These terms and conditions apply to your SpeedPay Virtual Account (hereinafter “ SpeedPay Account”). You must read them carefully.
In these terms and conditions "you" means the named SpeedPay Account holder and the authorized user of SpeedPay Account "We", "us" or "our" means Aleta Planet VBA Pte Ltd and Speedpay Treasure Global Fintech Limited "Website" means our website at www.speedpay.com.hk
1.1. You can use your SpeedPay Account at any location worldwide that displays the UnionPay® Acceptance Mark, including shops, restaurants or on the internet. Before using your SpeedPay Account, it is your responsibility to ensure that there are sufficient funds in your SpeedPay Account to utilize for your purchases. You will not be able to use your SpeedPay Account if it has insufficient balance for the transaction.
1.2. Your SpeedPay Account is not a credit card and is not in any way connected to your bank account. You will not earn any interest on any funds loaded on your SpeedPay Account
2.1. To apply for our SpeedPay Account you must be at least 18 years old. We will require evidence of your identity and your address from time to time. We may ask you to provide some documentary evidence to prove this and/or we may carry out checks on you electronically.
2.2. By using your SpeedPay Account you are agreeing to these terms and conditions.
For a personal account user residing in Singapore, the maximum daily amount in your Aleta Planet Account is SGD 5,000 and the maximum yearly transaction spend limit is SGD 30,000. For commercial accounts, the limits are subject to your company’s discretion. We reserve the right to decline any particular loading transaction if the said transaction does not meet our due diligence requirements. Upon receipt and clearance, your funds will be available for use on your Aleta Planet Account immediately.
4.1. Detailed instructions on how to use your SpeedPay Account can be found on our Website. You will need to follow the instructions when using your SpeedPay Account. We will deduct the value of your transactions from the balance on your SpeedPay Account as soon as they are made. We will also deduct any applicable fees as soon as they become payable by you, see our Fees section below for details of our fees. The SpeedPay Account shall remain as a property of Aleta Planet VBA Pte. Ltd. and SpeedPay Treasure Global Fintech Limited
4.2. For fraud monitoring purposes, your account usage may be queried, and we may block any further usage. In such circumstances, you can simply contact our customer support team cs@speedpay.com.hk, to request to have your account reinstated.
4.3. We may at any time, suspend, restrict, or cancel your SpeedPay Account or refuse to issue, or replace your SpeedPay Account to you including but not limited to the following reasons:
4.3.1. We have reason to be concerned about the security of your account or SpeedPay Account(s) we have issued to you;
4.3.2. We have reason to suspect your account is being used in an unauthorised or fraudulent manner;
4.3.3. Or we need to do so to be compliant with the relevant regulatory.
4.4. In the event that we need to suspend, restrict, or cancel the usage of your SpeedPay Account, we shall inform you as soon as possible, or when we are permitted to do so if there is any regulatory enforcement action taken against the use of your SpeedPay Account.
4.5. Like other payment cards, we cannot guarantee that every retailer will accept your SpeedPay Account.
4.6. We also reserve the rights to refuse/ withhold the funds payable to the merchant including but not limited to the following reasons:
4.6.1. If we suspect that your SpeedPay Account is being used in an unauthorized or fraudulent manner;
4.6.2. If there are insufficient funds loaded on your SpeedPay Account at the time of a transaction to cover the amount of the transaction and any applicable fee;
4.6.3. If there is an overdue outstanding amount owed to us on the SpeedPay Account in accordance with the Fees and Charges Guide;
4.6.4. If we have reasonable grounds to suspect that you are acting in breach of this agreement;
4.6.5. If we are required by regulatory authorities to do so.
4.6.6. If certain transactions are suspicious; or
4.6.7. Because of errors, failures (whether mechanical or otherwise) or refusals by merchants, payment processors or payment schemes processing transactions.
4.7. In the event of an unsuccessful transaction due to inaccurate information, we will inform you accordingly. Where such inaccuracy results in an unsuccessful transaction, you may amend, edit, update any information you have provided to us, by contacting us at cs@speedpay.com.hk.
5.1. Subject to the features of the particular SpeedPay Account, the authorization of a transaction may include authorizing any transaction, a series or recurring transactions (including transactions for an indefinite period) or pre-authorizing future transactions.
5.2. An SpeedPay Account transaction will be regarded as authorized by you where you perform the actions such as: 5.2.1. Key in your details onto a merchant’s website;
5.2.1. Enter your details on the merchant's website;
5.2.2. Provide your SpeedPay Account details and / or providing any other details;
5.2.3. Provide the security code of your Aleta Planet Account.
5.3. Authorization for a transaction may not be withdrawn or revoked by you after it is received.
5.4. We will pay the funds required by the retailer or merchant to cover the transactions authorized by you within 3 working days of us receiving their request. A transaction (the payment order) will be received as follows:
5.4.1. for purchases at the time, we receive the transaction instruction from the merchant acquirer;
5.4.2. for other transactions which are communicated directly to us, at the time you ask us to complete the transaction.
5.5. Any pre-authorised transaction on an SpeedPay Account that has been replaced and has yet to be completed will automatically be cancelled. You will have to ensure that sufficient funds are available and to inform the retailer or merchant to perform the pre-authorisation transaction again on the replacement SpeedPay Account.
5.6. Authorisation will be requested for all transactions at the time of each transaction. In the unlikely event, for any reason whatsoever, a transaction is completed when there are insufficient funds on the SpeedPay Account for that transaction ("Shortfall"), the Shortfall shall be reimbursed by you unless it is due to an error on the part of the retailer where the SpeedPay Account was presented, in this circumstance we may seek the Shortfall from the retailer/merchant.
5.7. You agree that once this Shortfall is made known to you, we may charge you for the Shortfall amount. We may deduct the amount of the shortfall from any other SpeedPay Account (s) that you hold with us. Until we are reimbursed the Shortfall, we may suspend your SpeedPay Account(s). In addition, we reserve the right to charge you an administration fee for each transaction that you make using your SpeedPay Account that results in a Shortfall or increases the Shortfall amount on your SpeedPay Account.
6.1. You may cancel your SpeedPay Account by communication channels listed on the Website.
6.2. If you cancel your SpeedPay Account, once all transactions and fees have been deducted, we will arrange for any unused funds to be refunded to you, see "Your Right to a Refund" section below for further information. A Refund Fee may be charged (see Fees and Charges Guide) unless you have arranged to transfer any unused funds to another Virtual Account/ products/ account managed by us, or you cancel your SpeedPay Account within 14 days of receiving it.
6.3. On expiry of your SpeedPay Account, you may choose to renew your account automatically or allow it to expire. If you do not wish to renew your SpeedPay Account, you may contact us to request the balance funds on your SpeedPay Account.
6.4. When we issue a renewal SpeedPay Account we may charge a fee. Please see the Fees and Charges Guide.
6.5. We may terminate your account by for reasons such as but not limited to the following:
6.5.1. if this agreement or your account expires on a set date, and we have not agreed on renewal;
6.5.2. if there is any breach on the terms and conditions of this agreement, or if you repeatedly breach the agreement and fail to resolve the matter in a timely manner;
6.5.3. if you act in a manner that is threatening or abusive to our staff, or any of our representatives;
6.5.4. if you fail to pay the fees or charges you have incurred, or fail to put right any shortfall; and/ or
6.5.5. in the event of your demise.
6.6. We may also cancel or suspend your account immediately if we suspect that your SpeedPay Account is deliberately being used to commit fraud or other illegal purposes. In the event where we cancel or suspend your account, we will inform you as soon as practicable. The balance in your SpeedPay Account may then be withheld until any investigation is concluded. If your SpeedPay Account is cancelled, we will immediately block your SpeedPay Account for security reasons. You will not be entitled to a refund of money you have already spent on transactions authorised, or pending or any fees for use of the SpeedPay Account before your SpeedPay Account is cancelled or expired.
7.1. You should keep your SpeedPay Account secure and not let anyone else use it. If the details are lost or stolen or used in an unauthorised manner, you may lose some or all of your money on your SpeedPay Account If you suspect that someone else knows the details of your SpeedPay Account, you should request for a replacement account immediately via the mobile application or our secured website.
8.1. You must inform us immediately by freezing your card online via our App, if you know or suspect that your SpeedPay Account details are exposed to an unauthorised person or if you think a transaction has been improperly executed.
8.2. If the SpeedPay Account number, PIN, or mobile application is used by an unauthorised person, lost or stolen, your liability is limited to S$100 only if:
8.2.1. you have immediately notified us of the loss, theft or unauthorised disclosure;
8.2.2. you assist us in the recovery of the unauthorised charges incurred;
8.2.3. you furnish us with a police report accompanied by written confirmation of the loss, theft or unauthorised disclosure and any other information that we may require; and
8.2.4. we are satisfied that such loss, theft or unauthorised disclosure is not due to your negligence or error.
You shall not be liable for any transactions carried out after we have been notified of the loss, theft, or disclosure.
9.1. We will not be liable for any loss arising from:
9.1.1. any cause which results from abnormal or unforeseen circumstances beyond our control, consequences which would have been unavoidable despite our efforts to the contrary; or
9.1.2. a retailer refusing to accept your Aleta Planet Account; or
9.1.3. our compliance with legal and regulatory requirements;
9.1.4. loss or corruption of data unless caused by our willful default.
9.2. We are also not liable for:
9.2.1. business interruption, loss of revenue, goodwill, opportunity or anticipated savings;
9.2.2. any indirect or consequential loss.
10.1. We may change these terms at any time by notifying you by e-mail or other agreed means at least fourteen (14) calendar days before the change is due to take effect. The up-to-date version of the SpeedPay Account terms and conditions will always be available on our website. The change will automatically take effect and you will be taken to have accepted the notified change unless you inform us in writing that you do not agree to the change. In that event, we will treat that notice as notification that you wish immediately to terminate your SpeedPay Account. In such circumstances we will refund any balance on the account in accordance with the Fees and Charges Guide and you will not be charged a Refund Fee.
10.2.When submitting your refund request, you must ensure that the information you provide is accurate and complete. We will not be responsible for money sent to the wrong recipient as a result of inaccurate information provided by you. If you have provided inaccurate information to us, you may request our assistance in recovering the money sent to the wrong recipient, but we cannot guarantee that such efforts will be successful.
11.1. You may request for funds in your account to be returned to you subject to certain fees that are chargeable to your account. Please refer to “The Fees” section for details.
11.2. Funds will be return to either your bank account that you have registered with us or your credit card account that is used for your initial deposit.
12.1. Fees and charges set out in the Fees and Charges Guide, which is available on Speedpay Website, may be varied from time to time.
12.2. For all transactions made in a foreign currency you may view the applicable exchange rate at the time of the transaction on the UnionPay website.
12.3 We may vary the rate or amount of any charge, fee or interest payable under this agreement. Should you continue to keep or use the SpeedPay Account, you shall be considered to have accepted the changes.
You must inform us immediately if you change name, address, phone number or e-mail address. If we contact you in relation to your SpeedPay Account, for example, to notify you that we have cancelled your SpeedPay Account or to send you a refund by cheque, we will use the most recent contact details you have provided to us. Any email to you will be treated as being received as soon as it is sent by us. We will not be liable to you if your contact details have changed and you have failed to update us.
14.1. In applying for the SpeedPay Account and using it, you agree that we can use your personal information in accordance with our privacy policy. You further agree that we may use your personal information for customer due diligence purposes for services provided by Speedpay Treasure Global Fintech Limited and Aleta Planet VBA Pte Ltd, in the event that you sign up for such services.
14.2. You understand and agree that we may collect information about how you interact with our services, and utilise such information with our partners, to develop and enhance our services. We collect transaction details related to your use of our services, including the type of service requested, date and time the service was provided, amount charged and other related transaction details. We may collect information about your mobile device, including for example, the hardware model, operating system and version, software and file names and versions, preferred language, unique device identifier, advertising identifiers, serial number, device motion information and mobile network information.
If you have any dispute about goods or services paid using your SpeedPay Account, you should resolve such dispute with the person you bought the goods or services from. We are not responsible for the quality, safety, legality or any other aspect of any goods or services purchased with your SpeedPay Account. Once you have used your SpeedPay Account to make a purchase, we cannot stop that transaction.
If you have an enquiry relating to your SpeedPay Account or if your SpeedPay Account is lost or stolen, you may use communication channels on the website or email us at cs@speedpay.com.hk.
Notice for non-Singapore residents
SpeedPay Account provide e-money issuance, which is one of the payment services regulated by the Monetary Authority of Singapore (“MAS”). SpeedPay Account comply with the relevant laws and regulatory requirements in Singapore. Please note that this does not mean you will be able to recover all the money you paid to us if Aleta Planet VBA Pte. Ltd’s business fails.
You may not transfer any rights or obligations you may have under this agreement unless Speedpay Treasure Global Fintech Limited and Aleta Planet VBA Pte. Ltd. has provided written consent on the assignment. Speedpay Treasure Global Fintech Limited and Aleta Planet VBA Pte. Ltd. reserves the rights to transfer or any right or obligation under this agreement subject to the approval by MAS and twenty-one (21) calendar days prior notice to the you.
This agreement is concluded in English. All communications with you will be in English. These terms and conditions will be construed in accordance with Singapore law.
As a responsible e-money issuer Aleta Planet VBA Pte. Ltd. ensures that once we have received your funds, they are deposited in a secure account with a deposit bank, specifically for the purpose of redeeming transactions made by your SpeedPay Account. In the event that Aleta Planet VBA Pte. Ltd. becomes insolvent, funds that you have loaded which have arrived with and been deposited by Aleta Planet VBA Pte. Ltd. are protected against the claims made by our creditors.
Your SpeedPay Account is issued by and Aleta Planet VBA Pte. Ltd., located at 6 Temasek Boulevard, #10-05 Suntec Tower 4, Singapore 038986. Your SpeedPay Account is the property of Aleta Planet VBA Pte. Ltd. and is not transferable to anyone else.
In these Terms of Use, references to "we", "us", "our" and "Aleta Planet MES" are to Aleta Planet MES Pte Ltd and references to "you", "your" or "Customer" means the customer of the Aleta Planet MES and Speedpay Treasure Global Fintech Limited. ALETA PLANET MES Pte Ltd holds a licence to provide cross-border money transfer service and is regulated by the Monetary Authority of Singapore.
"ALETA PLANET MES" or "Facility" means MoneyExpress, the money transfer facility made available by the Aleta Planet MES to the Customer in accordance with these Terms of Use.
"Recipient Card" means all cards bearing service mark of UnionPay and issued by any financial institution supporting MoneyExpress.
"Website" means our website at www.speedpay.com.hk
The quota per annum is US$50,000 or its equivalent. Further, subject to the restrictions set by the local regulator, the maximum amount you may transfer in a day shall not exceed US$10,000 or its equivalent.
For individual Customers resident in Singapore:
The maximum daily amount in your account shall not exceed S$5,000 or its equivalent, and the maximum transaction spend amount is S$30,000 or its equivalent in a year.
Transaction restrictions in respect of Recipient cards:
The amount per transaction must not exceed USD 3,000 (or equivalent) for Recipient Cards issued outside of mainland China or USD 5,000 (or equivalent) for Recipient Cards issued in mainland China.
a. instructions being inaccurate, inadequate or incomplete in any way; or
b. any failure, refusal, delay, error or any limits to operation by any third party through whom any such instruction is transacted.
a.without stating reasons, require that you identify yourself by alternative means;
b.require any instruction to be confirmed through alternative means (including but not limited to writing in person at a branch, by facsimile or by phone);
c.reject any instruction for a funds transfer under the Facility or approve only part of the amount requested for transfer under the Facility without assigning any reason;
d.decline to act on the instruction in order to verify the authenticity of the instruction;
e.decline to act on the instruction where the instruction:
i.is ambiguous, incomplete or inconsistent with your other instructions, information and/or data; or
ii.may have lapsed or is rendered invalid by the Aleta Planet MES and/or UnionPay International (or such other relevant party).
a.any person or organization participating in the provision of electronic services or such services in connection with the Facility;
b.any person or organization we outsource certain functions or activities;
c.the police or any public officer purporting to conduct an investigation;
d.UnionPay International and such other UnionPay entity;
e.any other financial institution or credit agency for the purposes of verifying the information provided by you;
f.any person or organization in connection with the marketing or promotion of the Facility and/or such person or organization for the purposes of investigating any complaint or dealing with any query relating to the marketing or promotion of the Facility;
g.any person or organization in compliance with an order, notice or request of any government agency or authority or court of law;
h.any person or organization for the purpose of collecting and recovering for and on the Aleta Planet MES's behalf any sums of money owing to us from you;
i.any related corporation of the Aleta Planet MES for risk management purposes for monitoring credit exposures across the ALETA PLANET MES or the credit exposure of any ALETA PLANET MES related company to you and for cross- selling purposes. "Risk management purposes" includes any conflict clearance exercise;
j.any regulatory body, government agency and/or statutory board;
k.any merchant;
l.any subsidiary and/or any related company or associated company of the Aleta Planet MES in any jurisdiction, such as Aleta Planet Pte Ltd and Aleta Planet VBA Pte Ltd;
m.any Recipient Card main or supplementary cardholder; and
n.any person or organisation where the Aleta Planet MES in good faith deems it reasonable to make such disclosure.