Legal

End User Privacy Policy

Last updated: 6 January 2023

This policy, together with our End User Terms of Service, describes how Finverse collects, uses, and shares personal data about you (the “end user” or “you”) to operate, develop and improve our services.

This policy applies to Finverse Technologies Limited and its subsidiaries (collectively, “Finverse”, “we, “our” or “us”).

By accessing Finverse’s services, you accept and consent, in a voluntary and informed manner, to the practices described below.

ABOUT FINVERSE AND OUR SERVICES

Finverse Technologies Limited is a company incorporated in Hong Kong. Our registered office address is: Rm 2004-06, Strand 50, 50 Bonham Strand, Sheung Wan, Hong Kong.

Data services: Our data services enable you to easily share data from your financial account(s) to a party you have designated (the “Recipient”). This can help you, through services provided by the Recipient, to do things like open new accounts, apply for credit, monitor your finances, transfer money or make payments, among others. The Recipient uses Finverse to access your data in easy-to-use digital formats, which helps it deliver its own services to you.

Payment services: Our payment services enable you to easily setup one-time or recurring payments from your financial account(s) to the Recipient. This can help you to send money to the Recipient in order to do things like repay loans or credit cards, top-up accounts or wallets, purchase goods or services, or transfer money to others. The Recipient uses Finverse to authenticate and initiate payments from your financial account, which helps it deliver its own services to you.

This policy does not cover what your Recipient does with the data we provide (or other data it collects about you from other sources). We encourage you to review the policies of the Recipient for more information about its privacy practices.

COLLECTION OF YOUR INFORMATION

We may collect and process the following information (“End User Information”) about you:

Financial account information you or the Recipient provide: account information (such as your account number, accountholder name, account billing address or other account information, collectively referred to as your “Account Information”), which you or the Recipient provide to us when you choose to use our services to connect a third-party financial account, for example a bank, digital wallet or other financial institution account (your “Connected Account(s)”).

Financial account authorization information you or the Recipient provide: account authorization information (such as your username, password, one-time password or other credentials, collectively referred to as your “Authorization Information”), which you provide us when you connect your Connected Account(s).

By providing us your Account Information and/or Authorization Information, you give us the authority to access and transmit your End User Information (the “Access Authority”), in the following ways:

  • to the relevant financial institution or other entity that maintains your Connected Account, and
  • to the Recipient,

solely to the extent needed for us to provide our services.

You agree that providing us your Account Information or Authorization Information in an electronic format constitutes written permission and consent to transmit your End User Information.

Information we retrieve from your financial accounts: financial and personal information which we retrieve from your Connected Accounts, by accessing your financial institution’s internet banking website(s), mobile application(s) or data feeds (such as API connections). This includes information for all accounts and sub-accounts accessible with the Authorization Information you provide us, for example:

  • Account information (including list of accounts, account names, account types, account numbers and account ownership);
  • Account balances and balance history;
  • Transactions (including historical transactions) and transaction details (including date, amount, description and payee/recipient details);
  • Statements associated with your accounts (including historical statements from the current calendar year and previous 2 calendar years);
  • Credit and loan information (including credit limits, balances, due dates, repayment dates and status, payment amounts and interest rates); and
  • Account holder(s) information (including name, address, contact information and employment details).

Personal information you provide: personal information you provide us (which may include your name, email address, phone number or other personal information) when you contact us or enter such information in our services, for example:

  • When you report any problem to us or request any support from us; or
  • When you use certain features of our services.

Information we collect about you and your devices: information automatically collected when you use our services, for example:

  • Technical and network activity information, including the Internet protocol (IP) address used to connect your computer to the Internet, your browser type and version, time zone setting, device location, browser plug-in types and versions, hardware model and operating system; or
  • Information about your use of our services, including Uniform Resource Locators (URLs), clickstreams to, through and from our site, and page interaction information (such as scrolling, clicks, mouse-overs and length of visit).

Information we receive about you from third parties: personal information about you provided directly to us by Recipients (which may include your financial account information, name, email address, phone number or other personal information) when using our services.

Inferences about you derived from the data we collect: inferences about you derived from other End User Information (including inferences about your location, income or risk profile).

To the extent we rely on your consent to collect and process End User Information, you have the right to withdraw your consent at any time by following the instructions provided in this policy.

RECURRING COLLECTION OF YOUR INFORMATION

By default, we do not store your Authorization Information, which means we can access each Connected Account only once (i.e. at the time you provide us your Authorization Information).

Alternatively, our service allows you to opt-in to storing your Authorization Information, in order to enable us to access your Connected Account(s) on a recurring basis.

If you opt-in to storing your Authorization Information, you agree that the Access Authority you have given us will remain valid indefinitely and on a recurring basis (potentially even after you stop using or terminate the Recipient’s services), until you either indicate you wish to discontinue using our services by unlinking your Connected Account(s), or withdraw access by changing your Authorization Information.

Please refer to “Our Data Retention Practices” below for details on how to unlink your Connected Accounts.

USES OF YOUR INFORMATION

We use your End User Information for various business and commercial purposes, which include:

  • Providing, maintaining and improving our services;
  • Researching and developing new features, products or services;
  • Protecting you, Recipients, Finverse and financial institutions from fraud, malicious activity and other security and privacy concerns;
  • Communicating with you, responding to your questions or requests, and providing customer support to you or to Recipients;
  • Investigating any misuse of our services or of Recipients’ services, including violations of our Developer Policy, criminal activity, or other unauthorized access to our services;
  • Complying with our contractual obligations, and with applicable laws and regulations in any parts of the world;
  • Responding or taking part in legal proceedings, including seeking professional advice;
  • Other notified purposes with your consent, or purposes directly related to the above.

SHARING AND DISCLOSURE OF YOUR INFORMATION

We share your End User Information for various business purposes:

  • With the financial institution who maintains your Connected Account(s) to help establish or update the connections you’ve made through our services;
  • With the Recipient you have designated, and as directed by the Recipient (for example to third parties if directed by you);
  • With our service providers, partners, contractors and other persons under a duty of confidentiality to us, in connected with the services they perform for us;
  • With any member of our group, which means our subsidiaries, parents, ultimate holding company, affiliates and other companies under common control or ownership in any part of the world;
  • In connection with a change in ownership or control of all or a part of our business in any part of the world (such as a merger, acquisition, reorganization or bankruptcy);
  • To enforce any contract with you;
  • If we believe in good faith that disclosure is required to comply with applicable laws, regulations or legal proceedings (such as a court order) in any part of the world;
  • As we believe reasonably appropriate to protect the rights, safety, privacy or property of you, Recipients, Finverse and others;
  • Other notified purposes with your consent.

We may collect, use and share End User Information in an aggregated, de-identified or anonymized manner (which does not identify you personally, and which we believe in good faith cannot be tied back to you) for any purpose permitted under applicable law. This includes creating or using aggregated, de-identified or anonymized data based on the collected information to develop new services or to facilitate research.

OUR DATA RETENTION PRACTICES

We only retain End User Information for so long as it is necessary to fulfil the purposes for which it was collected or used, unless a longer retention period is required or permitted under applicable laws.

By default, we do not store any Authorization Information you provide us. Alternatively, our service allows you to opt-in to storing your Authorization Information, in order to enable us to access your Connected Account(s) on a recurring basis. In such case we may retain the Authorization Information until you indicate you wish to discontinue using the services, by unlinking your Connected Account(s).

At any time, you can terminate using our services by choosing to unlink your Connected Account(s). Any information directly retrieved from your Connected Account(s), and any Authorization Information you have chosen to store, will then be deleted. Please review the Recipient’s support information for more information about how to unlink a Connected Account. A Recipient may also request us directly to unlink your Connected Accounts.

If neither you nor the Recipient request us to unlink your Connected Accounts, we may continue to retain information directly retrieved from your Connected Account(s), as well as any Authorization Information you have chosen to store, potentially even after you stop using or terminate the Recipient’s services.

Please refer to “Your Data Protection Rights” below for options that may be available to you, including the right to request deletion of End User Information.

COOKIES

Our services use cookies and similar tracking technologies to distinguish you from other users of our services and to collect usage statistics. This helps us to provide you with a good experience when you access our services and also allows us to improve our services.

A cookie is a small file of letters and numbers that we store on your browser or the memory or hard drive of your device, if you agree to the use of cookies. Cookies contain information that is transferred to your device’s memory or hard drive.

We use persistent cookies and session cookies. A persistent cookie stays in your browser and will be read by us when you return to our services or a partner site that uses our services. Session cookies only last for as long as the session (usually the current visit to our services or a browser session).

We may use the following cookies:

  • Strictly necessary cookies – These are cookies that are required for the operation of our services. They include, for example, cookies that enable you to access secure areas of our services.
  • Analytical/performance cookies – These allow us to recognise and count the number of end-users and to see how end-users navigate our services when they are using it. This helps us to improve the way our services work, for example, by ensuring that users are able to use our services easily.
  • Functionality cookies – These are used to recognise you when you return to use our services. This enables us to personalise our content for you and remember your preferences (for example, your choice of language or region).

You can block cookies by activating the setting on your browser that allows you to refuse the setting of all or some cookies. However, if you do so, you may not be able to access all or parts of our services.

We may use third-party web services as part of our services. The providers that administer these services use technologies such as cookies (which are likely to be analytical/performance cookies), web server logs and web beacons to help us analyse how end-users use our services. The information collected through these means (including IP addresses) is disclosed to these providers. These analytics providers may use the data collected to contextualise and personalise the marketing materials of their own advertising network.

THIRD-PARTY SITES

Our services or our communication with you may from time to time contain links to third-party websites over which we have no control. If you follow a link to any of these websites, please note that they have their own practices and policies. We encourage you to read the privacy policies or statements of these websites to understand your rights. We accept no responsibility or liability for any practices of third-party websites.

SECURITY OF YOUR INFORMATION

We have implemented technological, organizational and physical security measures designed to protect your data from unauthorized access. These include:

  • Encrypting the information you provide during transit and at rest. We use additional encryption for highly sensitive data such as Authorization Information, financial account numbers, statements and personally identifiable information.
  • Restricting access to our systems using network and other access controls, such as firewalls and multiple levels of authentication.
  • Restricting access to personal information to our employees, service providers and contractors on a strictly need-to-know basis, and ensuring that those persons are subject to contractual confidentiality obligations.
  • Reviewing our information collection, storage and processing practices from time to time to guard against unauthorised access, processing or use.

Please note, however, the transmission of information via the Internet is not completely secure. Although we will do our best to protect your personal data, we cannot guarantee the security of your data transmitted to our services. Any transmission is at your own risk, and we expressly disclaim all liability for any interception or interruption of any Internet transmissions you send, and for any resulting data losses.

INTERNATIONAL DATA TRANSFERS

We operate internationally and, as a result, may transfer your End User Information across international borders, for processing, storage or other purposes related to the use of our services. This includes transfers outside your country of residence or the country in which your Connected Account(s) is registered, to other countries (for example Singapore or Hong Kong). This may also include transfers to the Recipient or other persons referred to under “Sharing and Disclosure of your Information” above, who operate in other countries.

By submitting your personal data you agree to this transfer, storing or processing of data outside your country of residence or the country in which your Connected Account(s) are registered.

YOUR DATA PROTECTION RIGHTS

Under applicable law, you may have certain privacy rights in relation to the End User Information collected about you and how it is used, including under the following laws (depending on your citizenship or where you and your Connected Accounts are located):

  • Hong Kong Personal Data (Privacy) Ordinance;
  • Indonesia Personal Data Protection Act;
  • Philippines Data Privacy Act of 2012;
  • Malaysia Personal Data Protection Act of 2010 (PDPA)
  • Singapore Personal Data Protection Act; and
  • Vietnam Law on Cyber Information Security No. 86/2015/QH13 and Law on Cybersecurity No. 24/2018/QH14.

Subject to limitations and exceptions provided by law, you may have the right to:

  • Check whether we hold personal data about you;
  • Access any personal data we hold about you;
  • Request us to correct any inaccuracy or error in any personal data we hold about you;
  • Request, under certain circumstances, that we restrict the processing of, or erase, your personal information;
  • Where processing of your personal data is based on consent, withdraw that consent;
  • File a complaint regarding our handling of your personal data, to us or to a nationally established body (such as the Philippines National Privacy Commission); and
  • Claim damages in case of inaccurate, incomplete, outdated, false, unlawfully obtained or unauthorized use of personal information.

To exercise any of your data protection rights, where applicable, you can contact us as described in the “Contact Us” section below.

You may be required to provide additional information necessary to confirm your identity before we can respond to your request.

Any such requests may be subject to a small administrative fee to meet our cost to process your request.

CHANGES TO THIS POLICY

We may update this policy from time to time, by posting the new policy on our website, www.finverse.com.

By continuing to use our services after the changes come into effect you agree to be bound by the revised policy.

LANGUAGES

In case of discrepancies between the English and other language versions of this policy, the English version shall prevail.

CONTACT US

If you have any questions, comments or requests regarding this policy or your personal data, please contact us at at [email protected] or by mail at:

Finverse Technologies Limited
Attn: Data Protection Officer
Rm 2004-06, Strand 50
50 Bonham Strand, Sheung Wan
Hong Kong

End User Terms of Service: Data Services

Last updated: 6 January 2023

These terms of service govern your use and access to our services, including our website(s), our application programming interfaces (APIs), the Finverse Link user interface, and any information or content appearing therein (collectively our “Platform”).

Data Services: Our Platform enables you to easily share data from an account you hold at a financial institution (your “Financial Institution”) to a party you have designated (the “Recipient”). This can help you, through services provided by the Recipient, to do things like open new accounts, apply for credit, monitor your finances, transfer money or make payments, among others. The Recipient uses Finverse to access your data in easy-to-use digital formats, which helps it deliver its own services to you.

THESE TERMS

These terms of service are an agreement between you and Finverse Technologies Limited (“Finverse”, “we, “our” or “us”). By using our Platform to access Finverse’s services, you agree to these terms.

If you are using our Platform as a representative of an entity, you are agreeing to these terms on behalf of that entity, and represent that you have the necessary authority to do so.

Please note that these terms do not apply to the services we provide to developers who use Finverse’s APIs. Those services are covered by our Developer Terms of Use and other terms.

HOW WE USE YOUR DATA

You should also read our End User Privacy Policy, which sets out how we collect and use your personal information.

OUR DATA SERVICES

Our data services operate solely to facilitate your sharing of data from an account you hold at your Financial Institution (your “Connected Account”) to the Recipient. We are not and do not represent ourselves to be a credit rating, credit scoring or credit decisioning agency as defined by the applicable laws in the jurisdictions where we are duly incorporated or operating.

By providing us with the details of your Connected Account you consent and authorize us, in a voluntary and informed manner, to access your Connected Account and transfer or otherwise share data from your Connected Account to the Recipient.

Fees

We will not directly charge you any fee for the provision of our services to you.

We will charge a fee to the Recipient for each Connected Account connected through our Platform. These fees are negotiated contractually with the Recipient and may not be disclosed to you.

Your Financial Institution and the Recipient may each assess fees for Connected Accounts connected through our Platform. We are not responsible for these fees, or their disclosure to you. These fees may include digital banking service fees or other data service fees.

ACKNOWLEDGEMENT

By agreeing to these terms, you acknowledge that:

  • The information you share with us, including but not limited to information from your Connected Account, is being shared directly by you to us, and not by your Financial Institution;
  • Our services shall not have the nature of credit rating, credit scoring or credit decisioning, nor involve creating or providing any credit information products on the basis of information provided by your Financial Institution; and
  • Our services may include transferring your personal information across international borders, for processing, storage or other purposes related to the use of our services, as detailed in our End User Privacy Policy.

THIRD PARTIES

Finverse is not responsible for any services provided by third parties or the acts or omissions of any third-party providers, including but not limited to any Recipient, Financial Institution or any other third party involved in processing data from your Connected Account.

We do not guarantee that the services provided by the Recipient will be free of interruption, data loss, security failures or any other errors, and will not be responsible for any such errors by the Recipient. The decision to use any of the services provided by the Recipient, and to share data from your Connected Account to the Recipient, remains yours.

Your use of any of the services provided by the Recipient or by your Financial Institution, and these providers’ handling of your data, is governed by separate terms between you and the applicable providers. We assume no responsibility and bear no liability for any consequences resulting from your interactions with the Recipient or your Financial Institution, and any associated disputes which may arise between you and the Recipient or your Financial Institution. In particular:

  • The Recipient is solely responsible for safeguarding the data it receives from your Connected Account. We assume no responsibility and bear no liability for any data breach by a Recipient of data associated with any Connected Accounts connected through our Platform.
  • Your Financial Institution is responsible for ensuring that access attempts to your Connected Accounts are properly authenticated and authorized, including by verifying the authenticity and validity of access requests. We assume no responsibility and bear no liability for any misuse of your Connected Account by any parties, including through our Platform. You should immediately notify your Financial Institution if you believe your Connected Account has been misused, including if you believe there has been any unauthorized transaction from your Connected Account.

We do not guarantee that your Connected Account or services provided by the Recipient will remain available or compatible with our Platform.

USE OF THE PLATFORM

You represent and warrant that you have all necessary rights to access your Connected Account and to share its data to the Recipient through our Platform in accordance with your Acknowledgement above.

When using or accessing our Platform, you agree to comply with all applicable laws and regulations, including privacy laws, as well as any rules and guidelines that we post.

You agree not to misuse our Platform or help anyone else to do so. In particular, you agree not to do any of the following in connection with our Platform:

  • Use or access anyone else’s Connected Account or related data without their explicit consent;
  • Submit information about anyone else’s identity or Connected Account or that violates any third-party rights;
  • Use our Platform for any unlawful, fraudulent or misleading purpose;
  • Modify, reverse engineer or seek to gain unauthorized access to our Platform or related systems, data or source code;
  • Bypass or circumvent measures designed to prevent or limit access to any part of our Platform, including by circumventing any security or authentication measures or service use limits;
  • Rent, lease, provide access to or sublicense any elements of our Platform to a third party, or use our Platform on behalf of or to provide services to third parties;
  • Re-sell or distribute for commercial benefit any data, content or information available on our Platform;
  • Access our Platform for competitive purposes or publish any benchmark or performance information about our Platform, or
  • Use our Platform in any manner that could damage, disable, overburden, or impair the functioning of our Platform or interfere with, disrupt or negatively affect other users.

We reserve the right to limit your use of our Platform and the services we provide, including the right to restrict, suspend or terminate your access if we believe you are in breach of these terms or are misusing our Platform or any services we provide. In such cases, we also reserve the right to contact your Financial Institution, the Recipient, law enforcement or relevant regulators about your actions; and to take legal action against you in the jurisdiction(s) in which we operate.

We give you a personal, worldwide, royalty-free, non-assignable, non-transferrable, non-sublicensable, non-exclusive and revocable licence to access and use our Platform, including any software or application as part of the services we offer. This licence is for the sole purpose of enabling you to use and enjoy the benefit of our Platform as provided by us and in the manner as permitted by these terms.

This licence to use our Platform will terminate if you do not comply with these terms or other additional terms or conditions imposed by us from time to time.

AVAILABILITY OF OUR SERVICES

We are constantly changing and improving our Platform and the products or services we provide. We may from time to time change or discontinue any of the products or services we offer, or add or remove functionalities or features, and we may suspend or stop certain products, services, functionalities or features altogether.

We may release products, services, functionalities or features that we are still testing and evaluating. We may label such services as “beta”, “preview”, “early access” or “trial” or any words or phrases with similar meanings. You understand that these beta services are not as reliable as other products or services we offer.

We try our best to ensure that our Platform is always available, but we do not guarantee that the operation of or access to our Platform will be uninterrupted or continuous. Our Platform may be interrupted for maintenance, repairs, upgrades, network or equipment failures.

OUR INTELLECTUAL PROPERTY RIGHTS

All intellectual property rights subsisting in our Platform or the products or services we provide belong to us or have been lawfully licensed to us. All rights under applicable laws are hereby reserved.

You must not copy, modify or create derivative works of our Platform, or remove any of our proprietary notices.

Our name “Finverse” and our marks and logos are our trademarks (be it registered or unregistered) and may not be used without our express prior written consent.

FEEDBACK

We value and welcome feedback on our Platform. You agree that we are free to use, disclose, adopt and/or modify any feedback and any information (including any ideas, concepts, proposals, suggestions or comments) provided by you to use in connection with our Platform or any products or services we offer, without any payment to you.

You hereby waive and agree to waive any rights to claim for any fees, royalties, charges or other payments in relation to our use, disclosure, adoption and/or modification of any of your feedback.

LIMITATION ON LIABILITIES

Some countries or jurisdictions may not allow the following disclaimers, in which case these disclaimers will not apply to you.

To the fullest extent permitted by law, we (including our directors, employees or partners) expressly limit our liabilities in connection with or arising out of the provision of the Platform as follows:

  • We provide the Platform and any products or services we offer on an “as is” and “as available” basis, and your use of our Platform is at your own risk;
  • We give no assurance, representation or warranty of any kind (whether express or implied) about the Platform and any products or services we provide;
  • We expressly disclaim all warranties and representations (for example, warranties of merchantability, fitness for a particular purpose, and non-infringement);
  • We do not guarantee that use of the Platform will be uninterrupted or error-free, that any of the information you find on the Platform will be accurate, complete or up-to-date, or that we will maintain any data without loss; and
  • We are not responsible for any delay or disruption in our Platform or any defect, viruses, bugs or errors.

To the fullest extent permitted by law, we (including our directors, employees or partners) are not liable to you or others for:

  • Any indirect, incidental, special, exemplary, consequential or punitive damages of any kind; or
  • Any lost profits, loss of use, lost or inaccurate data, failure of security mechanisms, financial losses, or loss of reputation,

relating to the use of our Platform or any products or services we offer.

We do not exclude or limit our liability to you where it would be illegal to do so. This includes any of our liability for fraud or making fraudulent misrepresentation in operating the Platform or providing the products or services we offer.

If you are using the Platform as a consumer, in some countries or jurisdictions you may have certain legal rights as a consumer. In such cases, nothing in these terms limit your legal rights as a consumer that may not be waived by contract.

Other than the types of liabilities that we cannot limit by law, our liabilities (including those of our directors, employees or partners) to you are limited, in aggregate, to the greater of (i) the amount you have paid us (if any) for the use of our Platform, and (ii) US$50.

INDEMNITY

You agree to indemnify and hold us (including our directors, employees or partners) harmless from and against all liabilities, damages, claims, costs (including legal fees and costs), and expenses in connection with or arising from (i) your breach of these terms, (ii) your use of our Platform and/or (iii) any misrepresentation made by you.

You also agree to fully cooperate with us in the defence or settlement of any claim in relation to or arising out of our Platform or these terms.

GOVERNING LAW AND DISPUTE RESOLUTION

These terms are governed by and shall be construed in accordance with the laws of the Hong Kong Special Administrative Region.

Any dispute or claim arising out of or in connection with this Agreement or its subject matter (including non-contractual disputes or claims) shall first be referred to mediation at the Hong Kong International Arbitration Centre (HKIAC) in accordance with its then current mediation rules. If the mediation is abandoned by the mediator or is otherwise concluded without the dispute or difference being resolved, then such dispute or difference shall be referred to and determined by arbitration at HKIAC in accordance with its domestic arbitration rules.

TERMINATION

These terms will continue to apply until terminated by either you or us as follows.

You may stop using the Platform any time by unlinking your Connected Account through the Recipient (if available).

We reserve the right to suspend or terminate your access to our Platform at any time in our discretion, with or without notice and for any or no reason, including if we believe you have violated these terms. We will have no liability to you for any termination or suspension, nor will such action limit any other rights or remedies we may have. Except for your right to use the Platform, these terms will survive any termination.

Where we consider necessary or appropriate, we will report any breach of these terms to law enforcement authorities and we will cooperate with such authorities by disclosing your identity and providing any information about you within our systems to them.

OTHER IMPORTANT TERMS

Any delay we make in enforcing these terms does not waive our rights to enforce them later.

We may transfer our rights and obligations under these terms to another organisation, including in connection with a merger, sale or other change of control.

You may only transfer your rights or your obligations under these terms to another person if we agree to this in writing.

If a court of competent jurisdiction finds part of these terms to be unenforceable for any reason, the remaining provisions will remain in full force.

These terms constitute the entire agreement between any user and us in relation to the use of the Platform. These terms supersede and extinguish all other agreements, promises, assurances, warranties, representations and understandings between any user and us, whether written or oral, in relation to the use of the Platform.

No one other than you or us have any right to enforce these terms under any applicable law.

You acknowledge that you will have no remedies in respect of any statement, representation, assurance or warranty (whether made innocently or negligently) that is not set out in these terms.

CHANGES OF TERMS

We may modify these terms from time to time by posting the updated terms on our Platform. By continuing to use our Platform and our services after the changes come into effect, you agree to be bound by the revised policy. If you do not agree to the changes, your sole remedy is to cease using the Platform.

LANGUAGES

In case of discrepancies between the English and other language versions of this policy, the English version shall prevail.

CONTACT US

If you have any questions or problems relating to our Platform, please contact us at [email protected].

If you have any questions about these terms, please contact us at [email protected] or by mail at:

Finverse Technologies Limited
Attn: Legal
Rm 2004-06, Strand 50
50 Bonham Strand, Sheung Wan
Hong Kong

End User Terms of Service: Payment Services

Last updated: 23 December 2022

These terms of service govern your use and access to our services, including our website(s), our application programming interfaces (APIs), the Finverse Link user interface, and any information or content appearing therein (collectively our “Platform”).

Payment Services: Our Platform enables you to easily setup one-time or recurring payments from an account you hold at a financial institution (your “Financial Institution”) to a party you have designated (the “Recipient”). This can help you to send money to the Recipient in order to do things like repay loans or credit cards, top-up accounts or wallets, purchase goods or services, or transfer money to others. The Recipient uses Finverse to authenticate and initiate payments from your financial account, which helps it deliver its own services to you.

THESE TERMS

These terms of service are an agreement between you and Finverse Technologies Limited (“Finverse”, “we, “our” or “us”). By using our Platform to access Finverse’s services, you agree to these terms.

If you are using our Platform as a representative of an entity, you are agreeing to these terms on behalf of that entity, and represent that you have the necessary authority to do so.

Please note that these terms do not apply to the services we provide to developers who use Finverse’s APIs. Those services are covered by our Developer Terms of Use and other terms.

HOW WE USE YOUR DATA

You should also read our End User Privacy Policy, which sets out how we collect and use your personal information.

OUR PAYMENT SERVICES

Our payments services operate solely to facilitate payments from an account you hold at your Financial Institution (your “Connected Account”) to the Recipient. We are not and do not represent ourselves to be a bank, remittance agent, payment system, stored value facility or payment gateway as defined by the applicable laws in the jurisdictions where we are duly incorporated or operating.

By providing us with the details of your Connected Account and registering this Connected Account for payments to the Recipient, you consent and authorize us, in a voluntary and informed manner, to debit funds from your Connected Account on behalf of the Recipient.

Our platform supports several payment methods, including:

  • Direct debits (AutoPay)
  • Fixed scheduled payments

We will determine which payment method to use based on (i) the payment methods supported by your Financial Institution, and (ii) the payment instructions received from the Recipient. We will confirm your authorization for the selected payment method prior to setting up any payment.

Direct debits (AutoPay)

For direct debit payments, we will setup an electronic pre-authorization (the “Direct Debit Mandate”) with your Financial Institution, allowing us to withdraw funds, on demand, from your Connected Account.

When directed by the Recipient, we will initiate a debit from your Connected Account to pay the amount indicated by the Recipient. The timing, number and amount of these payments will be determined by the Recipient’s instructions to us, and may vary over time, and from payment to payment.

If we are unable to successfully debit your Connected Account, or if we are notified that your Connected Account has insufficient funds to complete the debit, we may re-attempt to debit your Connected Account multiple times. You agree that we will have no liability if we cannot successfully debit your Connected Account, or if your Connected Account has insufficient funds when we attempt (or re-attempt) to debit your Connected Account.

Fixed scheduled payments

For fixed scheduled payments, we will setup an electronic pre-authorization (the “Future Payment Instruction”) with your Financial Institution, instructing your Financial Institution to withdraw funds on a specified schedule from your Connected Account. The timing, number and amount of these payments will be determined by the Recipient’s instructions to us, and will be included in the Future Payment Instruction submitted to your Financial Institution.

Neither we nor the Recipient will be involved in initiating debits from your Connected Account. Rather, your Financial Institution will automatically execute the Future Payment Instruction based on the terms specified within, and will initiate debits from your Connected Account accordingly.

If your Financial Institution is unable to successfully debit your Connected Account, it may re-attempt to debit your Connected Account multiple times. You agree that we will have no liability if your Financial Institution cannot successfully debit your Connected Account, or if your Connected Account has insufficient funds when your Financial Institution attempts (or re-attempt) to debit your Connected Account.

Fees

We will not directly charge you any fee for the provision of our payment services to you.

We will charge a fee to the Recipient for each payment debited from your Connected Account through our Platform, and for each Direct Debit Mandate or Future Payment Instruction. These fees are negotiated contractually with the Recipient and may not be disclosed to you.

Your Financial Institution and the Recipient may each assess fees for payments made through our Platform. We are not responsible for these fees, or their disclosure to you. These fees may include returned payment fees related to any insufficient funds transaction, and late payment fees or penalties if the Recipient does not receive a payment on time.

Changes to payment instructions

If you wish to cancel or modify the Direct Debit Mandate or Fixed Payment Instruction, please contact your Financial Institution. Some institutions may allow you to manage your Direct Debit Mandate or Future Payment Instruction through their online portal; others may require you to submit paper forms or use other channels. Neither we nor the Recipient will be automatically notified should you submit any changes to your Financial Institution regarding the Direct Debit Mandate or Future Payment Instruction, and you acknowledge that we are not responsible for any such changes or their consequences.

In certain cases, the Recipient may also enable you to cancel or modify the Direct Debit Mandate or Future Payment Instruction through our Platform. The availability of this option may vary depending on the capabilities of the Recipient and your Financial Institution.

General payment terms

We are not responsible for any fees or losses you suffer that result from erroneous Connected Account information you provide to us.

You acknowledge that the Recipient is responsible for providing notice to you of the amounts to be debited from your Connected Account, and that we will not give you notice of any payments. The exact time that the Connected Account will be debited for a payment may vary depending on the processing capabilities of your Financial Institution.

We may process your payments directly from your Connected Account to an account held by the Recipient, or to an account held by us for subsequent settlement to the Recipient.

If we or your Financial Institution are unable to successfully debit your Connected Account for any reason, we may suspend your ability to make any further payments, in our sole discretion.

THIRD PARTIES

Finverse is not responsible for any services provided by third parties or the acts or omissions of any third-party providers, including but not limited to any Recipient, Financial Institution or any other third party involved in executing payments from your Financial Institution to the Recipient.

We do not guarantee that the services provided by the Recipient will be free of interruption, data loss, security failures or any other errors, and will not be responsible for any such errors by the Recipient. The decision to use any of the services provided by the Recipient, and to pay the Recipient from your Connected Account, remains yours.

Your use of any of the services provided by the Recipient or by your Financial Institution, and these providers’ handling of your payments, is governed by separate terms between you and the applicable providers. We assume no responsibility and bear no liability for any consequences resulting from your interactions with the Recipient or your Financial Institution, and any associated disputes which may arise between you and the Recipient or your Financial Institution. In particular:

  • The Recipient is solely responsible for determining the amounts and timing of any payments made from your Connected Account. We assume no responsibility and bear no liability for any payments from your Connected Account made through our Platform in accordance with the Recipient’s instructions to us.
  • Your Financial Institution is responsible for ensuring that any payments from your Connected Account are properly authenticated and authorized, including by verifying the authenticity and validity of the Direct Debit Mandate or Fixed Payment Instruction. We assume no responsibility and bear no liability for any misuse of your Connected Account by any parties, including through our Platform. You should immediately notify your Financial Institution if you believe your Connected Account has been misused, including if you believe there has been any unauthorized transaction from your Connected Account.
  • We do not guarantee that your Connected Account or services provided by the Recipient will remain available or compatible with our Platform.

USE OF THE PLATFORM

You represent and warrant that you have all necessary rights to use your Connected Account to pay the Recipient through our Platform.

When using or accessing our Platform, you agree to comply with all applicable laws and regulations, including privacy laws, as well as any rules and guidelines that we post.

You agree not to misuse our Platform or help anyone else to do so. In particular, you agree not to do any of the following in connection with our Platform:

  • Use or access anyone else’s Connected Account or related data without their explicit consent;
  • Submit information about anyone else’s identity or Connected Account or that violates any third-party rights;
  • Use our Platform for any unlawful, fraudulent or misleading purpose;
  • Modify, reverse engineer or seek to gain unauthorized access to our Platform or related systems, data or source code;
  • Bypass or circumvent measures designed to prevent or limit access to any part of our Platform, including by circumventing any security or authentication measures or service use limits;
  • Rent, lease, provide access to or sublicense any elements of our Platform to a third party, or use our Platform on behalf of or to provide services to third parties;
  • Re-sell or distribute for commercial benefit any data, content or information available on our Platform;
  • Access our Platform for competitive purposes or publish any benchmark or performance information about our Platform, or
  • Use our Platform in any manner that could damage, disable, overburden, or impair the functioning of our Platform or interfere with, disrupt or negatively affect other users.

We reserve the right to limit your use of our Platform and the services we provide, including the right to restrict, suspend or terminate your access if we believe you are in breach of these terms or are misusing our Platform or any services we provide. In such cases, we also reserve the right to hold, return or reclaim your payments; to contact your Financial Institution, the Recipient, law enforcement or relevant regulators about your actions; and to take legal action against you in the jurisdiction(s) in which we operate.

We give you a personal, worldwide, royalty-free, non-assignable, non-transferrable, non-sublicensable, non-exclusive and revocable licence to access and use our Platform, including any software or application as part of the services we offer. This licence is for the sole purpose of enabling you to use and enjoy the benefit of our Platform as provided by us and in the manner as permitted by these terms.

This licence to use our Platform will terminate if you do not comply with these terms or other additional terms or conditions imposed by us from time to time.

TAX IMPLICATIONS OF USING OUR SERVICES

You are responsible for all, if any, applicable taxes arising from your use of our services. It is your sole responsibility and liability to determine what, if any, taxes apply to the payments you make, and to assess, collect, report and remit the correct taxes to the appropriate authority, including any relevant fines, penalties and liabilities associated thereof. We are not responsible for determining whether any taxes apply to your payments, or for calculating, collecting, reporting or remitting taxes associated with your use of our services.

AVAILABILITY OF OUR SERVICES

We are constantly changing and improving our Platform and the products or services we provide. We may from time to time change or discontinue any of the products or services we offer, or add or remove functionalities or features, and we may suspend or stop certain products, services, functionalities or features altogether.

We may release products, services, functionalities or features that we are still testing and evaluating. We may label such services as “beta”, “preview”, “early access” or “trial” or any words or phrases with similar meanings. You understand that these beta services are not as reliable as other products or services we offer.

We try our best to ensure that our Platform is always available, but we do not guarantee that the operation of or access to our Platform will be uninterrupted or continuous. Our Platform may be interrupted for maintenance, repairs, upgrades, network or equipment failures.

OUR INTELLECTUAL PROPERTY RIGHTS

All intellectual property rights subsisting in our Platform or the products or services we provide belong to us or have been lawfully licensed to us. All rights under applicable laws are hereby reserved.

You must not copy, modify or create derivative works of our Platform, or remove any of our proprietary notices.

Our name “Finverse” and our marks and logos are our trademarks (be it registered or unregistered) and may not be used without our express prior written consent.

FEEDBACK

We value and welcome feedback on our Platform. You agree that we are free to use, disclose, adopt and/or modify any feedback and any information (including any ideas, concepts, proposals, suggestions or comments) provided by you to use in connection with our Platform or any products or services we offer, without any payment to you.

You hereby waive and agree to waive any rights to claim for any fees, royalties, charges or other payments in relation to our use, disclosure, adoption and/or modification of any of your feedback.

LIMITATION ON LIABILITIES

Some countries or jurisdictions may not allow the following disclaimers, in which case these disclaimers will not apply to you.

To the fullest extent permitted by law, we (including our directors, employees or partners) expressly limit our liabilities in connection with or arising out of the provision of the Platform as follows:

  • We provide the Platform and any products or services we offer on an “as is” and “as available” basis, and your use of our Platform is at your own risk;
  • We give no assurance, representation or warranty of any kind (whether express or implied) about the Platform and any products or services we provide;
  • We expressly disclaim all warranties and representations (for example, warranties of merchantability, fitness for a particular purpose, and non-infringement);
  • We do not guarantee that use of the Platform will be uninterrupted or error-free, that any of the information you find on the Platform will be accurate, complete or up-to-date, or that we will maintain any data without loss; and
  • We are not responsible for any delay or disruption in our Platform or any defect, viruses, bugs or errors.

To the fullest extent permitted by law, we (including our directors, employees or partners) are not liable to you or others for:

  • Any indirect, incidental, special, exemplary, consequential or punitive damages of any kind; or
  • Any lost profits, loss of use, lost or inaccurate data, failure of security mechanisms, financial losses, or loss of reputation,

relating to the use of our Platform or any products or services we offer.

We do not exclude or limit our liability to you where it would be illegal to do so. This includes any of our liability for fraud or making fraudulent misrepresentation in operating the Platform or providing the products or services we offer.

If you are using the Platform as a consumer, in some countries or jurisdictions you may have certain legal rights as a consumer. In such cases, nothing in these terms limit your legal rights as a consumer that may not be waived by contract.

Other than the types of liabilities that we cannot limit by law, our liabilities (including those of our directors, employees or partners) to you are limited, in aggregate, to the greater of (i) the amount you have paid us (if any) for the use of our Platform, and (ii) US$50.

INDEMNITY

You agree to indemnify and hold us (including our directors, employees or partners) harmless from and against all liabilities, damages, claims, costs (including legal fees and costs), and expenses in connection with or arising from (i) your breach of these terms, (ii) your use of our Platform and/or (iii) any misrepresentation made by you.

You also agree to fully cooperate with us in the defence or settlement of any claim in relation to or arising out of our Platform or these terms.

GOVERNING LAW AND DISPUTE RESOLUTION

These terms are governed by and shall be construed in accordance with the laws of the Hong Kong Special Administrative Region.

Any dispute or claim arising out of or in connection with this Agreement or its subject matter (including non-contractual disputes or claims) shall first be referred to mediation at the Hong Kong International Arbitration Centre (HKIAC) in accordance with its then current mediation rules. If the mediation is abandoned by the mediator or is otherwise concluded without the dispute or difference being resolved, then such dispute or difference shall be referred to and determined by arbitration at HKIAC in accordance with its domestic arbitration rules.

TERMINATION

These terms will continue to apply until terminated by either you or us as follows.

You may stop using the Platform any time by canceling the Direct Debit Mandate or Fixed Payment Instruction through your Financial Institution, or through the Recipient (if available).

We reserve the right to suspend or terminate your access to our Platform at any time in our discretion, with or without notice and for any or no reason, including if we believe you have violated these terms. We will have no liability to you for any termination or suspension, nor will such action limit any other rights or remedies we may have. Except for your right to use the Platform, these terms will survive any termination.

Where we consider necessary or appropriate, we will report any breach of these terms to law enforcement authorities and we will cooperate with such authorities by disclosing your identity and providing any information about you within our systems to them.

OTHER IMPORTANT TERMS

Any delay we make in enforcing these terms does not waive our rights to enforce them later.

We may transfer our rights and obligations under these terms to another organisation, including in connection with a merger, sale or other change of control.

You may only transfer your rights or your obligations under these terms to another person if we agree to this in writing.

If a court of competent jurisdiction finds part of these terms to be unenforceable for any reason, the remaining provisions will remain in full force.

These terms constitute the entire agreement between any user and us in relation to the use of the Platform. These terms supersede and extinguish all other agreements, promises, assurances, warranties, representations and understandings between any user and us, whether written or oral, in relation to the use of the Platform.

No one other than you or us have any right to enforce these terms under any applicable law.

You acknowledge that you will have no remedies in respect of any statement, representation, assurance or warranty (whether made innocently or negligently) that is not set out in these terms.

CHANGES OF TERMS

We may modify these terms from time to time by posting the updated terms on our Platform. By continuing to use our Platform and our services after the changes come into effect, you agree to be bound by the revised policy. If you do not agree to the changes, your sole remedy is to cease using the Platform.

LANGUAGES

In case of discrepancies between the English and other language versions of this policy, the English version shall prevail.

CONTACT US

If you have any questions or problems relating to our Platform, please contact us at [email protected].

If you have any questions about these terms, please contact us at [email protected] or by mail at:

Finverse Technologies Limited
Attn: Legal
Rm 2004-06, Strand 50
50 Bonham Strand, Sheung Wan
Hong Kong

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