Terms & Conditions

1. Terms of use

This section sets out the terms and conditions (these “Terms”) of your access to https://www.haipay.net/ (the “Site”), including all sub-pages on the Site, which are operated by HaiPay or where you may use or have access to the services provided by HaiPay (the “Service”). If you are an individual, you must be above eighteen (18) years old and competent to contract under the applicable laws to access or use the Service.

If you are a merchant or business, your business must be validly organised and operating legally in the jurisdiction where HaiPay has operation in order to use the Service. By accessing the Site, you are agreeing to these Terms. We may amend these Terms at any time by posting an updated version. The updated version of these Terms shall take effect immediately upon posting. Each time you access the Site, you confirm that you agree to be bound by these Terms as may be amended from time to time.

Unless otherwise indicated or the context requires otherwise, reference to “HaiPay”, “we”, “us” or “our” in these Terms include HaiPay and its affiliates. That are involved in providing the Service, and such affiliates are joined as parties to these Terms with respect to the Service they provide.

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2. Merchant On-Boarding Policy

Introduction of the Policy

This Merchant On-Boarding Policy (Policy) has been formulated to provide the minimum requirements pertaining to the procedures that the Company shall implement when associating with Overseas Merchants and it shall, among others, cover aspects related to merchant due diligence, reporting and record management and endeavors to be in line with the requirements of the bank in this regard. The compliance and operations team of the Company will be responsible for effective implementation of this policy.

Objective of the Policy

The Policy is applicable to all employees of the Company and has been prepared to achieve the following objectives:

1. To establish a framework for the implementation of adequate merchant on-boarding processes, procedures and controls;
2. To regularly review the Policy and procedures herein to ensure its effectiveness.
3. Merchant on-boarding procedure will follow in lines with the policy to define their on-boarding process.

Merchant on-boarding

Due diligence

• The Company shall, at the outset, screen the names of the merchants as well as the authorized officials / shareholders / Beneficial owners of the merchant against the following:

1. Sanction list of respective geography of the merchant
2. Negative merchant lists maintained with the Company
3. The Company shall also not accept merchants that are falling under the restricted categories (list as per Annexure 1)

• The Company will also ensure that Application name/ Brand name of the customers are screened against the available negative lists. Post screening and merchant acceptance, the Company shall proceed to establish a process to on-board the merchant on its platform. For this purpose, the Company shall obtain necessary identity documents of the merchant along with information pertaining to the nature, financials and other relevant details of the business of the merchant. For this purpose, the Company shall prepare an appropriate onboarding form outlining the requisite information and supporting documentation and shall obtain a duly filled-in copy from the merchant.

• The Company shall undertake background and antecedent check of the merchants, to ensure that such merchants do not have any malafide intention of duping customers, do not sell fake services, etc. Depending on the risk categorization of merchants, the Company will undertake enhanced due diligence of high-risk merchants.

• The information and documents sought from the merchant shall include (which shall be customized based on the country specific regulatory requirements):

1. Identity and address details of the merchant, including supporting documents
2. Charter documents (Certificate of Incorporation, Memorandum and Articles of Association or other relevant document specific to the country)
3. Business license/ registration certificate
4. Certificates/licenses issued by regulators (if any)
5. Tax certificate
6. Shareholding details
7. Director details
8. Board resolution authorizing its officials to transact on its behalf
9. Brief write up on the business of the merchant
10. Signed Merchant Agreement with the Company
11. Bank Statements or other documents evidencing bank account details of the merchants
12. Other relevant information

• The Company shall ensure that these documents are collected basis the type of the entity which the merchant is operating. To state an example, within local and global requirement of KYC document for HaiPay and the Company shall ensure that such requirements are adhered to.

• The Company shall verify all the information received from the merchant in line with the pre-agreed terms with the HaiPay set out in this regard.

On-going due diligence

• The Company shall undertake on-going due diligence of merchants to ensure that their transactions are consistent with their knowledge about the merchants, merchants’ business and risk profile; and the source of funds. The extent of monitoring shall be aligned with the risk category of the merchant.

• For this purpose, the Company shall monitor the following types of transactions:

1. Suspicious transactions having inconsistent patterns of transactions, including but not limited to velocity, volume and threshold checks
2. Sudden surge in transactions for a specific country by multiple merchants or by a merchant to different countries
3. Fraud reporting cases or any non-compliance in terms of behavior, information sharing
4. Stricter monitoring for customers identified as high-risk customers
5. Monitoring against the negative news on companies/ individuals
6. Gateway level checks
7. Increase in chargebacks cases

Record management

The Company shall ensure maintenance, preservation and reporting of merchant information in line with the agreed terms with HaiPay as part of the engagement.

• Periodic updation

1. ‘Periodic Updation’ means steps taken to ensure that documents, data or information collected under the due diligence process is kept up-to-date and relevant by undertaking reviews of existing records at periodicity prescribed by the local and global supervisor institutions or as per agreed terms with HaiPay.

• Record updation

1. Basis the periodic risk assessment carried by the Company, the Company shall review the documents sought at the time of establishing the merchant relationship and obtain additional and fresh documents from the merchants.

Reporting requirements

The Company shall collect, compile and report all such requisite data and information to HaiPay, relating to transactions and merchants, in such format as may be outlined as per a pre-determined arrangement with HaiPay for the purpose of onward reporting to such authorities, regulators.

Review of the Policy

The Policy will be reviewed at least annually, or earlier, if needed, in the event of any significant change in business operations. All updates / changes to the Policy will be communicated to the relevant staff / relevant stakeholders on a periodic basis.

Annexure 1

Online Merchants: Negative Category that cannot be considered – Table I

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3. Settlement of Disputes

a. Dispute Handling

The parties undertake to take all steps to reach an amicable agreement to any dispute arising in relation to the validity, interpretation or fulfilment of the Merchant Onboarding Form. This clause is without prejudice to a party’s right to seek interim relief against any other party (such as an injunction) through the competent courts to protect its rights and interests, or to enforce the obligations of any of the other parties.

b. Applicable Law and Jurisdiction

The Merchant Onboarding Form and these terms and conditions are solely governed by the HONGKONG, CHINA law to the extent it is not in violation or conflict with any law or regulations of the HONGKONG, CHINA and excluding the Convention on Contracts for the International Sale of Goods. In the absence of an amicable agreement, any dispute relating to the validity, interpretation or fulfilment of the Merchant Onboarding Form and these Terms shall be submitted to the exclusive court of HONGKONG, CHINA for both contractual and non-contractual claims.

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4. AML Policy

The AML Policy sets out the minimum standards which must be complied by the Company and employees and includes:

• Establishing and maintaining a Risk Based Approach (RBA) towards assessing and managing the money laundering and terrorist financing risks to the Company;
• Establishing and maintaining risk-based customer due diligence, identification, verification and know your customer (KYC) procedures including enhanced due diligence for high-risk customers such as PEPs;
• Establishing and maintaining risk-based systems to monitor ongoing customer activity;
• Procedures for reporting suspicious activity internally and to law enforcement authorities;
• Procedures for reporting fraudulent use of identification documents;
• Maintenance of appropriate records for prescribed periods;
• Appointment of a Compliance Officer (CO) and Money Laundering Reporting Officer (MLRO);
• Training and awareness for relevant employees;
• Provision of management reporting to senior leadership;
• The Company may require clients to provide additional information or documentation to fulfil legal obligations and may refuse service if related to financial crime.

In addition, identification of beneficial owners may be required. Where applicable, source or destination of funds may also be required.

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Individual identity documents

• Current signed passport
• Valid driving licence
• Country identity card
• Drivers Licence (if Country Drivers Licence not used as ID) Must be valid, not expired. Photo only. Full or provisional.

Bank, Building Society or Credit Union Statement

Dated within 3 months. Must include account number and show recent activity. No general correspondence.

Credit Card Statement

Dated within 3 months. Must include account number and show recent activity. No general correspondence.

Country Mortgage statement

Dated within 12 months. Must show account number. No general correspondence.

Utility Bill

Dated within 6 months. Must show address for service and/or account number. No general correspondence.

Telephone Bill

Dated within 6 months. Must show address for service and/or account number.

Council Tax

Dated within 12 months. Must show address for service and/or account number.

Tenancy Agreement

Dated within 12 months. Must state full name and full property address. Issued by local council, housing association, solicitor or reputable letting agent.

Country Tax Notification

Dated within 6 months. Must state national insurance number and tax calculation.

Home or Motor Insurance Certificate

Dated within 12 months. Must state insured address or registered vehicle address and policy number.

Country letter confirming house purchase/land registration

Dated within 3 months. Must state full name of new proprietor and full property address.

Country Medical Card or letter from GP

Dated within 3 months. Must state date of birth and CMC number.

Police Registration Certificate

Dated within 12 months. Must state the full residential address of the individual.