Region specific Terms - Hong Kong
Effective from 10 May, 2023
1. Supplement to the Master Terms
1.1. Supplement. These Region Specific Terms for Statrys Limited ( Hong Kong Terms) supplement the Master Terms relating use of the Statrys Services. These Hong Kong Terms, together with the Master Terms govern the use of Statrys Services by you, where you are a Statrys Hong Kong Customer. Unless otherwise defined in these Hong Kong Terms, all capitalised terms have the meaning given in the Master Terms.
1.2. Effect. You agree that these Hong Kong Terms supplement the Master Terms and the terms set out in these Hong Kong Terms will have immediate effect. Except as specifically set out in these Hong Kong Terms, the Master Agreement remains unmodified and in full force and effect.
1.3. Conflict of terms. These Hong Kong Terms will prevail over the Master Terms to the extent of any inconsistency. Please read these Hong Kong Terms and the Master Terms carefully.
1.4. Consistent references. For ease of reference, the same headings and titles of the sections in these Hong Kong Terms follows the headings and titles of the clauses of the Master Terms which are being amended, to the extent that it amends an existing clause.
2. Scope of the Hong Kong Terms
2.1. Statrys Hong Kong Customers. These Hong Kong Terms apply to the Statrys Services offered to you, a Statrys Hong Kong Customer. These Hong Kong Terms are legally binding on you. You are responsible for ensuring that each User reads and understands these Hong Kong Terms.
2.2. Contracting entity. The Statrys Services are offered to you by Statrys Limited, which is a company incorporated in Hong Kong with company number 2724557 and whose registered office is at Unit 4, 10/F, Kwanchart Tower, 6 Tonnochy Road, Wan Chai, Hong Kong. Statrys Limited is a licensed money service operator (license number: No. 19-02-02726) supervised by the Customs and Excise Department under the Anti-Money Laundering and Counter-Terrorist Financing Ordinance.
2.3. We are not a bank. Using the Statrys Services is not the same as depositing funds and making transfers to and from a bank account. Your Virtual Business Account is not a bank account and does not have any features or functions of a savings or current or multi-currency bank account. Your funds are not covered by the Deposit Protection Scheme under the Deposit Protection Scheme Ordinance (Chapter 581 of the laws of Hong Kong).
3. Services
3.1. The Basic Services are provided to you as described in the Schedules to the the Master Terms, as amended and supplemented by Schedule 1 (Collection Services) in these Hong Kong Terms.
4. Fees
4.1. Fee payment. You must pay us all applicable Fees before the due date, as set out on our pricing page. Taxes imposed on the Fees, if any, are your responsibility and will be paid by you.
5. Other legal bits
5.1. Governing Law. These Hong Kong Terms and the Master Terms (to the extent that they relate to you) shall be governed by the laws of Hong Kong S.A.R.
5.2. Disputes. If a dispute or claim is still not resolved through amicable negotiation (including any dispute on the existence, validity or termination of these Terms), you irrevocably consent to the matter being referred to and finally resolved by arbitration in Hong Kong administered by the Hong Kong International Arbitration Centre (“HKIAC”). If any dispute is submitted to the HKIAC for arbitration, the arbitration shall be conducted in accordance with the Arbitration Rules of the HKIAC (HKIAC Rules) in force at the time of applying for arbitration, which rules are deemed to be incorporated by reference in this paragraph. The seat of the arbitration shall be Hong Kong. The arbitration panel shall consist of one single arbitrator. Unless the parties agree otherwise, the arbitration shall be conducted in English. The arbitration award rendered by the HKIAC shall be final and binding on all the relevant parties.
5.3. No third-party benefit. These Hong Kong Terms do not intend to confer any benefit on any third party and no third party shall have the right to enforce these Hong Kong Terms under the Contracts (Rights of Third Parties) Ordinance (Chapter 623 of the laws of Hong Kong) or otherwise.
6. Amending these Terms
6.1. For the avoidance of doubt, these Hong Kong Terms may be amended as set out in the Master Terms.
7. Definitions
“ Hong Kong” means the Hong Kong Special Administrative Region of the People’s Republic of China.
“ Statrys Hong Kong Customer” and “ you” and “ your” means a company that is established in Hong Kong and such other jurisdictions as set forth in the column headed “Jurisdiction” in Schedule 1 of the Master Terms and that accepts these Hong Kong Terms.
Schedule 1 – Collection Services
1. Source of Funds. You must not transfer any of your own funds or use the Collection Service to receive funds into your Virtual Business Account without a genuine underlying business transaction. If requested, you must promptly provide evidence of the funding source.
2. Collection of funds. The bank where the underlying bank account (“ Bank Account”) is opened does not recognize any person (other than us as the account holder) as having any interest in the Bank Account, and the bank will treat us as the beneficial owner of the monies in the Bank Account.