TrueMoney Myanmar


Terms and Conditions

1. Definitions and interpretation
  • 1.1Definitions
  • In this Agreement: “Agent” means the person identified an Agent in the Agent Registration Form. “Customer” means any person or entity using the Services. “MFS Agent” means the agent as defined under the Regulation on Mobile Financial Services Regulation (FIL/R/01/03-2016) “Premises” means the business address on the Agent Registration Form. “Services” means the products made available by TrueMoney and the Bank to the Customers. The Parties agree as follows

    2. Appointment Of Agent
    • 2.1 TrueMoney appoints the Agent to provide the Services (essentially, being mobile financial services) in accordance with these Terms and Conditions.
    • 2.2 The Agent shall act as the MFS Agent for the Bank and provides Services at a designated counter on the Premises which should be open and available between 8am to 5pm every Monday to Saturday.
    • 2.3 The Agent will comply with all applicable laws.
    3. Agent Obligations
    • 3.1 To provide the Services in accordance with these Terms and Conditions.
    • 3.2 Facilitate the registration of new Customers and collect the necessary documents to complete the Customer identification procedure.
    • 3.3 To maintain the average cash balance of 500,000 MMK.
    • 3.4 To display advertising material, only as provided by TrueMoney, for no additional fee and at Agent’s cost, in the prescribed manner. These advertising materials remain the property of TrueMoney and must be returned when requested. The Agent shall not display any advertising unless it is approved by TrueMoney.
    • 3.5 To keep records of all transactions in the prescribed form and to provide TrueMoney or the Bank 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 and/or the Bank 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 or the Bank is not responsible for any agreement reached between the Customer and the Agent, and Agent shall hold harmless TrueMoney or the Bank in such case.
    • 3.8 All TMN agents need to keep minimum branding as following
    • 3.8.1 Flange
    • 3.8.2 Soft materials outside the store- soft material outside the store mean PP Board, Vinyl banner, Flag, Umbrella
    • 3.8.3 In-store materials- in-store material means Dangler, Wobbler, logo sticker
    • 3.8.4 Price poster
    4. FURTHER Undertakings of the Agent
    • 4.1 The Agent undertakes:
    • 4.1.1 to comply with all laws, in particular in relation to anti-corruption, labour laws, tax laws and child protection laws;
    • 4.1.2 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;
    • 4.1.3 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;
    • 4.1.4 keep their PIN code confidential at all times;
    • 4.1.5 never reveal transaction account details to any third party;
    • 4.1.6 never reveal any Customer information to any third party during and after the termination of this Agreement;
    • 4.1.7 to keep all information received from the Bank or TrueMoney confidential during and after the termination of this Agreement, except with written authorisation permitting its disclosure;
    • 4.1.8 obtain TrueMoney’s approval prior to moving Premises.
    • 4.2 The Agent undertakes not to:
    • 4.2.1 claim they are an authorised representative of TrueMoney or the Bank;
    • 4.2.2 promote or provide services of other mobile financial services if and so long such is permitted per the applicable law;
    • 4.2.3 permit any other individual to provide the Services;
    • 4.2.4 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 or the Bank and 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 or the Bank after transferring TMN balance;
    • 4.4.1 charge fees apart from the specified tariffs charged on Customers, including the provision of discounts which are not approved;
    • 4.4.2 provide Services which it is not authorised to provide or other than through its authorised account;
    • 4.4.3 provide a cash advance or loan to any Customer;
    • 4.4.4 act in any dishonest, fraudulent, negligent or criminal manner; and
    • 4.4.5 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 The Bank or TrueMoney may decline any transaction at their sole discretion. The Bank and TrueMoney are 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 The Bank shall pay the Agent the applicable fees and commissions for each transaction in accordance with the current schedule of fees and commissions.
    • 6.2 The Bank or TrueMoney can determine and vary the applicable payment period and can determine and vary the method of payment.
    • 6.3 The Bank or TrueMoney reserves right to modify the fees and commissions payable from time to time.
    • 6.4 The Bank or TrueMoney may withhold any fees or taxes if required by applicable law.
    • 6.5 The Bank or 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 Bank or TrueMoney and especially per clause Error! Reference source not found. herein.
    7. Equipment
    • 7.1 The Agent shall handle all equipment provided by TrueMoney with care and is responsible to pay the cost as it determines to repair or replace the equipment if damaged. The Agent is not permitted to disassemble or modify the equipment.
    • 7.2 The equipment remains the property of TrueMoney and shall be returned once the Agent is terminated or when otherwise requested by TrueMoney.
    • 7.3 The Agent shall keep the equipment in their possession and shall not give it to anyone else.
    8. Termination
    • 8.1 The Bank or 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 and/or as the Bank or TrueMoney may deem necessary.
    • 8.2 The Agent shall give TrueMoney 30 days’ notice if it wishes to cease being an Agent.
    • 8.3 Upon termination, the Agent shall settle all balances with Customers, TrueMoney and the Bank. This obligation shall survive the termination of the Agreement.
    9. Any loss suffered by the Agent for which the Bank or TrueMoney is not at fault or due to the negligence or omission or dishonest act shall be the responsibility of the Agent.
    10. These Terms and Conditions constitute the whole agreement between the Parties.
    11. The failure at any time of TrueMoney or the Bank to enforce e 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.
    12 The Agent agrees to indemnify and hold harmless the Bank and TrueMoney for any loss suffered due to the negligence or omission or dishonest act of the Agent.
    13. In case this Agreement is translated to another language, this English language shall prevail in case of any conflict between any translations thereof.
    14. The Bank or TrueMoney may vary these Terms and Conditions from time to time by giving a 30 day advance notice to the Agent.