Any delay in creation and/or verification of an Fazz Earn Account or suspension and discontinuance of creation and verification of Account; or
(c) Any period where any equipment, software or system is unavailable for processing the Fazz Earn Services; or
(d) Any delay or detention arising from use of an Fazz Earn Account (including locked or suspended Earn Account).
In all other cases, the total liability of XFERS and its parent, subsidiaries and affiliates, officers, directors, agents, joint ventures, employees or service providers shall be limited to the actual amount of direct damages and shall not exceed $500.00 SGD or your Account Balance as of the date your claim arises, whichever is lower.
16.2 Services Limitation
XFERS is not a bank and the Fazz Earn Services are not banking or deposit-taking services. XFERS is not acting as agent, trustee, fiduciary or escrow with respect to your funds.
16.3 No Warranty
THE FAZZ EARN SERVICES ARE PROVIDED “AS IS” AND WITHOUT ANY REPRESENTATION OF WARRANTY, WHETHER EXPRESS, IMPLIED OR STATUTORY. XFERS, OUR PARENT, SUBSIDIARIES AND AFFILIATES, OUR OFFICERS, DIRECTORS, AGENTS, JOINT VENTURES, EMPLOYEES AND OUR SUPPLIERS SPECIFICALLY DISCLAIM ANY IMPLIED WARRANTIES OF TITLE, MERCHANTABILITY, FITNESS FOR A PARTICULAR PURPOSE AND NON-INFRINGEMENT. XFERS does not guarantee continuous, uninterrupted or secure access to any part of the Fazz Earn Services, and operation of our site may be temporarily suspended for maintenance or upgrade or interfered with by numerous factors outside of our control. XFERS will make reasonable efforts to ensure that requests for credits or withdrawals involving Fazz Earn Accounts are processed in a timely manner but XFERS makes no representations or warranties regarding the amount of time needed to complete processing because the Fazz Earn Services are dependent upon factors outside of our control. Some jurisdictions do not allow the disclaimer of implied warranties, so the foregoing disclaimers may not apply to you. This paragraph gives you specific legal rights and you may also have other legal rights that vary from country to country.
16.4 Site Accuracy
The XFERS website may not always be entirely complete or current. In an effort to continue to provide you with as complete and accurate information as possible, information may, to the extent permitted by applicable law, be changed or updated from time to time without notice, including without limitation information regarding our policies and the Fazz Earn Services.
Links to third-party materials (including without limitation any third-party websites) are not controlled by us. XFERS is not responsible for any aspect of the information, content, or services contained in any such third-party materials accessible or linked to from the XFERS website.
16.5 Indemnification
You shall indemnify and hold harmless XFERS in respect of any and all damages, losses (including consequential losses and special damages), costs (including costs on a full indemnity basis), expenses, claims, proceedings or actions suffered or incurred by XFERS or any third party by reason of any breach or non-compliance by you of this Agreement or by XFERS in enforcing any of the terms of this Agreement or preventing any breach thereof.
16.6 Force Majeure Event
Neither XFERS nor any of its parent, subsidiaries and affiliates, officers, directors, agents, joint ventures, employees or suppliers shall be liable for non-performance, error, interruption or delay in the performance of their obligations under this Agreement, in the XFERS system’s operations, if this is due, in whole or in part, directly or indirectly to an event or failure which is beyond its reasonable control which includes without limitation: –
(a) Flood, lightning, acts of God, fire, earthquakes, epidemics, pandemics and other natural disasters;
(b) Judgements, legislation, acts, orders, directives, policies, restrictions, regulations, bye-laws, prohibitions or measures of any kind on the part of any court, governmental, parliamentary and/or regulatory authority imposed or to be imposed after the fact;
(c) Power failure;
(d) Acts or defaults of any telecommunications network operator;
(e) Circumstances where communications lines and/or computer systems of XFERS or any of its parent, subsidiaries and affiliates, officers, directors, agents, joint ventures, employees or suppliers cannot be used for reason attributable to third party telecommunications carriers; and
(f) Acts or omissions of any service provider or any party for whom XFERS and/or any of its parent, subsidiaries and affiliates, officers, directors, agents, joint ventures, employees or suppliers are/is not responsible.
16.7 Intellectual Property
“XFERS”, “FAZZ”, “STRAITSX” and all other URLs, logos and trademarks related to the Earn Services are either trademarks or registered trademarks of XFERS PTE. LTD. or its licensees. You may not copy, imitate or use them without XFERS’ prior written consent. In addition, all page headers, custom graphics, button icons, and scripts are service marks, trademarks, and/or trade dress of XFERS. You may not copy, imitate, or use them without our prior written consent. You may use HTML logos provided by XFERS through our merchant services or affiliate programs without prior written consent for the purpose of directing web traffic to the Fazz Earn Services. You may not alter, modify or change these HTML logos in any way, use them in a manner that is disparaging to XFERS or the Fazz Earn Services or display them in any manner that implies XFERS’ sponsorship or endorsement. All right, title and interest in and to the XFERS website, any content thereon, the Fazz Earn Services, the technology related to the Fazz Earn Services, and any and all technology and any content created or derived from any of the foregoing is the exclusive property of XFERS and its licensors.
16.8 Personal Data Protection
You acknowledge that you have read and accepted our Privacy Policy, and you give your consent for our collection, use and disclosure of your personal data in a manner described in our Privacy Policy. You may withdraw your consent to any collection, use or disclosure of your personal data by contacting support@xfersearn.com. However, please note that we may have to limit your Fazz Earn Account or decline to offer you certain Fazz Earn Services if you withdraw your consent.
16.9 Confidentiality
If you receive Information about another User through the Fazz Earn Services, you must keep the Information confidential and only use it in connection with the Fazz Earn Services. You may not disclose or distribute a User’s Information to a third party or use the Information for marketing purposes, unless you receive that User’s express consent to do so.
16.10 Complete Agreement and Survival
This Agreement, along with any applicable Policies or agreements on the XFERS website, sets forth the entire understanding between you and XFERS with respect to the Fazz Earn Services. Clauses 1 (Interpretation & Definitions), 10 (Closing Your Fazz Earn Account), 13 (Your Liability – Actions We May Take), 14 (Disputes), 15 (Notices) and 16 (Misc. Terms), as well as any other terms which by their nature should survive, will survive the termination of this Agreement. If any provision (or parts thereof) of this Agreement is held to be invalid or unenforceable, such parts of the provision shall be struck out to the extent of the invalidity/unenforceability and the remaining provisions shall be enforced.
16.11 Assignment
You may not transfer or assign any rights or obligations you have under this Agreement without XFERS’ prior written consent. Any attempted transfer or assignment in violation hereof shall be null and void. Subject to the foregoing, these Terms will bind and inure to the benefit of the parties, their successors and permitted assigns. XFERS reserves the right to transfer or assign this Agreement or any right or obligation under this Agreement at any time without requiring any action or consent on your part.
16.12 Contract (Rights of Third Parties) Act (Cap. 53B)
All other persons who are not a party to this Agreement have no right under the Contract (Rights of Third Parties) Act (Cap. 53B) to enforce any term of this Agreement.
16.13 Translated Agreement
Any translation of this Agreement is provided solely for your convenience and is not intended to modify the terms of this Agreement. In the event of a conflict between the English version of this Agreement and a version in a language other than English, the English version shall apply.
16.14 No Waiver
No delay or failure on the part of XFERS in exercising any power, right or remedy under this Agreement shall operate as a waiver of such power, right or remedy.
Published Date: 1 August 2022 Effective Date: 1 August 2022
1. We hereby agree to open a USD Account with XFERS PTE. LTD. (“XFERS”) and be bound by the Terms and Conditions of the USD Account.
2. We hereby agree to open a wallex account (“Wallex Account”) with Wallex Technologies Pte. Ltd. (“Wallex”) and further agree and accept the Wallex’s Terms and Conditions, as amended from time to time.
3. We hereby agree to open a singx account (“SingX Account”) with SINGX SINGAPORE PTE LTD (“SingX”) and further agree and accept the SingX’s Terms of Use, as amended from time to time.
4. We hereby authorise XFERS to work with the following third-party service providers (each, a “CBMT Partner”) on our behalf to execute transactions such as payment and FX conversion, including negotiating related commercial terms:
(a) Wallex, a regulated cross-border payment company (license number PS20200433);
(b) SingX, a regulated cross-border payment company (license number PS20200369); and
(c) Moolahgo Pte Ltd (“Moolahgo”), a regulated cross-border payment company (license number PS20200262).
5. We hereby acknowledge and agree that:
(a) XFERS’ role in any cross-border money transfer service is strictly limited to:
(i) executing a domestic transfer of moneys on our behalf to our account held with the relevant CBMT Partner; and
(ii) acting on our behalf and in accordance with our instructions to provide instructions to the relevant CBMT Partner in respect of the cross-border money transfer transaction; and
(b) all currency conversion and outbound cross-border money transfer transaction activities are undertaken solely by the relevant CBMT Partner as a duly licensed payment service provider for the provision of cross-border money transfer services.
7. We hereby authorise XFERS to do all things necessary or desirable in connection with the Wallex Account, SingX Account and/or account opened with Moolahgo (collectively, the “Accounts”) including but not limited to providing any know-your-customer or know-your-business documents including any other information necessary for onboarding and on-going transactional monitoring purposes, operating and/or transacting the Accounts on our behalf in accordance with our instructions and giving instructions to Wallex, SingX and/or Moolahgo as the case may be and to generally do all such things as XFERS deems necessary or expedient for all of the foregoing purposes on our behalf.
Terakhir diperbarui pada 6 April 2023
Selamat datang di platform digital Fazz Business (“Platform”) yang dikelola oleh PT XFERS INDONESIA TEKNOLOGI (“Kami” atau “Perusahaan”).
Dengan mengakses dan/atau menggunakan Platform, Anda memahami dan setuju untuk tunduk terhadap Syarat dan Ketentuan ini. Mohon untuk membaca Syarat dan Ketentuan ini dengan seksama dan secara menyeluruh. Dalam hal Anda tidak setuju dengan Syarat dan Ketentuan ini, Anda berhak untuk tidak mengakses dan/atau tidak menggunakan Platform.
B. Pernyataan dan Jaminan (Representation and Warranties)
C. Cidera Janji (Event of Default)
D. Pertanggung Jawaban (Liabilities)
E. Pertanggung Jawaban (Liabilities)
F. Hukum Yang Berlaku (Governing Laws)
Syarat dan Ketentuan ini dan pelaksanaannya diatur oleh dan tunduk pada hukum Republik Indonesia.
G. Penyelesaian Sengketa (Dispute Settlement)
Para Pihak sepakat untuk menyelesaikan setiap perselisihan terkait Syarat dan Ketentuan ini dengan musyawarah untuk mencapai kesepakatan. Apabila perselisihan tersebut tidak dapat diselesaikan secara musyawarah untuk mufakat dalam waktu 30 (tiga puluh) Hari Kalender setelah diterimanya pemberitahuan tertulis oleh salah satu Pihak dari Pihak lainnya mengenai timbulnya suatu perselisihan, maka perselisihan tersebut diselesaikan melalui Pengadilan Negeri Jakarta Selatan.
H. Hubungi Kami (Contact Us)
Anda dapat menyampaikan saran, permintaan, keluhan atau pertanyaan mengenai Platform kepada Kami setiap hari Senin s.d Minggu pada pukul 06.00-24.00 WIB melalui saluran yang disediakan oleh Perusahaan. Dalam menanggapi saran, permintaan, keluhan atau pertanyaan Anda, Kami akan melakukan verifikasi atas informasi atau data Anda. Kami berhak menolak, melanjutkan atau menanggapi saran, permintaan, keluhan atau pertanyaan Anda dalam hal informasi atau data Anda tidak sesuai dengan informasi atau data yang terdapat dalam sistem Kami. Kami akan melakukan verifikasi atas setiap saran, permintaan, keluhan atau pertanyaan Anda dan memberikan tanggapan sesuai dengan Syarat dan Ketentuan ini serta prosedur dan kebijakan internal Kami yang berlaku dari waktu ke waktu setelah menerima saran, permintaan, keluhan atau pertanyaan lengkap dari Anda.
I. Lain-Lain (Others)
Produk Simpanan Berjangka
KOPERASI KASPINTAR
Berlaku sejak 1 Agustus 2023
A. DEFINISI
B. KETENTUAN SIMPANAN BERJANGKA
C. PERHITUNGAN DAN PEMBAYARAN BUNGA
Diperbaharui sejak 28 Mei 2023
Dengan menggunakan fitur Pay & Receive yang tersedia pada dashboard Fazz Business, baik mengakses, menggunakan dan/atau memproses layanan tersebut, maka Anda sedang menggunakan platform elektronik yang disediakan oleh PT Xfers Indonesia Teknologi dan/atau mitra yang melakukan kerja sama dengan kami (“PT XIT” atau “Kami”). Sehubungan dengan hal tersebut, mohon untuk membaca dan menyetujui langkah-langkah yang diterapkan untuk dapat menggunakan dan menikmati Layanan Fazz Business ini dengan optimal dan oleh karenanya akan dianggap sebagai perjanjian yang mengikat bagi Kami, Mitra kami: PT Inklusi Keuangan Nusantara, dan Anda, khususnya pada saat Anda menggunakan fitur Pay & Receive.
MItra dan Anda secara sendiri-sendiri disebut sebagai “Pihak” dan bersama sama sebagai “Para Pihak”.
I. Lingkup Ketentuan Penggunaan Layanan Pay & Receive
II. Definisi
Kecuali secara tegas dinyatakan lain atau konteksnya menentukan lain, setiap istilah dalam Perjanjian ini yang diawali dengan huruf kapital di bawah ini memiliki arti sebagai berikut:
III. Ketentuan Layanan Pay & Receive
IV. Hak dan Kewajiban Anda
a. menaati segala ketentuan dalam Perjanjian dan Syarat dan Ketentuan ini dan ketentuan lainnya yang akan ditentukan kemudian oleh Mitra sehubungan dengan Pay & Receive sebagaimana diatur dalam Pendahuluan B Syarat dan Ketentuan ini;
b. melakukan pembayaran Biaya Layanan kepada Mitra untuk setiap Transaksi Berhasil sesuai dengan ketentuan dan mekanisme sebagaimana diatur dalam syarat dan ketentuan ini;
c. melakukan pengiriman atau penyetoran Dana kepada Mitra sesuai dengan total nominal Dana dan Biaya Layanan yang tertera pada Perintah Pengiriman Dana dari Anda. Dalam hal terdapat Dana yang belum diterima oleh Mitra atas Transaksi Berhasil dengan batasan sebagaimana ditentukan oleh Mitra, akan selalu disesuaikan pada saat Anda melakukan pengiriman atau penyetoran Dana kepada Mitra atas Dana yang telah keluarkan Mitra sehubungan dengan transaksi;
d. memastikan Pengirim mengirimkan Dana Dari Pihak Ketiga sesuai dengan total nominal Dana Dari Pihak Ketiga yang tertera pada Perintah Penerimaan Dana. Untuk melakukan penambahan batasan sebagaimana Pasal 3 ayat (1) huruf (c), maka Anda wajib memberitahukan secara tertulis kepada Mitra minimal 14 (empat belas) Hari Kerja sebelum waktu penambahan batas maksimum yang diinginkan Anda. Batasan sebagaimana Pasal 3 ayat (1) huruf (c) akan ditinjau secara periodik setiap 1 (satu) tahun oleh Mitra dengan mempertimbangkan pelaksanaan yang sudah berjalan;
e. melakukan konfirmasi kepada Mitra melalui mekanisme yang ditentukan dari waktu ke waktu oleh Mitra, termasuk surat elektronik (e-mail), mengenai bank yang digunakan oleh Anda dan bank tujuan Anda pada setiap transaksi yang akan dilakukan;
f. memastikan dan menjamin kebenaran dan kelengkapan semua data dan informasi yang diberikan atau tertera pada setiap Perintah Pengiriman Dana.
g. sebagaimana dipersyaratkan oleh Bank Indonesia, Anda wajib untuk menyediakan akses kepada Bank Indonesia, institusi, atau otoritas terkait lainnya, termasuk namun tidak terbatas pada institusi atau otoritas terkait aktivitas anti pencucian uang dan pencegahan pendanaan terorisme, untuk melakukan pengecekan terhadap data, informasi, infrastruktur dan hal lainnya yang terkait dengan penyelenggaraan aktivitas sistem pembayaran oleh Mitra.
h. memastikan dan menjamin untuk mematuhi seluruh peraturan, hukum, undang-undang, ordonansi, atau peraturan apapun yang berlaku, termasuk tetapi tidak terbatas pada yang diterbitkan oleh Bank Indonesia, Lembaga Pusat Pelaporan dan Analisis Transaksi Keuangan (PPATK) institusi, atau otoritas terkait lainnya, termasuk namun tidak terbatas pada institusi atau otoritas terkait aktivitas anti pencucian uang dan pencegahan pendanaan terorisme.
i. sehubungan dengan ketentuan Pasal 8 Perjanjian ini, Anda wajib untuk bekerjasama dengan Mitra, dalam hal terdapat permintaan data dan informasi, baik dari Mitra, ataupun dari lembaga negara atau penegak hukum, untuk menyelesaikan sengketa atau klaim sehubungan dengan Aktivitas-Aktivitas Terlarang sebagaimana diatur dalam Pasal 7 Perjanjian ini.
2. Anda berhak untuk:
a. menggunakan Pay & Receive yang diselenggarakan oleh Mitra sesuai dengan syarat dan ketentuan Perjanjian dan Syarat dan Ketentuan ini;
b. segera mendapatkan laporan mengenai Pay & Receive dan Transaksi Berhasil yang akurat dan lengkap dari Mitra dalam jangka waktu paling lambat 20 (dua puluh) menit sejak Perintah Penerimaan Dana dan Perintah Pengiriman Dana diberikan oleh Anda (“Laporan Transaksi”), untuk menghindari keragu-raguan laporan yang dimaksud dalam Syarat dan Ketentuan ini adalah laporan mengenai status transaksi, baik merupakan transaksi yang tertunda, berhasil atau ditolak, dan tidak akan diartikan laporan mengenai keberhasilan diterimanya dana oleh pihak yang dituju sebagaimana dimaksud dalam masing-masing Layanan Penerimaan Dana dan Layanan Pengiriman Dana sebagaimana relevan.
c. dalam hal Layanan Pengiriman Dana gagal atau belum diterima pada rekening Penerima sampai dengan berakhirnya hari di mana Perintah Pengiriman Dana diterima oleh Mitra, memilih untuk: (i) memperoleh pengembalian secara penuh atas seluruh Dana dan Biaya Layanan dalam jangka waktu paling lambat 3 (tiga) Hari Kalender sejak tanggal diterimanya Perintah Pengiriman Dana dari Anda; atau (ii) memperoleh penyelesaian Layanan Pengiriman Dana agar Dana diterima pada rekening Penerima sesuai Perintah Pengiriman Dana dalam jangka waktu paling lambat 1 (satu) Hari Kalender sejak tanggal diterimanya Perintah Pengiriman Dana tersebut dari Anda.
V. Hak dan Kewajiban Mitra
1. Tanpa mengesampingkan kewajiban-kewajiban Mitra lainnya berdasarkan Perjanjian dan Syarat dan Ketentuan ini, Mitra sebagaimana difasilitasi oleh PT XIT, wajib untuk:
a. memastikan ketersediaan sistem dan jaringan untuk penyediaan Pay & Receive yang andal dan terjamin keamanan dan akurasinya kepada Anda sesuai dengan syarat dan ketentuan Syarat dan Ketentuan ini;
b. segera menyiapkan dan menyampaikan laporan mengenai Pay & Receive dan Transaksi Berhasil secara akurat dan lengkap untuk kepentingan Anda dalam jangka waktu paling lambat 20 (dua puluh) menit sejak Perintah Penerimaan Dana dan Perintah Pengiriman Dana diberikan oleh Anda;
c. dalam hal Layanan Pengiriman Dana gagal atau belum diterima pada rekening Penerima sampai dengan berakhirnya hari di mana Perintah Pengiriman Dana diterima, segera memberitahukan kepada Anda dan kemudian melaksanakan instruksi yang diberikan oleh Anda;
d. bertanggung jawab atas keamanan, kelancaran, dan kelayakan Pay & Receive, termasuk perlindungan data pribadi, agar selalu dapat berjalan dengan baik, aman, layak, dan terkendali untuk digunakan oleh Anda sesuai dengan syarat dan ketentuan Syarat dan Ketentuan ini;
e. menginformasikan kepada Anda mengenai ketersediaan proses transfer dari bank yang digunakan oleh Anda ke bank tujuan yang diinformasikan oleh Anda, dengan ketentuan jika proses transfer tidak dapat dilakukan, maka Perintah Pengiriman Dana yang masuk ke sistem Mitra akan dibatalkan dan Dana berikut dengan Biaya Layanan akan dikembalikan kepada Anda pada hari yang sama; dan
f. memberitahu Anda dalam waktu 2 (dua) Hari Kalender sebelumnya secara tertulis apabila terdapat perbaikan atau pemeliharan jaringan, sistem, perangkat lunak dan/atau perangkat keras Mitra yang dapat mempengaruhi kegiatan Pay & Receive.
2. Mitra berhak untuk:
a. menerima pembayaran Biaya Layanan dari Anda sesuai dengan jumlah dan perhitungan yang tercantum pada Perjanjian; dan
b. menentukan batas limit transaksi harian Pay & Receive yang dapat dilakukan Anda (“Limit Transaksi”) dari waktu ke waktu. Dalam hal Mitra menentukan adanya Limit Transaksi kepada Anda, Mitra akan melakukan pemberitahuan tertulis sebelumnya kepada Anda sebelum diberlakukannya Limit Transaksi tersebut (“Pemberitahuan Limit Transaksi”). Penggunaan Anda secara berkelanjutan atas Pay & Receive setelah diberikannya Limit Transaksi, dan tidak adanya pemberitahuan tertulis untuk mengakhiri Pay & Receive dalam waktu 7 (tujuh) Hari Kerja setelah diberikannya Pemberitahuan Limit Transaksi merupakan persetujuan Anda atas Limit Transaksi yang ditetapkan, dan oleh karenanya Anda tidak akan melakukan keberatan, tuntutan, gugatan, klaim atau dengan alasan apapun meminta pertanggung jawaban kepada Mitra sehubungan dengan ditetapkannya Limit Transaksi.
c. Dalam hal Dana Dari Pihak Ketiga sehubungan Layanan Penerimaan Dana tidak dikirimkan oleh Pengirim, dikirimkan dengan jumlah yang tidak sesuai Perintah Penerimaan Dana atau belum diterima oleh Mitra sampai dengan berakhirnya hari sebagaimana Perintah Penerimaan Dana diterima oleh Mitra, dan tanpa kesalahan atau kekeliruan oleh Mitra pada kejadian tersebut, Mitra tidak akan memiliki tanggung jawab untuk mengirimkan uang dalam jumlah berapapun kepada Anda, dan Anda tidak akan meminta Mitra bertanggung jawab atas hal tersebut.
VI. Biaya Layanan dan Pajak
Biaya Layanan adalah dalam jumlah sebagaimana ditentukan pada Perjanjian. Biaya Layanan dapat diubah berdasarkan kesepakatan bersama PARA PIHAK. Mitra dapat mengusulkan untuk dilakukannya diskusi atau negosiasi untuk perubahan Biaya Layanan, Mitra harus memberikan pemberitahuan tertulis 20 (dua puluh) hari kalender sebelumnya kepada Anda.
VII. Larangan
Sehubungan dengan penggunaan Layanan Pay & Receive, atau selama berlangsungnya interaksi Anda dengan Mitra, para pengguna Anda, para pengguna Mitra lainnya, atau pihak ketiga, Anda tidak akan:
VIII. Service Level Agreement
IX. Pengembalian Dana (Refund)
X. Pemblokiran Aku
a. Laporan Anda bahwa telepon selular Anda hilang atau telah dicuri atau diretas;
b. Perintah pemblokiran yang diterbitkan oleh institusi pemerintah atau moneter atau berdasarkan perintah pengadilan;
c. Penggunaan akun Fazz Business dan/atau layanan Fazz Business Anda dengan cara yang bertentangan dengan Ketentuan ini, ketentuan penggunaan Dashboard, syarat dan ketentuan lain yang berlaku untuk fitur atau layanan lain dalam Dashboard, Kebijakan Privasi PT XIT dan setiap ketentuan hukum dan peraturan perundang-undangan yang berlaku, termasuk namun tidak terbatas pada penipuan, penggunaan dokumen palsu;
d. Alasan lain yang merugikan Anda atau PT XIT, termasuk tindakan curang dan tindakan penipuan; atau
e. ketika sistem PT XIT menangkap pola transaksi keuangan yang mencurigakan; dan/atau
f. Kejadian-kejadian lain yang secara wajar dapat menjadi alasan pemblokiran akun Anda.
3. Jika akun Fazz Business Anda diblokir dan Anda memiliki bukti yang kuat bahwa tidak ada hal mencurigakan yang terjadi, Anda dapat mengajukan keluhan Anda sesuai dengan yang tertera pada Ketentuan ini. Setelah memeriksa keluhan Anda, PT XIT dapat menentukan untuk mengakhiri atau melanjutkan pemblokiran akun Fazz Business Anda. Pemblokiran tidak akan diteruskan secara tidak wajar apabila PT XIT memutuskan bahwa hal-hal yang mengakibatkan terjadinya pemblokiran telah berakhir.
4. Setiap saat PT XIT memiliki keleluasaan penuh untuk menonaktifkan sementara atau secara permanen akses Anda ke akun Fazz Business Anda pada Mitra Platform Resmi manapun dan/atau sebagian atau semua fitur dan layanan Fazz Business pada Mitra Platform Resmi manapun dan penonaktifan tersebut akan PT XIT beritahukan kepada Anda dalam hal terjadi penonaktifan akses Anda ke akun Fazz Business Anda.
XI. Penolakan Transaksi
PT XIT dapat menolak transaksi yang dilakukan oleh Anda jika sistem PT XIT menangkap pola transaksi mencurigakan, jika Anda melanggar sebagian atau seluruh Ketentuan ini dan/atau melanggar ketentuan hukum dan peraturan perundang-undangan yang berlaku.
XII. Biaya
Jenis Layanan Type of Services | Biaya per-Transaksi Fee per-Transaction | Keterangan Remarks | |
Layanan Pengiriman Dana (Pay & Receive) Disbursement Services (Pay & Receive) | Transfer ke semua bank | Rp4.500,- / transaksi | |
Layanan Penerimaan Dana (Pay & Receive) Accepting Payment Service (Pay & Receive) | Virtual Account semua bank | Rp4.500,- / transaksi | |
Retail (Alfamart, Alfamidi, Alfa Express, Lawson, DANDAN) | Rp6.000,- / transaksi | ||
Retail (Indomaret) | Rp7.500,- / transaksi | ||
QRIS | 0,7% / transaksi | ||
E-Money (ShopeePay) | 1,5% / transaksi |
*seluruh harga diluar PPN 11% / all fees exclude 11% VAT
Catatan / Notes:
XIII. Tanggung Jawab Anda
Sebagai tambahan dari tanggung jawab Anda yang diatur dalam bagian lain dari Ketentuan ini, Anda bertanggung jawab atas:
XIV. Tanggung Jawab PT XIT
XV. Ganti Rugi
a. Pelanggaran Anda atas Ketentuan ini atau ketentuan hukum dan peraturan perundang-undangan yang berlaku, baik yang direferensikan atau yang tidak direferensikan dalam Ketentuan ini;
b. Pelanggaran Anda atas hak pihak ketiga lainnya sehubungan dengan Fazz Business dan/atau layanan Fazz Business;
c. Setiap penggunaan atau penyalahgunaan Fazz Business dan/atau layanan Fazz Business oleh Anda atau pihak lain menggunakan akun Anda;
d. Setiap kesalahan yang dilakukan oleh pihak selain PT XIT, baik yang disengaja maupun berupa kelalaian; atau
e. Pemblokiran akun Fazz Business Anda berdasarkan hal-hal yang diatur dalam Ketentuan ini.
2. Ketentuan ganti rugi ini akan tetap berlaku walaupun akun Fazz Business Anda ditutup.
XVI. Hukum yang Berlaku dan Penyelesaian Perselisihan
Selamat datang di platform digital untuk memfasilitasi transaksi atau yang dikenal dengan marketplace berbasis keagenan bernama ‘Fazz Agen’ (“Aplikasi”) yang dikelola oleh PT PAYFAZZ TEKNOLOGI NUSANTARA (“Kami” atau “Perusahaan”).
Dengan mengakses dan/atau menggunakan Aplikasi, Anda memahami dan setuju untuk tunduk terhadap Syarat dan Ketentuan ini. Mohon untuk membaca Syarat dan Ketentuan ini dengan seksama dan secara menyeluruh. Dalam hal Anda tidak setuju dengan Syarat dan Ketentuan ini, Anda berhak untuk tidak mengakses dan/atau tidak menggunakan Aplikasi.
Syarat dan Ketentuan ini dan pelaksanaannya diatur oleh dan tunduk pada hukum Republik Indonesia.
Para Pihak sepakat untuk menyelesaikan setiap perselisihan terkait Syarat dan Ketentuan ini dengan musyawarah untuk mencapai kesepakatan. Apabila perselisihan tersebut tidak dapat diselesaikan secara musyawarah untuk mufakat dalam waktu 30 (tiga puluh) Hari Kalender setelah diterimanya pemberitahuan tertulis oleh salah satu Pihak dari Pihak lainnya mengenai timbulnya suatu perselisihan, maka perselisihan tersebut diselesaikan melalui Pengadilan Negeri Jakarta Selatan.
Anda dapat menyampaikan saran, permintaan, keluhan atau pertanyaan mengenai Aplikasi kepada Kami setiap Hari Kerja pada pukul 09.00-17.00 WIB melalui alamat email: support-agen@fazz.com dan/atau melalui nomor telepon: 021-5071-1200. Dalam menanggapi saran, permintaan, keluhan atau pertanyaan Anda, Kami akan melakukan verifikasi atas informasi atau data Anda. Kami berhak menolak, melanjutkan atau menanggapi saran, permintaan, keluhan atau pertanyaan Anda dalam hal informasi atau data Anda tidak sesuai dengan informasi atau data yang terdapat dalam sistem Kami. Kami akan melakukan verifikasi atas setiap saran, permintaan, keluhan atau pertanyaan Anda dan memberikan tanggapan sesuai dengan Syarat dan Ketentuan ini serta prosedur dan kebijakan internal Kami yang berlaku dari waktu ke waktu setelah menerima saran, permintaan, keluhan atau pertanyaan lengkap dari Anda.
Syarat dan Ketentuan (S&K) Kemitraan ini disepakati oleh dan antara:
Fazz Agen dan Mitra dengan ini sepakat dan menyetujui syarat dan ketentuan kemitraan berikut:
Dalam S&K ini, istilah dan ungkapan berikut memiliki arti sebagai berikut:
“Kerjasama Kemitraan” berarti kerjasama antara Fazz Agen dengan Mitra yang diatur dalam S&K ini.
“Aplikasi” berarti aplikasi milik Fazz Agen yang diunduh pada smartphone Mitra yang berfungsi untuk menjual Produk kepada Konsumen.
“Deposit Fazz Agen” berarti uang yang diberikan oleh Mitra kepada Fazz Agen sebagai uang muka pembelian Produk dalam jumlah minimum sesuai ketentuan Fazz Agen dari waktu ke waktu.
“Konsumen” berarti pembeli Produk melalui Mitra.
“Perwakilan” berarti setiap pegawai/karyawan, personil, staf, pemegang saham, direksi, komisaris, afiliasi, agen, sub-kontraktor, akuntan, penasihat atau konsultan, kuasa dan setiap orang yang bekerja untuk atau memberikan jasa kepada Fazz Agen atau Mitra.
“Produk” berarti setiap produk Fazz Agen yang ditawarkan melalui Aplikasi.
Perjanjian ini berlaku untuk jangka waktu terus menerus, kecuali diakhiri lebih awal oleh Fazz Agen (“Jangka Waktu”).
Fazz Agen dan Mitra setuju bahwa hubungan antara Fazz Agen dan Mitra bukan merupakan hubungan kerja sebagaimana dimaksud dalam peraturan perundang-undangan dibidang ketenagakerjaan yang berlaku melainkan suatu bentuk persetujuan biasa sebagaimana dimaksudkan dalam Kitab Undang-Undang Hukum Perdata Indonesia.
Fazz Agen dan Mitra masing-masing wajib membayar pajak yang berkaitan dengan pelaksanaan kemitraan sesuai dengan peraturan perpajakan yang berlaku.
Fazz Agen dan Mitra masing-masing bertanggung jawab untuk mengganti segala kerugian yang diderita oleh Fazz Agen atau Mitra, yang timbul akibat kelalaian dari Fazz Agen atau Mitra maupun akibat dari pelanggaran atas setiap ketentuan S&K ini.
Mitra dilarang untuk, mengalihkann, atau melepaskan hak dan kewajibannya sehubungan dengan Kerjasama Kemitraan dengan cara apapun kepada pihak ketiga manapun tanpa persetujuan tertulis terlebih dahulu dari Fazz Agen.
Apabila diketahui di kemudian hari bahwa Mitra mengalihkan atau melepaskan hak dan kewajibannya kepada pihak ketiga manapun, maka Mitra harus menerima tuntutan melalui jalur hukum dari Fazz Agen.
Fazz Agen berhak melakukan pengkinian, perubahan, dan modifikasi atas S&K ini. Selama Mitra tetap menggunakan Aplikasi, maka Mitra dianggap telah setuju atas setiap pengkinian, perubahan, dan modifikasi tersebut.
S&K ini dapat disetujui secara terpisah oleh masing-masing Fazz Agen dan Mitra, dan ketika disetujui maka akan dianggap sebagai satu kesatuan dokumen asli yang tidak terpisahkan.
DEMIKIANLAH S&K ini disetujui oleh Fazz Agen dan Mitra.
Kami mengapresiasi kepercayaan Anda terhadap layanan yang disediakan dalam Fitur Payfazz ‘GROSIR’ dalam platform digital Fazz Business. Mohon agar Anda meluangkan waktu untuk membaca dan memperhatikan seluruh Syarat dan Ketentuan Kemitraan Payfazz ‘GROSIR’ (“S&K Kemitraan GROSIR”) ini. Layanan Fitur Payfazz ‘GROSIR’ (“Fitur GROSIR”) disediakan oleh PT Payfazz Teknologi Nusantara (“Kami”) yang bekerjasama dengan PT Modal Rakyat Indonesia.
Segala ketentuan dan kebijakan yang diatur dalam S&K Kemitraan GROSIR ini merupakan bagian yang tidak terpisahkan dari Syarat dan Ketentuan Penggunaan layanan dalam platform digital Fazz Business. Selanjutnya, Anda memahami bahwa setiap peristilahan atau kata-kata yang menggunakan huruf depan kapital juga merujuk pada Perjanjian Jaminan dan Dukungan (“Perjanjian”) yang ditandatangani oleh Anda selaku MERCHANT dengan GROSIR, termasuk lampiran-lampirannya yang terkait, kecuali ditentukan lain atau dibuat secara khusus menurut S&K Kemitraan GROSIR ini.
Dengan menandatangani Perjanjian, Anda selaku MERCHANT sepakat untuk melangsungkan dan mengikatkan diri pada S&K Kemitraan GROSIR ini yang merupakan bagian yang tidak terpisahkan dari dan karenanya menjadi satu kesatuan dengan Perjanjian. Kami berhak atas diskresi sendiri untuk sewaktu-waktu mengubah syarat dan ketentuan dalam S&K Kemitraan GROSIR ini dengan menyampaikan pemberitahuan kepada MERCHANT.
A. KETENTUAN LAYANAN FITUR GROSIR
Pemesanan Produk MERCHANT oleh Pembeli atau downliner dapat dilakukan melalui pemindaian kode Quick Response (QR Code) yang disediakan oleh GROSIR kepada MERCHANT melalui Platform Fazz Business (sebagaimana relevan).
B. SYARAT DAN KETENTUAN PENGGUNAAN FITUR GROSIR OLEH MERCHANT
C. KETENTUAN JAMINAN DAN DUKUNGAN PEMBAYARAN MERCHANT
D. PERNYATAAN DAN JAMINAN TAMBAHAN MERCHANT
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