TrueMoney Agent Service Agreement 

 

TrueMoney , Myanma Apex Bank (MAB) and the Agent are collectively referred to as the “Parties” and individually as the “Party” .

 

The Agent wishes to be appointed as a TrueMoney Agent in order to provide TrueMoney Services to Customers whereby the Agent has duly completed the Agent Registration Form which has been duly approved by TrueMoney. Therefore, the Agent hereby undertakes that (i) the above information is correct and (ii) they have read, understood and agree with the Terms and Conditions attached this Agreement, as well as any other TrueMoney Policies to be published and announced from time-to-time, which are deemed a legal binding agreement between the Agent and TrueMoney and deemed an integral part of this Agreement, 

 

TERMS AND CONDITIONS

 (ALSO REFERRED TO HEREIN AS THE “AGREEMENT”)

 

BACKGROUND

 

(A)                TrueMoney operates in Southeast Asia; Thailand, Myanmar, Cambodia, Indonesia, Philippines and Vietnam. In addition to that we shall be starting to operate in Malaysia in 2022. We are operated by Ascend Money, a regional financial technology firm under the CP Group, with Ant Financial as partner. With the variety and huge ecosystem of CP Group in Thailand, and the experience and technology advancement of Ant Financial under Alibaba, TrueMoney is in the best position to drive the growth of financial inclusion to the population of Myanmar, introducing the best-in-class platform with security and convenience. 

(B)                True Money has agreed to make available the Services to the Agent on terms and conditions set out herein. The Agent agrees to provide the Services to the Customers in accordance with these Terms and Conditions.

 

TERMS AND CONDITIONS

 

1   DEFINITIONS AND INTERPRETATION

 

1.1     Definitions

 

In this Agreement:

(1)                “Agent” means any person (individual or legal entity) who has been appointed by TrueMoney and granted the access to use TrueMoney Services and provide such Services to the Customers. For avoidance of doubt, the Agent does not limit to an individual but also includes but not limited to the Agent’s Directors, Employees, Agents, Subcontractors and Representative etc.  as identified on the Agent Registration Form Agent 

(2)                “Customer” means any person or entity using the Services.

(3)                “Premises” means the business address on the Agent Registration Form.

(4)                “Services” means the products and services made available by TrueMoney and to the Customers.

(5)                “True Money Policies” means any policy, rules, regulations, conditions issued and made effective by TrueMoney in relation to the provision of Services. 

 

2   APPOINTMENT OF AGENT 

 

2.1                The appointment of Agent shall be valid from the Effective Date as written in the Agreement and shall be terminated in accordance with this Terms and Conditions. 

2.2                As a TrueMoney appointed Agent, the Agent shall make available TrueMoney’s Services to the Customers and shall provide the Services in accordance with the Terms and Conditions and/or any TrueMoney Policies to be issued from time-to-time. 

2.3                The Agent shall provide Services at a designated counter on the Premises which should be open and available according to the agreed operation hours.

2.4                The Agent will comply with all applicable laws. 

 

3  AGENT OBLIGATIONS

 

3.1              To provide the Services in accordance with these Terms and Conditions and/or True Money Policies.

3.2                Facilitate the registration of new Customers and collect the necessary documents to complete the Customer identification procedure in accordance with TrueMoney’s standard instruction and the applicable laws.

3.3                To maintain the average cash balance of 100,000 MMK in the Agent wallet.

3.4                To display advertising material, only as provided by TrueMoney, for no additional fee and at the Agent’s cost, in the prescribed manner. The Agent shall not display any advertising unless it is approved by TrueMoney.

3.5                To keep records of all transactions and to provide TrueMoney copies of the records when requested. Records must be kept for a period of 5 years.

3.6                  The Agent shall comply with the highest customer services standards as customary in the industry, but in any case, as instructed by TrueMoney from time to time.

3.7                Any dispute between the Agent and a Customer shall be immediately referred to TrueMoney, which shall determine the appropriate action for the Agent’s prompt adherence. TrueMoney is not responsible for any agreement reached between the Customer and the Agent, and the Agent shall hold harmless TrueMoney in such case.

 

4    FURTHER UNDERTAKINGS OF THE AGENT

 

4.1                The Agent undertakes:

4.1.1.1   to comply with all laws, in particular in relation to anti-corruption, anti-money laundering law, labour laws, tax laws and child protection laws;

4.1.1.2   to display any information relating to the Services required by TrueMoney including information on fees, list of services provided, Agent ID and TrueMoney contact information;

4.1.1.3   that it is responsible for any cash it holds for the provision of the Services and cash it receives from Customers. The Agent shall store all cash per the applicable amounts, securely and is responsible for cash which is lost, stolen or otherwise goes missing. The Agent shall deposit cash it receives with the Bank as prescribed by TrueMoney;

4.1.1.4   keep their PIN code confidential at all times;

4.1.1.5   never reveal transaction account details to any third party;

4.1.1.6   never reveal any Customer information to any third party during and after the termination of this Agreement;

4.1.1.7   to keep all information received from TrueMoney confidential during and after the termination of this Agreement, except with written authorisation permitting its disclosure;

4.1.1.8   obtain TrueMoney’s approval prior to moving Premises.

 

4.2           The Agent undertakes not to:

4.2.1.1        claim they are an authorised representative of TrueMoney;

4.2.1.2        promote or provide services of other mobile financial services if and so long such is permitted per the applicable law;

4.2.1.3        permit any other individual to provide the Services;

4.2.1.4        carry out offline transaction or carry out a transaction when a transactional receipt or acknowledgment cannot be immediately generated;

4.3          in case of fund in process, the Agent require to provide the physical cash to an authorised representative of TrueMoney ensure that Agent received TMN balance. 

4.4                in case of fund out process, ensure that agent received the physical cash from an authorized representative of TrueMoney after transferring TMN balance;

4.4.1.1   charge fees apart from the specified tariffs charged on Customers, including the provision of discounts which are not approved;

4.4.1.2     provide Services which it is not authorised to provide or other than through its authorised account;

4.4.1.3   provide a cash advance or loan to any Customer;

4.4.1.4   act in any dishonest, fraudulent, negligent or criminal manner; and

4.4.1.5   provide any Service for the purpose of facilitating criminal activity or transferring funds which are the proceeds of a crime.

 

5      TRANSACTIONS

 

5.1                Transactions are only deemed to be completed once a confirmation SMS has been generated.

5.2                The Agent shall not complete any transaction more than MMK 500,000 and is allowed a maximum of 3 transactions per day per customer; or as otherwise informed from time to time.

5.3                TrueMoney may decline any transaction at their sole discretion.  TrueMoney is not liable for any losses if it is unable to complete a transaction or if its Services are not available.

 

6      FEES AND COMMISSIONS

 

6.1                TrueMoney shall pay the Agent the applicable fees and commissions for each transaction in accordance with the current schedule of fees and commissions as announced by TrueMoney from time-to-time.

6.2                TrueMoney can determine and vary the applicable payment period and can determine and vary the method of payment.

6.3                TrueMoney reserves right to modify the fees and commissions payable from time to time.

6.4                TrueMoney may withhold any fees or taxes if required by applicable law.

6.5                TrueMoney shall have the right to set off fees or commissions payable to the Agent against the Agent’s bank account for any amounts owed by the Agent to TrueMoney.

 

7      TERMINATION

 

7.1                TrueMoney may terminate this Agreement at their sole discretion by a notice, and for the avoidance of doubt, they may do so immediately in the case of the Agent’s fraudulent, dishonest act or omission or any breach of this Agreement TrueMoney may deem necessary. 

7.2                The Agent shall give TrueMoney 30 days’ notice if it wishes to cease being an Agent. 

7.3                Upon termination, the Agent shall settle all balances with Customers, TrueMoney. This obligation shall survive the termination of the Agreement.

 

8      GENERAL PROVISIONS

 

8.1  Any loss suffered by the Agent for which TrueMoney is not at fault or due to the negligence or omission or dishonest act shall be the responsibility of the Agent.

8.2  These Terms and Conditions constitute the whole agreement between the Parties.

8.3  The failure at any time of TrueMoney to enforce their rights pursuant to these Terms and Conditions shall not be construed as a waiver of any term or right and shall in no way affect the ability to exercise such term or right later.

8.4  The Agent agrees to indemnify and hold harmless TrueMoney for any loss suffered due to the negligence or omission or dishonest act of the Agent.

8.5  In case this Agreement is translated to another language, this English language shall prevail in case of any conflict between any translations thereof. 

8.6  TrueMoney may vary these Terms and Conditions from time to time with or without giving advance notice to the Agent. 

8.7  In case any term or condition of this Terms and Conditions becomes null and void or incomplete by law, then the other enforceable term or condition of this Terms and Conditions shall be separated from the part that becomes null and void, and shall have full force and effect.

8.8  The Parties undertake to keep any information confidential, including but not limited to information relating the Agreement, these Terms and Conditions and each Party’s information provided to The other Party, does not provide any other third party with this information except: (i) the information is publicly available which is not the result of each Party’s breach of its confidentiality agreement; (ii) must provide information as required by laws; (iii) to provide information at the request of a competent state agency; (iv) provide to audit agencies, consultants, affiliates on a need-to-know basis.

8.9  This Agreement shall be construed and governed under the laws of Myanmar.