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Terms and Conditions


This set of terms and conditions (the “Ts&Cs”) sets out the legal terms between Opal Fintech Pte Ltd (trading as Opal) (“Opal”, “we”, “us”, “our”) and the users (“you”) of Opal’s website comprising all webpages located at www.opalpayment.com (the “Site”). By accessing the Site and/or registering as a user to use the services provided by us, you agree to comply fully with these Ts&Cs, any documents referred to herein, and any and all other applicable terms relevant to the Site and our Services, which form a legal agreement between you and us ("Agreement"). By registering as a user of our Services, either on the Site or not, you agree that you have read, understood, and accept all the terms and conditions contained in these Ts&Cs. IF YOU DO NOT ACCEPT ANY PART OF THESE TS&CS, PLEASE IMMEDIATELY DISCONTINUE YOUR ACCESS TO AND USE OF THE SITE AND ALL SERVICES.

Opal Fintech Pte Ltd is a company incorporated in Singapore, with registered address on 190 Clemenceau Avenue, #06-11, Singapore 239924, which holds a Major Payment Institution licence No. PS20200221 issued by the Monetary Authority of Singapore (“MAS”) for the provision of cross border money transfer services. You can verify the veracity of this at https://eservices.mas.gov.sg/fid/institution/detail/229066-KANZ-REMIT-PTE-LTD. Opal Fintech Pte Ltd. is currently exempted by the Monetary Authority of Singapore from holding a licence to provide domestic money transfer services, account issuance services and e-money issuance services under the Payment Services Act 2019. Opal Fintech Pte Ltd continues to provide such services pursuant to the Payment Services (Exemption for Specified Period) Regulations 2020. Please note that this does not mean you will be able to recover all the money you paid to Opal Fintech Pte Ltd if Opal Fintech Pte Ltd`s business fails.

In continuing your access to and use of this Site and/or Services you acknowledge and accept that Opal is a licensed and registered financial institution in Singapore, and is therefore bound by or subject to the regulatory requirements imposed upon such institutions by the Monetary Authority of Singapore.

1. OUR SERVICES


1.1 The services provided by Opal



  • Issuing of an electronic account registered to your name ("Payment Account").

  • Issuing of e-money that will be stored in your Payment Account whenever we receive funds from you or for you on your behalf.

  • Remitting money ("Transaction") to a third party`s Payment Account or bank account inside or outside Singapore ("Nominated Account"), which are to be notified to us in advance when you instruct us to perform a Transaction;

  • Loan and credit line services to eligible clients, including invoice financing line, business term loan, line of credit, revolving credit facility and micro loan (bolt) ("Loan services"), which are provided by our partners Funding Society Pte Ltd, an entity regulated by MAS and holder of a capital markets service license number CMS100572 under the Securities and Futures Act, and FS Capital Pte Ltd (together "FS"). For the purpose of providing these services, you consent to your personal data being transmitted to FS. You can find further information in our Privacy Policy. Before using these services, you may be required to sign and accept additional terms and conditions imposed by FS.

  • Any other service agreed between you and us that we undertake.


(collectively, the "Services").

A number of our services may be delivered through your mobile device and computer. You may not use the Services on a mobile device or the mobile device’s operating system, other device or other device’s operating system that has been modified or customised in any way. You bear the sole responsibility for such unauthorised use of the Services, and any losses that occur as a result shall not be deemed responsible by Opal.

1.2 Third Party Providers


You acknowledge and agree that Opal may partner with third party providers in order to deliver the Services. By using the Services, you agree to be bound by any user agreement established by a third party provider that Opal engages with in addition to the terms set out in these Ts&Cs. You further agree to the transfer of your data to such Third Party Providers, to the extent it is necessary for the provision of the Services

We cannot guarantee the provision of Services that are powered by Third Party Providers and we may change or stop offering them at any time.

2. OPENING YOUR PAYMENT ACCOUNT


2.1 Prior to Account Creation


When you sign up on our registration or waiting list, you are agreeing to allow Opal to contact you and use your e-mail and/or phone number that you have provided in any way deemed reasonable to assist you in the process of creating a Payment Account for you.

2.2 Capacity


2.2.1. By creating a payment account to use the Services, you expressly represent and warrant that you are at least 18 years of age, with full legal capacity to accept these Ts&Cs and enter into any Transaction and, in case you are a corporation, you also expressly represent that your representative has the actual authority to represent the corporation which is to be bound by these Ts&Cs and enter into any Transaction or other Services ("Authorized Individual"). We will treat the Authorized Individual as having authority from you to instruct us in respect of all matters for which they are stated to be authorized by you and all instructions form the Authorized Individual shall be regarded as if they came from you. You are responsible for ensuring that only Authorized Individuals will have access to Services and to issue requests and instructions to us on your behalf.

2.2.2. You must notify us in writing immediately if there is any change in the information provided or if you want to change the information provided about the Authorized Individual, including if you wish to change the identity or scope of his authority.

2.2.3. You are responsible for the integrity of, and all acts and omissions of, all Authorized Individuals and we shall not bear responsibility for any losses, damages, expenses (including legal fees and management time), costs, charges, penalties, fines and other liabilities ("Loss") or harm which you or any other person may suffer or incur as a result of any act or omission of any Authorized Individual.

2.3 Onboarding and Identity Verification


In order to use our Services, you will need to register for a Payment Account by providing us with any and all information that we may request as part of our internal policies and procedures for various purposes, including verifying your identity and the detection of money laundering, terrorist financing, fraud, or any other crimes (including tax crimes).The information we request when creating your Payment Account, if you are a natural person being registered to use our Services, may include personal information such as your name, address, telephone number, electronic mail address, date of birth, taxpayer identification number, government identification number, and information relating to your bank account. If you are representing a corporation being registered to use our Services, the information we request when creating your Payment Account may include full name, business address, certificate of incumbency, certificate of good standing, share register, memorandum and articles of association, certificate of incorporation and board resolution authorising the opening of the Payment Account and the person to open such Payment Account. We may also request for all information relating to the identification of any and all direct, indirect and ultimate beneficial owners (“UBO”) of the corporation. For the purpose of these Ts&Cs, UBO shall be (a) the natural person who ultimately owns or controls a legal entity or the natural person on whose behalf a transaction is conducted or business relations are established; (b) an individual who owns or controls, directly or indirectly 10% or more shareholding of the company; (c) is directly or indirectly, entitled to exercise or control the exercise of 10% or more of the voting rights at general meetings of the corporation; (d) exercises ultimate control over the management of the corporation; (e) where the corporation is acting on behalf of another person, means the other person on whose behalf it is acting.

This agreement will automatically terminate if you fail to register with us for whatever reason or if your application is rejected or abandoned for whatever reason.

2.4 Ongoing duty to supply information


You agree that, upon request, you will promptly supply us with additional information and documentation which we may ask you for at any time so as to enable us to comply with applicable laws, including in relation to any suspicious activity related to the Transactions or your Payment Account. That information may include, but not limited to, proof of your identity and legal form, your main income and other income and wealth sources and the reasons why you want us to carry out our Services. We may also need from you at any time copies of financial information and other information about you such as financial statements, bank accounts statements, invoices, agreements, and/or business activity.

2.5 Accuracy of the information


You agree and represent that all information you or any Authorized Individual provide us at any time (including in our onboarding stage or afterwards, in any requests, or in any contact information), is true, current, complete and accurate at the time it is provided to us, and that you will keep such information updated at all times and inform us of any changes. If, at any time, you ask us to communicate with any other person about any Services provided to you or on your behalf, we will not be liable to you for any disclosure of any information we make to that person and we are entitled to rely on and to treat any information disclosed to us by that person as complete and accurate in all respects.

2.6 Obligation to notify changes


You will notify us in writing as soon as you or any Authorized Individual become aware of any change or error in any details you have provided to us, including but not limited to changes in your business, corporate structure or any material changes. You shall not, and shall make sure that your Authorized Individual shall not, omit to tell us anything or withhold any information from us which may affect our decision whether or not to provide you with Services or continue to do so. We are not responsible for any Loss due to an inaccuracy in any information you provide to us or for any changes you wish to make which are not properly notified to us in writing.

2.7 Checks on you:


You acknowledge that we may keep records of and use such information for these or other necessary legal or business purposes even after you have terminated your Payment Account or ceased accessing or using the Site or Services. You hereby authorize us to make inquiries as necessary, whether directly or through a third party, to verify your identity or protect you against any financial crime or fraud, and to take any action that we deem necessary based on the results of such inquiries. You acknowledge that such information may need to be disclosed to third parties (e.g., credit reference, banks, screening service providers and fraud prevention or financial crime agencies) in order to conduct such inquiries.

2.8 Discretion to open your Payment Account


You acknowledge and agree that you may only open one Payment Account unless we permit otherwise and that we may, at any time in our sole discretion, refuse to open a Payment Account for you or limit the number of Payment Accounts that you may hold.

3. YOUR PAYMENT ACCOUNT


3.1 Payment Account uses


Your Payment Account is an e-money account which enables you to send and receive electronic payments and perform other operations that are directly related to money transfers.

3.2 Safeguarding


3.2.1. We use safeguarding to protect your money. As required by the PSA, Opal keeps your money in established financial institutions. Your money is deposited into a dedicated and segregated account held by us with a Singapore bank as our safeguarding institution. All monies in this dedicated customer segregated account are held on trust by us for you. Such monies in the dedicated customer segregated account are always kept separately from the accounts we use to run Opal, and we will not use the money held in such accounts to repay any debts that we may owe to any other party.

3.2.2.  Opal shall be entitled to retain any interest earned on such segregated money held or invested by Opal.

3.3 No interest


E-money held on your Payment Account is not a deposit and we do not in any circumstances, pay any interest for e-money held on the Payment Account and do not provide any other benefits associated with the time period the e-money is stored.

3.4 Currency


Your Payment Account may be denominated in multiple currencies of your choice, as selected by you from the available currencies provided in the Site.

3.5 Expiration


The e-money held on your Payment Account does not expire.

3.6 Withdrawal of funds


You have the right to withdraw funds from your Payment Account at any time. However, you may be required to confirm your identity beforehand. There is no minimum withdrawal amount but the funds on your Payment Account must be sufficient to cover any applicable withdrawal fee. Withdrawals will be made via bank transfers.

3.7 Ownership rights


The e-money on the Payment Account belongs to the person or legal entity which is registered as the Payment Account holder. No person other than the Payment Account holder has any rights in relation to the funds held in a Payment Account, except in cases of succession. You may not assign or transfer your Payment Account to a third party or otherwise grant any third party a legal or equitable interest over it.

3.8 Limits


Your Payment Account may be subject to upload, payment and withdrawal limits, depending on your country of residence, the verification status of your Payment Account and other factors used by us to determine such limits from time to time at our sole discretion.

4. PROVISION OF SERVICES


4.1 Undertaking Transactions


You may undertake Transactions after your Payment Account has been created and all relevant verification processes have been completed.

4.2 Requesting a Transaction


You may request a Transaction communicating us online ("Request") and sending the supporting documentation and information as Opal may require. You are responsible for ensuring that only Authorized Individuals access the Services to issue a Request, or otherwise instruct us to carry out transactions on your behalf. If we receive instructions or a Request using your or an Authorized Individual’s log-in details or account information, we will treat the instructions or Request as having been authorised by you.

4.3 Acceptance of a Request


After we receive your Request, our acceptance will be communicated to you (i) through the Site; or (ii) via email ("Transaction Confirmation"). The Transaction Confirmation will confirm the service which we have agreed to perform and any specific requirements.

4.4 Timing of Transactions


We will use all reasonable efforts to facilitate the completion of your Transactions at the earliest possible opportunity following the receipt of each Request. However, you acknowledge and accept that this not always be done immediately, as it may take some time for a Transaction to be processed. Opal specifically makes no warranties, representations or guarantees regarding the time required to complete processing any request provided by you, particularly where the same is dependent on various factors beyond Opal’s control. This includes, for example, payment requests made using electronic debit or credit cards, when applicable, or bank accounts transfers.

4.5 Normal business hours


You acknowledge that  Opal`s normal business hours are Monday to Friday from 9:00 am to 6:30 pm SG time, excluding public and bank holidays in Singapore (“Business Day”).

4.6 Fees


4.6.1. You agree to pay Opal any and all prevailing fees charged by Opal from time to time in connection with the provision or use of the Services.

4.6.2. The fees may include but are not limited to:



  1. a one-time fee for the opening of the Payment Account.

  2. a non-refundable annual service fee for the maintenance of the Payment Account and usage of the Services;

  3. a transaction fee for every Transaction requested;

  4. a foreign exchange fee and commission for every Transaction made in a different currency from the currency of the funds deposited into the Payment Whenever the exchange rate is based on the prevailing spot exchange rate, you will be informed of such before any conversion is performed. Upon making the Transaction request, you shall be deemed to have accepted the exchange rate as determined by Opal in its absolute discretion. And whenever the exchange rate is determined by a third party, it will not be available to you at the point of the Transaction and will be determined by the third party at a later date.


4.6.3. From time to time, we may change our fees (including adding new fees), which may be stated on our Site 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.

4.6.4. You must pay all sums due to us in the currency agreed, otherwise a foreign exchange fee may apply. We do not accept cash or cheques.

4.6.5. Notwithstanding the above written in section 4.6.2, the applicable fees may be defined in an individual fee schedule agreed upon between Opal and you ("Fee Schedule"). In case of any conflict between the Fee Schedule and the fees described in our Site or in section 4.6.2 above, the Fee Schedule shall prevail.

4.7 Off-Set


4.7.1. We may use any sum which we receive for you and you are its beneficiary and/or any sum received from you, at any time, to settle any liability which we may incur relating to your activity. We may also have the right to, at any time, without prior notice, deduct and/or offset any and all sums owed by you to us pursuant this Agreement from any existing balance in your Payment Account.

4.7.2. When we are unable to deduct any fees or other monies payable to us from the balance of your Payment Account, we shall issue an invoice for the amount owed. Invoices are payable within 15 days of the date of the invoice.

4.8 Interest


We may charge an interest on any sum due to us or in respect to sums which you are liable to pay but have not done so, and which are not received by us in full and cleared funds by the due date, at the interest rate of 4.5% per annum above the base rate, as set from time to time by DBS Bank Singapore, and this interest will accrue daily from the due date until we are in receipt of the overdue amount in full in cleared funds.

4.9 Deductions


Where we are required by the law of any country, territory or state (for example, for tax reasons) to make any deduction from any amount that we receive from you for any activity made on the account in accordance with any Agreement, we must make such a deduction. The amount that we deduct will be no more than the amount of our legal liability towards the Authorities and Opal shall not bear any liability towards you following such deductions.

4.10 Consent to Carry Out a Transaction


4.10.1.  We will only accept an instruction to perform a Transaction which is given to us in writing (including online). Your instruction to perform a Transaction, including all the details we require (including related to any Nominated Account) will be treated by us as your consent and authorisation to us to perform the Transaction.

4.10.2.  Further information and explanation about steps you need to take to authorise us to perform a Transaction for you will be given to you when you ask us to perform a transaction to you.

4.11 Incorrect Transaction


4.11.1.  You acknowledge that you cannot cancel or reverse a Transaction or order that has been successfully submitted and that has started to be processed, as its processing may depend on third parties over which we do not have control. Accordingly, you agree to carefully check all orders before placing them.

4.11.2.  Where you have provided us with incorrect details in relation to a Transaction, we will use reasonable endeavours to assist in the recovery of the payment. However, if we are unable to recover the funds in question and you provide us with written request, we will provide you with all available relevant information in order for you to file a legal claim for repayment of the funds, you agree in both cases to pay us our reasonable costs in doing this.

4.11.3.  Where you are the recipient of an incorrect payment, we will co-operate with the payer`s bank or other payment service provider in its efforts to recover the funds in question in particular by providing all relevant information to the payer`s bank or other payment service provider. In these circumstances, you consent to us sharing the necessary information in a way that is consistent with data protection legislation and our obligations to you.

4.12 Withdrawal of consent to carry out a Transaction 


4.12.1.  Where you have authorised us to perform a Transaction, we will go ahead with that Transaction unless we receive clear instructions by notice in writing to no longer proceed with that Transaction, subject to clause 4.11.1, and we send you a confirmation in writing that we will not go ahead with the Transaction (a "Cancellation").

4.12.2.  For the avoidance of doubt, if the instructions in your notice are unclear, we will not treat your consent to the Transaction as being withdrawn and we will proceed with the Transaction.

4.12.3.  Where in accordance with Clause 4.12.1, you instruct us in writing that you no longer wish us to carry out a Transaction and we send you a Cancellation and you do not give us instructions in writing to carry out an alternative Transaction, we reserve the right to treat the relevant Request as terminated by you.

4.13 Failure to perform, unauthorized or incorrect performance of a Transaction


4.13.1.  We may be liable to you under applicable law where we fail to perform or incorrectly or unauthorizedly perform a Transaction for you.

4.13.2.  Where you believe we may have failed to perform or performed such an incorrect or unauthorized Transaction, you should let us know as soon as possible. We will then assess the claim, investigate the matter and let you know the outcome of our investigation in a timely and transparent manner.

4.13.3.  After we have completed our investigation and assessed that you are not liable for any loss arising from the failure to perform, incorrect or unauthorised Transaction, we may refund to you the amount subject of such Transaction.

4.13.4.  You will not be entitled to any such refund if:

(a) you do not inform us by notice in writing without undue delay  after the date on which the failure, unauthorized or incorrect Transaction occurred; or

(b) where we are able to show that the authorised amount was received at the appropriate time by the person to whom you instructed us to send the funds; or

(c) if the failure to perform or incorrect or unauthorized performance was due to you or any Authorized Individual providing us with incomplete or incorrect information or was otherwise due to your fault or the fault of any Authorized Individual.

4.13.5.  We will have no liability to you for failure to perform or incorrect performance of a Transaction where the reason for this was our refusal to proceed with that Transaction or any part of it.

4.14 Reversal Transactions


You are aware that the receipt of a payment into your Payment Account does not amount to the receipt of cleared funds. You remain liable to us for the full amount of the payment and any fees deducted therefrom if the payment is later reversed for any reason ("Reversal Amount"). In the event of a payment reversal, Opal will first debit your Payment Account with the Reversal Amount and any applicable third party chargeback or reversal fee. If Opal is unable to fully recover the Reversal Amount or the applicable chargeback and fee from your Payment Account, you are required to upload sufficient funds into your Payment Account.

4.15 Disputed Transactions


4.15.1.  You acknowledge and agree that any dispute regarding any of your products/services is between you and the sender and receiver of the funds and/or the supplier and receiver of the goods or services. Any Transaction connected to your products or services shall only obligate you. Opal shall not be a party to any resulting dispute, including but not limited to disputes over performance and liability issues relating to the delivery, quality, quantity or use of your products/services. You shall fully indemnify us for against any loss or lability (including full reimbursement of any legal and professional fees) that we may suffer or incur as a result of, or in connection with, any claim made or threatened by a third party relating to your services/products.

4.15.2.  In the event that we receive a request from a bank,  regulatory body, law enforcement agency and/or any other third party (each a “Recall Requestor”) demanding a recall of a wire transfer, swift, payment, SEPA, FAST, MEPS, PAYNOW or any other monies previously sent from, and/or settled into your Payment Account ("Recall Dispute"), we may, in our discretion, immediately:

(a) suspend your Payment Account and any activity in it; and/or

(b) transfer monies equivalent to the amount of the Recall Dispute from the Payment Account to a designated recall account of Opal ("Recall Account"), with or without a notice to you;

4.15.3.  Following receipt of a notice from us with respect to such a Recall Dispute, you shall immediately contact the Recall Requestor and settle the Recall Dispute within 7 Business Days of us sending you such a notice or sooner if so is required by regulatory requirements (the “Settlement Period”);

4.15.4.  We may credit the Recall Requestor with an amount equivalent to the Recall Dispute amount from your Payment Account or otherwise (unless you have provided to us, during the Settlement Period, a sufficient proof, in our sole discretion, showing that no net funds were transferred in respect of the Recall Dispute) ;and

4.15.5.  We shall be entitled to deduct from your Payment Account non-refundable administrative costs, in an amount equal to the amount described in the Fee Schedule, of the Recall Dispute amount and if there are insufficient funds  in your Payment Account for this, you shall pay us these administrative costs or any other amount you are oblige to indemnify us for, within 3 Business Days of our first demand.

4.15.6.  You further acknowledge and agree that where there is a dispute between us and you regarding a Transaction, we may at our sole discretion temporarily credit your Payment Account whilst we settle the dispute. You acknowledge that you may be liable to us for any funds that may have been temporarily credited to your Payment Account in relation to a disputed Transaction.

4.16 Too many Recall Disputes


Notwithstanding any other provision set forth in this Agreement, if, in our sole discretion, we believe there are too many Recall Disputes in a certain period, we may suspend your Payment Account for as long as we deem necessary and without liability whatsoever. In such case, you will be charged any applicable fees or charges related to the suspension of your Payment Account.

4.17 Suspension or refusal of Transaction


4.17.1.  You acknowledge that Opal reserves the right to suspend the processing of, or refuse to process, any Transaction at any time and for any reason, including if required to do so by any applicable law, rule, regulation, competent court order, or direction from any state or governmental authority, or in the event that any Transaction violates (or is likely to violate) any provision of these Ts&Cs or puts Opal’s operation or reputation at risk, or if a Transaction is pending our review of any suspicious activity. You agree to comply with any compliance requests we bring to your attention and accept that that we reserve the right to terminate your Payment Account should you fail to comply with such requests. In addition, Opal may take any further action as available to it under any applicable laws or regulations with respect to such Transaction.

4.17.2. When we refuse or suspend a Transaction:



  • Unless it is unlawful to do so, we will tell you;

  • If possible, we will let you know our reasons for our refusal or suspension;

  • If the refusal or suspension is due to any factual errors, we will tell you what these are and how to correct them.


4.17.3.  Upon any suspension, restriction, or refusal of a Transaction, Opal is under no obligation to allow you to reinstate such Transaction. Should you decide to initiate a fresh Transaction as a result of such suspension, restriction, or refusal, Opal reserves the right to suspend, restrict, or refuse the same in accordance with these Ts&Cs. If the Transaction is permitted, Opal is not obliged to provide you with the same price or same terms as any suspended, restriction, or refused Transaction.

4.18 Termination of Transactions


Payments initiated in relation to a Transaction may be declined for various reasons, including reasons that are beyond our control or not reasonably foreseeable. You acknowledge and agree that we may terminate any Transaction where payment was declined for any reason. We will notify you as far as reasonably possible in the event of our termination of any Transaction.

4.19 Refund


4.19.1.  You acknowledge that your Transaction may not be capable of fulfilment in certain cases (for whatever reason), and agree that a refund of the amount paid or transferred is acceptable and sufficient where a Transaction is not capable of fulfilment.

4.19.2.  If you wish to terminate your Payment Account, and there is any unused value in your Payment Account, you shall be entitled to a refund, subject to the following conditions.

  • (i) a refund request is duly completed and submitted to us; and

  • (ii) any fees applicable in relation to the transferring of funds to you ("Refund Fee") shall be deducted from the remaining stored value on the Payment We will only be obliged to process a refund if the remaining stored value exceeds the Refund Fee. If there is insufficient stored value to cover the Refund Fee, we will notify you in writing of the unsuccessful refund.


4.19.3.  The remaining stored value will be refunded by a transfer of funds to the account linked to your registered source of funds within 30 days from the date we receive your refund request. All refunds will be made by way of bank transfer and will not be by way of cash refund.

5. YOUR RESPONSIBILITIES AND ACKNOWLEDGMENTS:


5.1 Payment intermediary


You acknowledge that Opal operates solely as a payment intermediary and that we do not function as a seller, buyer, dealer, middleman, retailer, auctioneer, supplier, distributor, manufacturer, broker, agent or merchant of any product or service. In addition, you also acknowledge that Opal is not a bank. The Service is regarded as a use of your Payment Account under Singapore law. The stored value in your Payment Account is not a deposit, and your account is not a bank account. Funds held by Opal in your Payment Account are not insured deposits for the purposes of the Deposit Insurance and Policy Owners’ Protection Schemes Act (Cap. 77B of Singapore).

5.2 Prohibited Use


You agree that you will not use your Payment Account or the Services to perform or attempt to perform, or receive payments connected with any criminal or unlawful activity of any sort including, without limitation, money laundering; illegal gambling operations; tobacco products; drugs; obscene content or services; terrorist financing; fraud; abusive activity; harassing any person; providing unfair, predatory, or deceptive services; intellectual property infringement; or malicious hacking or any other goods or services of which the offering or provision is illegal under applicable law, or any other prohibited type of goods or services as may be changed from time to time (each, a “Prohibited Use”). You further acknowledge and agree that you will disclose to us each any of the locations from which you access the Site location accurately and truthfully at our request and that you will not conceal or attempt to conceal from us any such location.

5.3 Jurisdiction Limitations


5.3.1. You acknowledge that depending on your country of residence, you may not be eligible to use the Site or all the Services, and agree that you will be responsible for ensuring that you comply with all rules and laws applicable in your country of residence or the country from which you are accessing this Site and Services.

5.3.2. You further acknowledge that we reserve the right not to accept or allow payments, either directly or indirectly, from jurisdictions which we have determined, at our sole discretion, may pose higher risk to our business or involve a higher level of complexity. We further reserve the right to request additional information from you, including information on payee, where payments are to be made to certain jurisdictions.

5.4 Personal Use


You agree that you will not (i) use any Payment Account other than your own; (ii) access the Payment Account of any other user at any time; or (iii) assist other users in obtaining unauthorized access to your Payment Account or the Services; (iv) request a Transaction or provide us instructions on behalf of any third party, or attempt to do any of the foregoing. We have no responsibility to and will not perform Services for any third party except you.

5.5 Payment Account Content


5.5.1. Should you upload any content on your Payment Account (including, without limitation, any text, photographs, images, or other material in any format whatsoever), you warrant that such content will not contain any:

  • (i) false or misleading information;

  • (ii) misappropriated content or copyrighted material that you have not been authorized to post elsewhere; or

  • (iii) obscene, offensive, profane, or unlawful content, or any content that we consider in our sole discretion to have the potential to harm or risk Opal’s operations or reputation.


5.5.2. Notwithstanding the above, Opal may, at any time at its sole discretion, remove any content that it considers to be in violation of any of the above. Opal may also take any further action it deems necessary.

5.6 Privacy Policy


5.6.1. The terms of our Privacy Policy are deemed incorporated in these Ts&Cs and may be found at www.opalpayment.com.

5.6.2. By providing your personal information to us, or using our website, or signing up for our Services you are consenting to us collecting and using your personal information as described in our Privacy Policy.

5.7 Data


5.7.1. To the extent any documentation (which may include personal data) requested by us is in our possession, you agree that such information or documentation may be used by us to enable or facilitate our compliance with regulatory requirements and/or our legitimate internal compliance processes. You further agree that all data in our possession that describes your transaction history under or with any other service provider, may be shared and used by us to enable or facilitate our compliance with regulatory requirements and/or our legitimate internal compliance processes.

5.7.2. Upon termination of your account, we will endeavour to erase and discard your personal data subject to limitations and requirements under applicable laws, rules, regulations, or government orders on our retention of such information. Such limitations and requirements may mean that we retain part or all of your personal data for as long we have a business, legal, or tax reason to do so, even after the termination of your Payment Account.

5.8 Licence


Opal grants you a limited, non-transferable, non-exclusive licence to access and use: (i) the Site; (ii) the Services. You undertake to refrain from directly or indirectly exploiting any of the Site Content or any part thereof including, without limitation, by copying, modifying, creating derivative works, reverse engineering, disassembling, distributing, selling, or licensing any of the same without our prior written consent.

5.9 Acceptance of Third Parties


Permitting you to engage in any Transaction does not and will not be deemed to impose any obligation on Opal to ensure that third parties you wish to transact with are able to accommodate your requests. You acknowledge and agree that using the Services on the Site does not provide you with a guarantee that all parties to whom you wish to transfer funds will accept our Services as a payment method and that in no event will Opal be obligated to compel such parties to accept payments made through our Services.

5.10 Payment methods


You acknowledge and agree that Opal cannot and does not guarantee that all payment methods will be available to you. The availability of each payment method depends on a number of factors including, without limitation, your location, the identification information that you have provided us with, and limitations imposed by third party payment processors.

5.11 Load and Transfer Limits of Accounts


You agree that Payment Account and any Transaction will be subject to any load and transfer limits specified under applicable law. You also acknowledge and agree that we may impose limits on Transactions (such as volume or frequency limits) at any time and for as long as we consider appropriate or necessary

5.12  No Guarantee of Uninterrupted Services


We cannot and do not guarantee the availability of the Site and Services at all times. In particular, we may need to interrupt, suspend, or delay some or all of the Services for purposes including emergencies, technical errors, or standard Site maintenance activities. The availability of the Site or any Service may also be affected if we perceive there to be any risk of misconduct, fraud, or illegal activity. You accept that we reserve the right to delay or deny any Transaction, access to the Site (or parts thereof), or provision of the Services at any time and in our sole discretion for reasons we consider fit, including the foregoing reasons.

5.13 Privacy of User Information


If you gain access to or obtain the user information of any other user of the Site or Services, you are obliged to keep such user information in strict confidence and use it only in connection with the Services (unless that user allows you to use such information for any other purpose). You may not disclose such user information without the prior written consent of the said user.

5.14 User Information Security


You are responsible for keeping the information related to your Payment Account strictly confidential at all times. Such information includes your Payment Account login information, password, information pertaining to the methods you use to top up the balance in your Payment Account, and information regarding all activity and Transactions that are published on your Payment Account. Any compromise of your login information may expose your Payment Account to unauthorized access by third parties, which may in turn result in the loss or theft of funds from your Payment Account or any other account or information linked to it (e.g., your linked bank accounts or debit or credit card information). To receive security alerts from us, you must promptly update us of all changes in your contact information. We will not be held responsible for any damage or loss you may sustain as a result of your Payment Account login credentials being compromised unless you show that such compromise had been directly due to our gross negligence or wilful failure. Any suspected compromise of your login information should be immediately reported to [email protected].

5.15 Site Content Accuracy


5.15.1.  You acknowledge that the Site and any content thereon may contain errors from time to time and may not be accurate or current at all times. You acknowledge that Opal takes all reasonable measures to provide you with accurate information, including by updating the information it makes available on the Site from time to time or at a reasonable frequency. Opal may, but is not obliged to, notify you of any updates or changes to its policies, products, and Services. You are responsible for checking the Site to keep yourself updated of changes.

5.15.2.  You should verify all information obtained through or from the Site before relying on it. All decisions you make based on information contained on the Site are your sole responsibility, and Opal has no direct or indirect responsibility in relation thereto.

5.16 Security and Viruses


5.16.1.  Any use of the Internet is vulnerable to threats including virus attacks and communication failures. Opal is not liable in any way for (i) any damage or interruptions caused by any (a) computer viruses, spyware, Trojan horses, worms, or other malware that may affect your systems, computer, or other equipment or (b) phishing, spoofing, or other virus attacks, or (ii) for any loss or damage you may sustain in connection with any of the foregoing. Opal recommends that all users use a comprehensive virus screening and prevention software at all times. It is advisable that you log into your Payment Account through the Site only.

5.16.2.  You will not expose the Site to any viruses, spyware, Trojan horses, worms, or other malware or inappropriate material. In the event that any such viruses are deemed to have been transmitted to the Site from your Payment Account, Opal reserves the right to terminate your account and you shall be liable for the costs to Opal of removing such viruses, and Opal shall have the right to offset the cost against any balance held to the credit of your Payment Account.

5.17 External Websites


You acknowledge and agree that Opal makes no representations whatsoever about any other websites or services which you may access through this Site. The Site may present links or other forms of reference to other websites (the “External Websites”) or resources over which we have no control. You acknowledge that Opal does not endorse or make any representations in relation to any of the External Website services or offerings made to you or any content provided therein. We are not responsible for the availability of, and content provided on External Websites. You will be subject to, and are responsible for reviewing, the applicable terms and conditions and policies posted by the External Websites regarding privacy and other topics. We are not responsible for third party content accessible through the Site, including opinions, advice, statements, prices, activities, and advertisements, and you agree to bear all risks associated with the use of such content. You further agree to take precautions to ensure that whatever you select for your use is free of such items as viruses, worms, Trojan horses, and other items of a destructive nature.

6. General


6.1 Suspension, Restriction or Termination of your Payment Account by Opal


6.1.1. Notwithstanding the foregoing, you acknowledge and agree that Opal may, at any time and at its sole discretion, suspend, restrict, or terminate your Payment Account or access to or use of the Site and Services. We will use reasonable endeavours to inform you of any such suspension, restriction or termination in advance, or, if this is not practicable, immediately afterwards and give reasons for such suspension, restriction or termination, unless informing you would compromise security measures or is otherwise prohibited by applicable laws. Such suspension, restriction, or termination of your Payment Account may occur, for example, as a result of:

  • (i) your violation of these Ts&Cs, including, without limitation, your failure to make due payment for any Transaction;

  • (ii) your failure to comply with our compliance verification process and/or to provide requested documents within the period determined by us or legally stipulated;

  • (iii) your attempt(s) to gain unauthorized access to the Site or another Payment Account, or provision of assistance to any other person(s) attempting to do so;

  • (iv) our reasonable suspicion that your Payment Account or any Transaction is related to any criminal activity or Prohibited Use, or is not compliant with any applicable laws or regulations. Opal may report any unlawful activity or suspected unlawful activity by you or another person to the police or other appropriate authorities and cooperate with them in any investigation;

  • (v) a court order, law enforcement, or other government regulatory order from any applicable jurisdiction, or if your Payment Account is subject to litigation or investigation;

  • (vi) your abuse of the Site or Services provided by Opal;

  • (vii) any of Opal’s third party providers refusing to provide you with the Services for reasons of their own;

  • (viii) any adverse media notifications about you, your brand, your UBO’s or directors;

  • (ix) potential legal liabilities that Opal believes you may be involved in, that will impede access to and use of the Site or Services; or

  • (x) any force majeure events, including any operational or technical errors.

  • (xi) An audit;

  • (xii) Our believe that it is necessary or desirable to protect the security of your Payment Account or other Service; and

  • (xiii) A change in your circumstances (including when we determine, in our sole discretion, that there is a deterioration in or change to your financial position), which we believe in our sole discretion would affect us continuing to provide any Services to you;


6.1.2. In the event your Payment Account is suspended, restricted or terminated by Opal, we may provide you with notice of suspension, restriction or termination. You acknowledge that Opal is not obligated to disclose any findings and information acquired by it during its security and risk management procedures.

6.1.3. Where we have suspended or restricted. your Payment Account, we shall use reasonable endeavors to cancel that suspension (and where necessary, provide new security details, such as password), as soon as reasonably practicable after we have determined, at our sole discretion, that the reasons for the suspension or restriction have ceased to exist.

6.2 Termination of your Payment Account by you


You may terminate your Payment Account at any time by submitting a termination request to [email protected] You agree that you are responsible for fulfilling and will fulfil all outstanding payment obligations to Opal that exist as of the effective date of termination. You further agree that Opal reserves the right to suspend any pending Transactions at the time of termination.

6.3 Modifications, Amendments, or Termination of the Site or Services


Notwithstanding anything to the contrary in these Ts&Cs, you acknowledge and agree that Opal may, without notice and with immediate effect, suspend or terminate the operation of the Site or the provision of any part of the Services offered therein in the event that such operation or provision becomes illegal, is subject to demand by any competent authority, or is under any risk or exposure to any claims that are adverse or detrimental to the Site or Services. You further acknowledge and agree that Opal reserves the right to, suspend, or terminate the provision of any Service or content in whole or in part at any time without notice.

6.4 Limitations of Liability


6.4.1. The services are provided on an "as is" and "as available" basis without any representation or warranty, whether express, implied or statutory. Opal specifically disclaims any implied warranties of title, merchantability, fitness for a particular purpose or non-infringement. Opal does not make any representations or warranties that your access to the site, the services, or any part or materials made available therein, will be error free, continuous, uninterrupted, or accurate.

6.4.2. In no event will Opal or its service providers, or any of their respective officers, directors, agents, joint venture partners, employees, or representatives, be liable to you or anyone on your behalf for any direct or indirect loss or damages including, without limitation, loss of revenue or data, whether based in contract, tort, negligence, strict liability, or otherwise, arising out of or in connection with authorized or unauthorized use of the site or services or these Ts&Cs.

6.4.3. We will only be liable to you for loss or damage that is reasonably foreseeable or caused directly by our gross negligence, fraudulent act, or wilful neglect, resulting in a breach of these Ts&Cs. Our liability in these circumstances will be limited to an amount that is no greater than the lower of the (a) amount of the disputed transaction and (b) total value of the balance funds in your account as of the date of the occurrence of the event that directly caused the loss claimed.

6.4.4. In the event that you are a service and/or good provider or a company, in no event will Opal or its service providers, or any of their respective officers, directors, agents, joint venture partners, employees, or representatives, be liable to your customers or any third parties.

6.4.5. We shall not be responsible to you for deficiencies in the provision of services and/or products provided by any of our partners and/ or third party providers, or the manner in which these services/products are provided, and any direct or indirect loss or damage to you suffered as a consequence, save for where such deficiency occurs as a direct result of gross negligence or wilful misconduct on our part.

 

6.5 Release


Any dispute between you and any other user(s) of the Services will be exclusively resolved between you and such user. You hereby release Opal, its affiliates and service providers, and each of their respective officers, directors, agents, joint ventures, employees, and representatives from any and all claims, demands and damages (actual and consequential) of every kind and nature arising out of or in any way connected with such dispute.

6.6 Indemnification


You agree to indemnify and hold Opal, its affiliates, employees, directors, representatives, and service providers, and each of its or their respective officers, directors, agents, joint ventures, employees, and representatives harmless from any Loss, claim or demand arising out of or related to:

  • your breach of these Ts&Cs;

  • your fraud, fraudulent, illegal or improper activity at any time

  • your use of the Site or Services; or

  • your violation of any applicable law, rule, regulation, or rights of any third party;

  • a Recall Dispute;

  • your failure to pay any Fees;

  • your act or omission;

  • the termination of this Agreement under clause 6.1.


6.7 Tax


You agree that you are responsible for identifying and determining the taxes applicable to you and your Transactions on the Site and that Opal has no obligation whatsoever to do the foregoing for you. We do not, and will in no event be deemed to, provide any tax advice or tax consultation services. You acknowledge that it is your responsibility to report and remit all taxes payable to the appropriate tax authorities.

6.8 Modifications to these T&C


6.8.1. You acknowledge and agree that Opal may amend or update these Ts&Cs at any time at its sole discretion. Such modification, amendment or update will be published on the Site or communicated to you and will be deemed to be accepted by you upon the earlier of your next access to the Site or receipt of such communication.

6.8.2. You agree that Opal is not liable to you or any third party for any such modification, amendment, or update, except to the extent otherwise expressly set forth herein. If you do not agree to any such modification, amendment, or update, please immediately discontinue use and access to the Site and all Services.

6.9 Communications


6.9.1. We are required to provide certain information to you in writing. By accepting this T&C, you agree that we can communicate with you electronically either by email or by posting notices on Opal`s Site.

6.9.2. It is your responsibility to ensure that you regularly review the Site, your email address and open and review communications that we deliver to you through those means. You are obliged to review your notices and Transactions history and promptly report any questions, apparent errors or unauthorised Transactions. Failure to contact us in a timely manner may result in loss of funds or important rights.

6.10 Assignment


You may not assign any rights or licenses granted under these Ts&Cs. The right to use your Payment Account is exclusively for your personal use. We reserve the right to assign our rights without restriction, including, without limitation, to any of our affiliates or subsidiaries, or to any successor in interest of any business associated with the Services. Any attempted transfer or assignment in violation hereof shall be null and void. Subject to the foregoing, these Ts&Cs will bind and inure to the benefit of the parties, their successors, and permitted assigns.

6.11 Severability


If any provision of these Ts&Cs is determined to be invalid or unenforceable under any rule, law or regulation, or any governmental agency or supervisory authority, such provision will be changed and interpreted to accomplish the objectives of the provision to the greatest extent possible under any applicable law and the validity or enforceability of any other provision of these Ts&Cs will not be affected.

6.12 Change of Control


In the event Opal is acquired by or merged with a third party entity or other change of control, Opal reserves the right, in any of these circumstances, to transfer or assign the information it has collected from you as part of such merger, acquisition, sale, or other change of control.

6.13 Survival


All provisions of these Ts&Cs by their nature extend beyond the expiration or termination of these Ts&Cs including, without limitation, sections pertaining to suspension or termination, debts owed to Opal, general use of the Site, disputes with Opal, and general provisions.

6.14 Governing Law and Disputes


These Ts&Cs are governed by and is to be construed in accordance with the laws of the Republic of Singapore. You agree to submit all disputes arising out of or in connection with these Ts&Cs to the exclusive jurisdiction of the Singapore courts.

6.15 Force Majeure


Opal is not and will not be held liable for delays, interruptions, or failures in the performance of the Services that result directly or indirectly from any cause or condition beyond its reasonable control including, but not limited to, any act of God, act of civil or military authorities, war, act of terrorists, civil disturbance, strike or other labour dispute, fire, interruption in telecommunications or Internet services or network provider services, including cyber-attacks or breaches in cyber security, failure of equipment or software, other catastrophe, or any other occurrence which is beyond Opal’s reasonable control, as well as for any loss or damage sustained in connection with any such cause or condition.

6.16 Translations


Notwithstanding any other provision under these Ts&Cs, any translation of these Ts&Cs, if provided, is provided for your convenience only. These Ts&Cs are drafted based on definitions and interpretations in the English language. Please note that any translation provided may not accurately represent the information in the original English language, and that the original English version will prevail in the event of any dispute about such differences in translation.

6.17  Customer Feedback


If you have any questions, feedback, or complaints, you may contact Opal via our customer support at [email protected] Please provide identifying information such as your name, address, and any other information, your Payment Account, and the Transaction that you would like to provide questions, feedback, or complaints on.

Opal Fintech Pte Ltd Privacy Policy


 


Updated as at: August 24, 2021


 



  1. Introduction


 


Opal Fintech Pte. Ltd. (trading as Opal) (“we”, “us”, “our”, or “Opal”) respects the privacy and confidentiality of the personal data of our customers and others who have business dealings with us. We are committed to the implementation of policies, practices and processes to safeguard the collection, use and disclosure of the personal data provided to us, in compliance with the Personal Data Protection Act 2012 (“PDPA”) of Singapore.


 


We have developed this Personal Data Protection Policy (“Policy”) to assist you in understanding how we collect, use, disclose, process and retain your personal data with us.


 


We may update this 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. As such, you are encouraged to visit our website from time to time to ensure that you are well informed of our latest policies in relation to personal data protection.


 



  1. Scope and Consent


 


By signing up for, accessing or using any product, service, content, features, technologies or functions offered on this website and its related sites, you confirm that you have read this Policy and that you accept the terms of this Policy. By using our services, interacting with us, submitting information to us and/or registering for an account, you also confirm that you have read this Policy and consent to our collection, use, disclosure and retention of your personal data as described in this Policy and in our Terms and Conditions.


 


The consent you give us under this Policy shall be in addition to any other consents you may have previously given to us in respect of your personal data.


 



  1. How We Collect Your Personal Data


 


The PDPA defines personal data as “data, whether true or not, about an individual who can be identified (a) from that data; or (b) from that data and other information to which the organisation has or is likely to have access”. We do not consider personal data to include data 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 an individual.


 


We collect personal data from you and the devices (including mobile devices) you use to access or use our services. You should ensure that all personal data 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.


 



  1. Types of Personal Data We Collect About You


 


The types of personal data we collect about you may include:


 



  1. Information collected automatically


 


We collect information about your interaction with our website and services, advertising, mobile notifications or e-mail communications. This is typically data we receive from your computer or other devices (including mobile devices) and includes:


 



  • Device ID or unique identifier, device type, unique device token;

  • geo-location information, including location information from your mobile device;

  • computer and connection information; and

  • statistics on page views, traffic to and from the sites, referral URL, IP address and web log information.


 


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 Policy.


 



  1. Information you give us when using our services


 


Such types of information include:


 



  • identity-related information that you provide us when you register an account, including your name, physical address, email address, telephone and/or mobile phone number, business seller information, and identity-related information of the directors and executive officers of your corporate body authorised to operate your account;

  • unique identification number (e.g. NRIC or password number), as required under applicable law.

  • financial information such as your bank account information, credit card, or debit card;

  • transactional information based on your activities conducted on our website and other related sites and through our services (such as information on your transactions and other content you generate or that relates to your account);

  • shipping, billing and other information you provide to purchase or list a product or goods via our services;

  • information provided through chats, dispute resolution, referral services, or added to a web form or when adding/updating your account information, or provided when you correspond through our sites and services, or where you correspond with our customer service team; and

  • any additional information that we may ask you to provide in order to verify your account or listings.


 



  1. Information from other sources


We may combine information you give us with information we collect from other sources and use it for the purposes as stated in Section 5 of this Policy.


We may also obtain information about you from third parties. This may include:



  • publicly available demographic information;

  • additional contact information, user information or account information (including third-party account information) and other information required to verify you or your business’s identity or user information to assess fraud;

  • your contact and professional details (e.g., your name, company, position, contact details and professional experience, preferences and interests) from business partners or services provides,

  • credit check information;

  • information from credit bureaus and financial institutions; and

  • analytics data from your usage of our services


You may choose to provide us with access to certain personal data stored by third parties such as social media sites. The information we may receive varies by site and is controlled by that site. By associating an account managed by a third party with your account and authorising us to have access to this information, you agree that we may collect, use and share this information in accordance with this Policy.


As we rely on your personal data in our dealings with, and to provide products and services to, you, you shall ensure that at all times the information provided by you to us is correct, accurate and complete. You shall update us in a timely manner of all changes to the information provided to us.


 


Where you provide personal data relating to a third party (e.g. your kin or any person that you nominate to correspond, or receive delivery of services, for and on your behalf) to us, you represent and warrant that the consent of that third party has been obtained for the collection, use and disclosure of his personal data for the purposes as stated in Section 5 of this Policy.


 



  1. How We Use Your Personal Data


 


We collect personal data for our core business purposes, and we may use the personal data we have collected about you for one or more of the following purposes:


 



  • verifying your identity, including during account creation, password reset process and other actions that require identity verification;

  • verifying your eligibility to register as a good faith user of the account (including detection and verification of any anti-money laundering, counter-terrorist financing or other unlawful activities) or to legally use any of the features and functions of the account;

  • processing your registration as a user, allowing you to log-in using your account log-in ID and maintain and managing your registration;

  • providing you with an account and related customer services, including, fund transfer, facilitating the settlement of purchase price for goods and services, charge-backs, sending notices about your transactions, and responding to your queries, feedback, claims or disputes;

  • improving and expanding our offerings and services by way of research and development of new functions on your account or other new products and services that we may offer from time to time;

  • performing research, statistical analysis or surveys, whether orally or in writing, in order to manage and protect our business including our information technology infrastructure, to measure the performance of your account and other services we offer and to ensure your satisfaction with our services;

  • analysing trends, usages and other behaviours (whether on an individualised or aggregate basis), which helps us better understand how you and our collective user base access and use accounts and the underlying commercial activities conducted, including for purposes of improving our services and responding to customer queries and preferences;

  • subject to having obtained your consent in accordance with applicable laws and regulations, we may provide you with direct marketing information relating to products and services offered by us or selected third parties, by means of contacting you with your personal data, including your telephone number, email address, physical address, social and media accounts;

  • we may also conduct automated-decision making processes in accordance with any of the purposes herein mentioned in this Policy;

  • managing risk, performing creditworthiness and solvency checks, or assessing, detecting, investigating, preventing and/or remediating fraud or other potentially prohibited or illegal activities and otherwise protecting the integrity of our platform and website;

  • detecting, investigating, preventing or remediating violations of our terms and conditions relating to the services we provide you, any other applicable internal policies, relevant industry standards, guidelines, laws or regulations;

  • making such disclosures as may be authorised by applicable laws and regulations of any country applicable to us or our affiliates, government official or other third parties, including any card association or other payment network. Disclosures may also be made pursuant to any court order, regulatory requests or other legal process or requirement in any country applicable to us or our affiliates;

  • making such disclosure as may be authorised by applicable laws and regulations to prevent any harm or financial loss, to report any suspected illegal activity or to deal with any claim or potential claim brought against us or our affiliates.

  • enabling due diligence and other appraisals or evaluations for actual or proposed merger, acquisition, financing transactions or joint ventures; and

  • any other legitimate business purposes, such as protecting you and other users with an account from losses, maintaining the security or our systems and services, and protecting any of our other rights and/or properties.


 


We may also use your personal data in other ways for which we provide specific notice to you at the time of collection and for which you have subsequently consented (unless an exception under the PDPA or law exempts us from obtaining your consent)


 


We may collect, use or disclose your personal data for the purposes listed in this Section 5 even in situations where your relationship with us (e.g. pursuant to a contract) has been terminated or altered in any way, for a reasonable period thereafter (including, where applicable, a period to enable us to enforce our rights under any contract with you). Your personal data is retained as long as the purpose for which it was collected remains and until it is no longer necessary for any other legal or business purposes.


 



  1. To Whom We Disclose Your Personal Data


 


We may from time to time disclose your personal data to any personnel of our group or to third parties, whether located in Singapore or elsewhere, in order to carry out the purposes set out above in Section 5 of this Policy. We may disclose your personal data to:


 



  • agents, contractors, partners or third-party service providers (including their employees, directors and offices) who provide operational, administrative or other services to us; the services they provide to us may include, where approved by applicable laws and regulations, fraud prevention, remittance, currency exchange, bill collection, data entry, database management, website hosting, software development, promotion, marketing, customer service, technology services, products and services alerts, payment extension services or any other services in connection with Opal’s business operations;

  • any other person or entity (including its associated companies or affiliates, employees, directors and officers) who had established or proposes to establish any business relationship with Opal or perform services complementary to our own.

  • business partners, investors, assignees or transferees (actual or prospective) to facilitate business transactions (including but not limited to any merger, acquisition or asset sale);

  • merchants and other organizations, such as card associations, payment networks or financial institutions, to whom or through which payments are made using the account, or such other entities to enable your use of the account;

  • professional advisers, law enforcement agencies, insurers, government and regulatory authorities or any other organizations to which we are under an obligation to make disclosures under the requirements of any applicable law, regulation or commercial arrangement, including arrangements with any card association or payment network; and

  • any other party to whom you authorise us to disclose your personal data.


 


It should be noted that we may transfer, store, process and/or deal with your personal data outside Singapore, but we will ensure that your personal data will be provided a similar standard of protection with applicable laws and regulations, including but not limited to the PDPA. In any case, we will comply with applicable laws and regulations, including but not limited to the PDPA.


 


 



  1. How We Manage Your Personal Data


 


The consent that you provide for the collection, use and disclosure of your personal data will remain valid until such time it is being withdrawn by you in writing. If you wish to withdraw consent, you should give us reasonable advance notice. You have to be aware, though, of the likely consequences of your withdrawal of consent, e.g. without your personal contact information we may not be able to continue corresponding with you. Your withdrawal may be considered a termination by you of any contractual relationship which you may have with us, and a breach of your contractual obligations or undertakings, and our legal rights and remedies in such event are expressly reserved.


 


Your request for withdrawal of consent can take the form of an email or letter to us at the contact details provided below in Section 13 below.


 


Please note that withdrawing consent does not affect our right to continue to collect, use and disclose personal data where such collection, use and disclose without consent is permitted or required under applicable laws and regulations.


 



  1. How You Can Access and Make Correction to Your Personal Data


 


You may write in to us, based on reasonable grounds, to: (i) find out what personal data we hold about you; (ii) find out how we have been using or disclosing your personal data within the last year; and (iii) correct an error or omission in your personal data that is in our possession or under our control. Before we accede to your request, we may need to verify your identity. We will try to respond to your request within 30 days. If we are unable to do so, we will let you know and give you an estimate of how much longer we require. We may also charge you a reasonable fee for the effort involved in retrieving your records pursuant to your access request.


 



  1. How We Ensure the Accuracy of Your Personal Data


 


We will take reasonable precautions and verification checks to ensure that the personal data we collect from you is accurate, complete and up-to-date. You should be aware, however, that no method of transmission over the internet or method of electronic storage is completely secure. From time to time, we may do a verification exercise with you so as to allow you to update us on any changes to your personal data.


 



  1. How We Protect Your Personal Data


 


We will take reasonable security arrangements to protect your personal data that is in our possession or control to prevent unauthorised access, collection, use, disclosure, copying, modification, disposal or similar risks. We will take reasonable and appropriate measures to maintain the confidentiality and integrity of your personal data and will only share your data with authorised persons on a ‘need to know’ basis after obtaining your consent to do so unless an exception under the PDPA or law applies


 


Third-parties engaged by us to process and maintain your personal data on our behalf will be bound by contractual information security arrangements we have with them to protect your personal data that is in their possession or control.


 



  1. How We Retain Your Personal Data


 


We will not retain any of your personal data under our charge when it is no longer necessary for any business or legal purposes and the purpose for which the personal data was collected is no longer being served by retention of the personal data. Certain retention periods are based on statutory or regulatory requirements. We will ensure that your personal data that no longer has any business or legal use will be destroyed or disposed of in a secure manner. This applies to both paper documents and electronic data stored in databases.


 



  1. Cookies and Websites


 


Our website uses cookies. A cookie is a small text file placed on your computer or mobile device when you visit a website. Cookies collect information about users and their visits, such as their internet protocol (IP) address, how they arrived at the website (for example, through a search engine or a link from another website) and how they navigate within the website. We use cookies and other technologies to facilitate your internet sessions, offer you products and/or services according to your preferred settings, track your use of our website and to compile statistics about activities carried out on our website.


 


A pixel tag, also known as a web beacon, is an invisible tag placed on certain pages of our website but not on your computer. Pixel tags are usually used in conjunction with cookies and are used to monitor the behaviour of users visiting the website.


 


You may set up your web browser to block cookies which will in turn disable the pixel tags from monitoring your website visit. You may also remove cookies stored from your computer or mobile device. However, if you do block cookies and pixel tags, you may not be able to use certain features and functions of our website.


 


Our website may contain links to other websites which are not maintained by us. This Policy only applies to the website of Opal. When visiting these third party websites, you should read their privacy policies which will apply to your use of the websites. We have no control over the content of and the information contained in those websites, and accept no responsibility for any loss or damage that may arise from your use of them.


 



  1. How to Contact Us


 


If you have any query or feedback regarding this Policy, or any complaint you have relating to how we manage your personal data, you may contact our Data Protection Officer at:


 


Data Protection Officer


 


190 Clemenceau Avenue, #06-11, Singapore 239924


Contact Number: +65 67088276


Email Address: [email protected]


 


We treat such queries and complaints seriously and will deal with them confidentially and within reasonable time.


 



  1. Governing Law


 


This Policy is governed by the laws of the Republic of Singapore. You agree to submit to the exclusive jurisdiction of the courts of the Republic of Singapore in any dispute relating to this Policy.


 



  1. Effect of Policy and Changes to Policy


 


This Policy applies in conjunction with any other notices, contractual clauses and consent clauses that apply in relation to the collection, use and disclosure of your personal data by us.


 


We may revise this Policy from time to time without any prior notice. You may determine if any such revision has taken place by referring to the date on which this Policy was last updated. Your continued use of our services constitutes your acknowledgement and acceptance of such changes.


 

I consent to the sharing of all data relating to this application and any subsequent financing/facility offered to me by Funding Societies between Opal and Funding Societies, including but not limited to identification documents, contact details and transaction records, in accordance with the terms set out in Opal's Privacy Policy.

Opal is committed to protecting and respecting your privacy, and we’ll only use your personal information in accordance with our Privacy Policy. From time to time, we would like to contact you about our products and services, as well as other content that may be of interest to you. If you consent to us contacting you for this purpose, please tick above. You can unsubscribe from these communications at any time.
1. Lending services to SME’s are powered by Funding Societies. FS Capital Pte. Ltd. and Funding Societies Pte. Ltd. are part of the Funding Societies Brand.
2. Your eligibility to apply for Financing with Funding Societies is subject to you providing Funding Societies with all the necessary documents and information to enable it to conduct the assessments, verifications and such other checks as it deems necessary and to your agreement to Funding Societies` and Opal`s Website Terms, Terms and Conditions, and Privacy Policies.
3. If your Loan application is successfully funded, such Loan will be subject to the terms and conditions of the Loan Documents between yourself and Lenders;
4. Funding Societies Pte. Ltd. is a crowdfunding platform licensed by the Monetary Authority of Singapore. The products offered by Funding Societies Pte. Ltd. are governed by the Securities and Futures Act (SFA) and shall be construed and understood as a debt security regardless of the references to “loan”, “lending”, “finance” or “financing”.
5. Opal may receive fees from Funding Societies for referrals, per terms and conditions of the signed partnership agreement
6. The relationship between Funding Societies and Opal is that of independent contractors and neither party has the authority to contract or legally bind the other in any way.
7. Nothing contained in Opal’s website or other materials shall constitute any warranty that Funding Societies will process or fund your Loan request.

Information

190 Clemenceau Avenue, #06-11,
Singapore 239924
+65 6708 8276