Payments & FX Product Schedule

ASPIRE PAYMENTS & FX PRODUCT SCHEDULE

1. Introduction

1.1. This Aspire Payments & FX Product Schedule (“Payments & FX Schedule”) sets out the terms and conditions applicable to your Aspire Account, and is supplemental to and forms part of the Terms. Please read it carefully together with the Master Service Agreement and the other Product Schedules (as applicable). The parties to this Payments & FX Schedule are Aspire and you / the Customer.

1.2. By electronically accepting or acknowledging the terms and conditions of this Payments & FX Schedule on our Platform, or by signing up for an Aspire Account, you are deemed to have read and accepted this Payments & FX Schedule.

1.3. Aspire may amend, supplement, delete and/or vary any part of this Payments & FX Schedule at any time with notice, and such changes shall take effect on the date specified in the notice. The Customer’s continued use of the Payments & FX Services after any such changes shall constitute consent to and acceptance of this Payments & FX Schedule (as may be revised from time to time).

1.4. Capitalised terms used in this Payments & FX Schedule but not defined have the meanings given in the Master Service Agreement.

1.5. Aspire is a technology service provider and provides, either directly or through intermediaries, various services to facilitate the Customer’s use of its Aspire Account on the Platform. Aspire does not conduct any banking business and does not provide any regulated banking services in Hong Kong that are regulated by the Hong Kong Monetary Authority.

1.6. Consumer advisory: AFT HK Limited has obtained a Money Service Operator (MSO) Licence issued by the Hong Kong Customs and Excise Department.

1.7. Consumer advisory: The Yield Services are provided by AFT HK Treasury Limited, which is licensed by the Securities and Futures Commission (CE number: BWA638) to carry on Type 1 (dealing in securities), Type 4 (advising on securities) and Type 9 (asset management) regulated activities. AFT HK Limited does not provide the Yield Services.

2. Services

When you open your Aspire Account with Aspire, you will be provided with the services below (“Payment & FX Services”):

2.1. Multi-currency Account. The Multi-currency Account is a multi-currency account that allows you to hold, pay out and collect funds. The Multi-currency Account can support multiple currencies that are Supported Currencies.

2.2. Collection. Collection is a collection service where Aspire will provide you with virtual account details for the purpose of collecting or receiving funds in the Supported Currencies from payers in the Supported Jurisdictions (“Account Details”). The Account Details are for collection purposes only and do not represent separate bank or payment accounts held in your name with Aspire’s Affiliates, banks or other third-party financial service institutions (“Service Providers”) with which Aspire may work to provide the Collection services.

2.3. Payout. You may instruct Aspire to transfer funds from your Multi-currency Account to a third-party payee (“Payout”). Aspire may work with Service Providers to make a Payout. You agree to comply with the requirements of Service Providers as well as the terms and conditions of the Master Service Agreement.

2.4. FX Conversion. The FX Conversion service is a service to convert one currency to another currency at an agreed FX rate, and may be used in connection with Collection or Payout.

2.5. Access to Yield Services. Where made available to you on the Platform, you may access, through your Aspire Account, the yield services provided by AFT HK Treasury Limited (“AFT Treasury”), an Affiliate of Aspire (“Yield Services”), subject to Clause 10 below. The Yield Services are provided by AFT Treasury and do not form part of the Payment & FX Services.

2.6. Stripe Connect Services. We have integrated with Stripe so you can accept payments via card and other payment methods (“Stripe Connect Services”). To access the Stripe Connect Services, you will need to apply for a Stripe account via the Platform and agree to the terms and conditions in the Stripe Connected Account Agreement. See Clause 11 below for further details.

3. Multi-currency Account

3.1. The Multi-currency Account is a virtual payment account provided by Aspire to hold, pay out and collect funds from any party. Each Customer may have one or more Account Details that are linked to the Customer’s Multi-currency Account, as requested by the Customer and subject to the sole discretion of Aspire to grant such additional Account Details. Aspire may impose additional controls to limit the issuance of multiple Account Details to the Customer.

3.2. Your Multi-currency Account can hold balances in multiple Supported Currencies as offered by Aspire, which may change from time to time at our discretion. Upon account creation, you will be assigned a default Supported Currency based on your region. You may request to add other Supported Currencies, subject to Aspire’s approval. Please note that some Supported Currencies may not be available in your region due to regulatory requirements or operational considerations. The availability and use of currencies in your Multi-currency Account are subject to this Payments & FX Schedule and any Applicable Law.

3.3. The Multi-currency Account can be topped up by way of a bank transfer to the designated Account Details of the Multi-currency Account. Furthermore, you can receive funds into your Multi-currency Account from a third party who initiates a transfer through the Collection service in accordance with Clause 6 below.

3.4. When transferring monies to your Multi-currency Account, such transfer of funds is a service provided by a third party, and Aspire has no control over the time it may take for clearing and settlement. Any delay in reflecting the balance in your Multi-currency Account during the funds-in-transit process is outside Aspire’s control. Aspire shall only credit and reflect the balance in your Multi-currency Account after due receipt and sight of funds by Aspire.

3.5. Aspire may need to reverse a transaction, which may involve either deducting funds previously credited to your Multi-currency Account or returning funds previously debited from your Multi-currency Account. Such reversals may occur in the following situations:

(a) when the original sender or their payment service provider initiates, or is likely to initiate, a reversal of the transaction;

(b) if funds have been transferred to you erroneously, or your Multi-currency Account has been credited or debited by mistake;

(d) if Aspire has reasonable grounds to suspect that a transaction is fraudulent or violates this Payments & FX Schedule, our Acceptable Use Policy or any Applicable Law;

(e) when a payment provider or financial institution involved in the transaction requests a reversal for any reason;

(f) if the transaction appears to be related to activities that contravene any agreement between you and Aspire, or any Applicable Law;

(g) if the transaction was made as a result of a technical error or system malfunction; or

(h) if we need to correct a misapplied or erroneously processed transaction.

Pursuant to Clause 13 of this Payments & FX Schedule, in addition to deducting funds from, or returning funds to, your Multi-currency Account, we have the right to combine and consolidate all or any of your Aspire Account(s), and to set off and deduct the amount owed from any of your Multi-currency Accounts.

3.6. Aspire reserves the right to deduct the reversed amount from your Multi-currency Account balance. If your Multi-currency Account has insufficient funds to cover the reversal, you are obligated to reimburse Aspire for the deficit immediately upon our request. Aspire may, at its discretion, reverse transactions in the original transaction currency or convert the reversal amount to a different currency at the prevailing exchange rate.

3.7. You agree that if funds are credited to your Multi-currency Account by mistake, we may, once we are aware of the mistake, immediately deduct the funds from your Multi-currency Account. You further agree that you have no claim, right or interest in funds credited to your Multi-currency Account by mistake. We will tell you about the mistake and the amount we have deducted. If you have used or transferred the funds from your Multi-currency Account, you must return the funds to us as soon as we have told you about the mistake.

4. Security and Acceptable Use of Your Aspire Account

4.1. You are responsible for ensuring that the username and password to your Aspire Account are kept secure, and that all Electronic Instructions, notices and documents provided to us are complete, accurate and properly initiated by your Authorised Users.

4.2. We may decide to change your Account Details number(s) if we have to do so based on the requirements of our financial partners or prevailing laws and regulations. However, we will tell you before we do this and will provide you with a reasonable timeline to assist in the transition to the new Account Details number(s).

4.3. You acknowledge and accept that any limitation or impairment in your ability to use, access and operate the Aspire Account or any Payment & FX Services may be due to factors outside the control of Aspire. This includes acts of third parties who are not acting on behalf of Aspire (including third-party service providers or any other member of the Aspire Group), technical conditions of the internet that cannot be influenced by Aspire, and Force Majeure Events. The hardware, software and any other technical infrastructure that you use can also influence your ability to use, access and operate the Aspire Account or any Payment & FX Services. You acknowledge and accept that your use of any such hardware, software and any other technical infrastructure shall be at your own risk.

4.4. You shall not, under any circumstances and whether with or without your knowledge, use or allow the use of the Aspire Account to effect any transaction which would contravene the laws of any jurisdiction. You also agree not to use funds, or authorise the use of funds, in the Multi-currency Account in relation to prohibited or restricted activities or industries listed in our Acceptable Use Policy, or in countries subject to sanctions (which means any economic sanctions, laws, regulations, embargoes or restrictive measures administered, enacted or enforced from time to time, including by: (i) the Monetary Authority of Singapore; (ii) the European Union; (iii) the United Nations; (iv) the United States of America; or (v) any other relevant sanctions authorities).

4.5. You are fully responsible for ensuring that you only authorise or make payments from your Aspire Account to persons or entities in connection with commercial transactions in compliance with Applicable Law. At no time and under no circumstances shall you or any of your representatives use the Aspire Account or any Payment & FX Services in connection with any illegal activities, including, but not limited to, sanctions violations, money laundering, fraud and the funding of terrorist organisations. If you are in doubt as to the legality of a supply or purchase, or the legality of any funds, you should not continue with, permit or facilitate such transaction.

5. Electronic Instructions

5.1. Any Electronic Instruction relating to the operation of your Aspire Account (including any Electronic Instructions for the debiting and crediting of your Multi-currency Account) must be directed to or via Aspire, unless otherwise notified to you.

5.2. When you use your Aspire Account, you are authorising Aspire to act as your intermediary only with respect to holding, sending or receiving funds.

5.3. You may give Electronic Instructions to Aspire to:

(a) receive payments into or make payments out of your Aspire Account using such channels, payment gateways and methods as may be available on the Platform from time to time;

(b) effect foreign currency transactions (including FX Conversions) on your Aspire Account by means of such channels, payment gateways and methods as may be available to you from time to time;

(c) accept and act on Electronic Instructions from your Authorised Users, whether or not related to or employed by your company or business, relating to the operation of your Aspire Account; and

(d) transfer funds from your Aspire Account to AFT Treasury, and receive funds from AFT Treasury into your Aspire Account, in connection with your use of the Yield Services, in accordance with Clause 10.

5.4. In relation to the foregoing, you authorise and agree that Aspire shall be entitled to send and disclose such Electronic Instructions from you to such other Affiliate(s) or party(ies) for the purposes of effecting your Electronic Instructions.

5.5. You acknowledge and agree that Aspire may work with its Affiliates to effect FX Conversion instructions. The indicative foreign exchange rate in respect of a proposed FX Conversion (“Indicative FX Rate”) will be made available to you via the Platform or otherwise before you make such an instruction. We will use reasonable efforts to ensure that the foreign exchange rate applied is as similar as possible to the Indicative FX Rate quoted to you. You acknowledge and agree that any difference between the foreign exchange rate applied and the Indicative FX Rate will take effect immediately without notice to you.

5.6. You acknowledge that cross-border money transfers you wish to make from, or receive into, your Multi-currency Account are subject to the applicable terms and conditions of the relevant Affiliate or Service Provider providing the cross-border money transfer service, as set out on the Platform or otherwise notified to you. You are advised to read the applicable terms and conditions carefully before performing any cross-border money transfer. You can find the Service Provider terms [here].

5.7. Aspire shall be entitled to rely on any Electronic Instruction, notice, certificate, report or document believed by it to be genuine and correct, and shall be under no duty to inquire into or investigate the validity, accuracy or content of any such Electronic Instruction, notice, certificate, report or document.

5.8. Notwithstanding anything else herein contained, Aspire may, without liability, refrain from doing anything that would or might, in its opinion, be contrary to any law of any state or jurisdiction, or any directive or regulation of any agency of any such state or jurisdiction, and may, without liability, do anything which is, in its opinion, necessary to comply with any such law, directive or regulation. In the event that Aspire receives Electronic Instructions which, in its opinion, are unclear or conflicting, or which conflict with any of the provisions of this Payments & FX Schedule, it shall be entitled to refrain from taking any action until it receives such confirmations and clarification from the Customer as are to its satisfaction.

5.9. We shall have the right to determine the order of priority in effecting the Electronic Instructions and any other existing arrangements which you have made with us.

5.10. Unless otherwise expressly provided, all Electronic Instructions shall continue in full force and effect until cancelled or superseded. Electronic Instructions may be reversed, amended, cancelled or revoked by you only with Aspire’s consent. If you have given us Electronic Instructions to transfer funds from your Multi-currency Account in error, we will use reasonable efforts to recover the sum for you. An Electronic Instruction may not be reversed, amended, cancelled or revoked if Aspire reasonably determines that it would not be possible to give effect to any reversal, amendment or revocation (such determination may take into account factors relating to the Affiliate(s) involved in the transaction, if applicable).

6. Collection Service

6.1. You may receive funds into your Multi-currency Account using the provided Account Details. Funds received will be credited to your Multi-currency Account in the currency assigned to the Account Details (“Primary Currency”). If the currency of the funds received into the Multi-currency Account is not a Supported Currency, Aspire shall convert such funds into one of the Supported Currencies at the prevailing market rate. The receipt of funds is subject to compliance with Applicable Law. Aspire reserves the right to reject or return any incoming funds that do not comply with our policies or Applicable Law.

6.2. When funds are transferred to your Account Details in a currency different from the Primary Currency, the received funds will automatically be converted to the Primary Currency you have designated for those Account Details. This conversion will be executed at the Indicative FX Rate.

6.3. You are responsible for providing correct Account Details to any third parties sending you funds. Aspire is not responsible for any delays or errors resulting from incorrect Account Details provided to third parties. If you provide the Account Details to a third party, you must not impose any surcharge or fee for accepting payments to the Account Details provided by Aspire.

6.4. If payment into your Multi-currency Account is made by any method which needs clearing and settlement, or through a domestic or international transfer of funds, we do not have to credit your Multi-currency Account before we actually receive the funds. You shall not have any right to or interest in any incoming funds into your Multi-currency Account until we receive them in cleared funds.

6.5. If Aspire credits your Multi-currency Account in contemplation of receiving funds for your credit and those funds are not actually received by Aspire, or on the faith of a transaction which is subsequently set aside or revoked, or if Aspire does not receive funds for your credit for value on the date advised by or on your behalf, Aspire shall be entitled to debit your Multi-currency Account with the amount previously credited, together with any other charges and Fees as Aspire may impose.

6.6. Aspire reserves the right not to accept, and to return without interest to the remitter of funds, the amounts received for transfer to you if the aggregate amount of such funds exceeds any statutorily allowed amount, or in order to comply with any laws, regulations, orders or guidelines issued by any government or regulatory authority.

7. Payout Services

7.1. You can initiate Payouts from your Multi-currency Account or Advance Account through the Platform. To set up a Payout, you must provide all necessary information as prompted, including, but not limited to, the recipient’s full name, bank account details, and the amount and currency of the Payout. You are responsible for ensuring the accuracy of all information provided for Payouts.

7.2. If you wish to initiate Advance Payouts from your Advance Account, subject to our due diligence towards you to grant the Advance Line, you agree to adhere to, and shall be subject to, the terms and conditions under the Advance Product Schedule.

7.3. Aspire supports various Payout methods, which may include bank transfers, internal transfers to other Aspire accounts and other methods as specified on the Platform. Available Payout methods and currencies may vary depending on the recipient’s location and other factors. Aspire reserves the right to add, modify or remove Payout methods at any time without prior notice.

7.4. If a Payout requires currency conversion, Aspire will display the Indicative FX Rate before you confirm the transaction. Exchange rates are determined by Aspire based on prevailing market rates and may include a margin. The FX Conversion terms and conditions set out in Clause 8 shall apply.

7.5. Fees for Payouts will be clearly displayed before you confirm the transaction. Fees may vary based on the Payout method, destination country, currency and other factors, and such Fees are inclusive and shall be deducted directly from your Payout amount.

7.6. Aspire may impose limits on Payout amounts, frequency or cumulative value over a period. Limits may be based on factors such as your account status, verification level and regulatory requirements. Aspire reserves the right to delay or refuse any Payout that exceeds these limits or raises compliance concerns.

7.7. The time it takes for the recipient to receive funds may vary depending on the recipient’s bank or payment service provider. Aspire is not responsible for any delays caused by the recipient’s financial institution or any intermediary banks involved in the Payout process.

7.8. You may request Aspire to cancel a Payout transaction before it has been processed by Aspire. Once a Payout has been processed, it may not be possible to cancel the transaction. If cancellation is possible after processing, it may be subject to fees and currency exchange rate fluctuations.

7.9. If a Payout fails or is rejected, Aspire will make reasonable efforts to notify you promptly. Funds from failed or rejected Payouts will be returned to your Multi-currency Account. Any fees incurred for the failed Payout may not be refundable, and additional fees may apply for returning the funds.

7.10. Aspire may require additional verification or information for certain Payouts as part of our compliance and security procedures. Aspire reserves the right to delay, block or refuse any Payout that we reasonably believe may violate Applicable Law or our Acceptable Use Policy.

7.11. You are responsible for providing accurate and complete recipient information for all Payouts. Aspire is not liable for any loss or delay resulting from you providing incorrect or incomplete Payout instructions. You agree to cooperate with any inquiries related to Payouts and to provide any additional information or documentation that Aspire may reasonably require.

7.12. If you request Aspire to recall a Payout, we will make reasonable efforts to do so, but cannot guarantee success. Any costs incurred in recalling or tracing a Payout will be borne by you and may be deducted from your Multi-currency Account. If a recall is successful, the returned amount may be less than the original Payout amount due to fees and exchange rate fluctuations.

7.13. You may need to deposit immediately available funds into your Multi-currency Account to ensure that you have a sufficient balance for us to execute Payout Electronic Instructions initiated by you. Subject to Clause 5, if you have a series of Payout Electronic Instructions which will be executed within a certain period of time, and you wish to prefund such funds to your Multi-currency Account, you may make such arrangements, provided always that such funds shall in no event be considered a deposit or stored value under Applicable Law. If the funds (or any part thereof) are not used within a certain period of time from the date of deposit, we may handle such funds (or any part thereof) in accordance with Clause 5.

7.14. You acknowledge that Aspire will merely be acting on your Electronic Instructions, and Aspire is not providing any undertaking in respect of whether any person will accept any Payouts initiated by you.

8. FX Conversion

8.1. Aspire offers currency conversion services allowing you to exchange funds between Supported Currencies within your Multi-currency Account. FX Conversions can be executed immediately, subject to availability. You may convert currency as part of a transfer to a third party, within your Multi-currency Account or when receiving funds in a currency that is not a Supported Currency.

8.2. A list of Supported Currencies for FX Conversions is available on the Platform. Aspire reserves the right to add or remove Supported Currencies at any time, with reasonable notice provided to you.

8.3. FX Conversion rates are provided in real time through the Platform when you initiate a conversion. Exchange rates are subject to change rapidly due to market conditions, and the rate applied will be the rate in effect at the time of executing the conversion, as displayed to you before confirmation of the order.

8.4. Aspire may impose minimum and maximum limits on FX Conversion amounts. Limits may vary based on factors such as the currencies involved, your account status and market conditions. Aspire reserves the right to adjust these limits at any time, with notice provided where possible.

8.5. You must have sufficient funds in your Multi-currency Account to cover the full amount of any FX Conversion (including Fees). Aspire may decline your Electronic Instructions if you have insufficient funds or if you exceed any applicable limits. The amount specified in the FX Conversion confirmation becomes due and payable to Aspire on the date specified in the confirmation.

8.6. In the event of market disruption, Aspire may revise or suspend FX Conversions for affected currency pairs. If an FX Conversion is executed at a rate that clearly and materially deviates from the market price due to a technical error, Aspire may declare the conversion void and process it at the correct rate.

8.7. FX Conversions involve risks due to exchange rate fluctuations. Aspire does not provide any guarantee of profits or against losses from FX Conversions. You are responsible for assessing the suitability of any FX Conversion for your needs and financial situation.

8.8. Aspire may monitor FX Conversion activities to ensure compliance with Applicable Law and our policies. We may request additional information or documentation to support your FX Conversion instructions. Aspire reserves the right to refuse or limit FX Conversions that we believe may violate Applicable Law or our policies.

9. Interest, Fees and Charges

9.1. No interest will accrue or be payable to you in respect of the amounts standing to the credit of your Multi-currency Account.

9.2. You must pay all Fees, charges (including foreign exchange commission or charges), costs, expenses and commissions in relation to your Aspire Account and our services (including those facilitated or effected by members of the Aspire Group) at the rates which apply at that time.

9.3. Aspire may, at its option, charge you or debit your Multi-currency Account for services or other out-of-pocket costs and expenses incurred by Aspire in relation to the opening, maintenance and operation of your Aspire Account (including, but not limited to, processing fees for fund transfers from outside Hong Kong to your Multi-currency Account) in accordance with its fee arrangements from time to time. Such fees, costs and charges, if any, will be published on the Platform or otherwise notified to you, and are subject to change at Aspire’s discretion without prior notification to you.

9.4. All payments to be made to Aspire shall be in full, without set-off or counterclaim and free of any deductions of any kind on account of taxes, including, where applicable, goods and services, value added and/or withholding taxes. Accordingly, Aspire shall be entitled to gross up its invoices to include applicable taxes.

10. Yield Services

10.1. Yield Services are provided by AFT Treasury in accordance with the terms and conditions agreed between you and AFT Treasury (the “Yield Terms”). You can use the balance in your Multi-currency Account to top up your Yield Account.

10.2. We may from time to time require you to maintain a minimum balance (such amount as determined by us from time to time in our sole discretion and notified to you) in your Multi-currency Account before you can use the Yield Services.

10.3. If you choose to use the Yield Services, you irrevocably instruct and authorise us to:

(a) debit your Multi-currency Account for the relevant amount and transfer the same to AFT Treasury whenever you submit a buy order to AFT Treasury through your Yield Account;

(b) debit your Multi-currency Account each month to pay the service fee which is due and owing to AFT Treasury;

(c) receive and act on payment instructions from AFT Treasury to execute payment transactions using your Multi-currency Account as your agent, in connection with your use of the Yield Services;

(d) appropriate, debit, earmark (including earmarking amounts expected to be credited to your Multi-currency Account) or withhold such amounts from the balances in your Multi-currency Account that AFT Treasury confirms to us as owing to it pursuant to any agreed terms between you and AFT Treasury, to pay and discharge all or part of your liabilities to AFT Treasury; and

(e) disclose to AFT Treasury such information relating to you, your Aspire Account and your Multi-currency Account (including transaction information) as may be reasonably required for the purposes of the Yield Services.

10.4. The instructions and authorisations in Clause 10.3 shall continue until you have ceased to use the Yield Services and all amounts owing between you and AFT Treasury under the Yield Terms have been settled, and shall survive the termination or suspension of your Aspire Account to the extent necessary for that purpose.

11. Stripe Connect Services

11.1. The Stripe Connect Services are provided by Stripe under the Stripe Connected Account Agreement. To access the Stripe Connect Services, you will need to apply for a Stripe account via the Platform and agree to the terms and conditions in the Stripe Connected Account Agreement.

11.2. The Stripe Connected Account Agreement and the Stripe Services Agreement are between you and Stripe only. If you use the Stripe Connect Services, you agree to the Stripe Connected Account Agreement and enter into a direct relationship with Stripe, which is the issuer of the product. We are not responsible and will not be liable in any way for: (i) the provision of the Stripe Connect Services; and/or (ii) any acts or omissions by Stripe in providing their services to you or your customers, or any non-compliance by Stripe under the Stripe Connected Account Agreement.

11.3. You agree to indemnify, defend and hold harmless Aspire and its Affiliates, officers, directors, employees, agents and representatives from and against any and all claims, liabilities, damages, losses, expenses and costs (including reasonable legal fees) arising out of or in connection with your breach of the Stripe Connected Account Agreement. You will also be separately responsible to Stripe if you breach the Stripe Connected Account Agreement.

11.4. As part of your agreement with Stripe, Stripe will charge you a fee for the Stripe Connect Services. Details of the applicable fees are set out in your Stripe Connected Account Agreement. We do not control, and are not responsible for, fees imposed by Stripe, which should be made clear to you in your Stripe Connected Account Agreement. We do not charge any fees on top of Stripe’s fees.

11.5. You agree that we can share any of your data with Stripe in accordance with the Terms and our Privacy Policy. We can also access any data relating to the creation of, or activity on, your Stripe account and any card and/or payment transactions received via the Stripe Connect Services (for which, in each case, Stripe is solely responsible and liable), and you agree that we can share this data with Stripe.

11.6. Where you have disclosed to us or Stripe personal data of someone else, including, but not limited to, your Authorised Users, your directors and ultimate beneficial owner(s), your customers, employees and contractors, and payers and payees, you confirm and represent to us that you have obtained the relevant individual’s express consent to share their personal data with us for the purpose of accessing or using the Stripe Connect Services. You agree that we can share any such personal data with Stripe in accordance with the Terms and our Privacy Policy.

11.7. You must not use the Stripe Connect Services in violation of the Terms and/or our Acceptable Use Policy.

12. Transaction Screening

12.1. You agree and accept that Aspire may take such steps and require such information from you as Aspire deems necessary to:

(a) verify and authorise the source of funds in your Multi-currency Account or to be credited to your Multi-currency Account;

(b) verify and authorise the identity and location of the recipient of the funds to be debited from your Multi-currency Account; and/or

(c) verify the purpose of any other transaction relating to your Aspire Account and/or the Payment & FX Services that you wish to use,

in each case when you operate or attempt to operate your Aspire Account and when you use any of the Payment & FX Services.

12.2. Any transaction screening and verification checks that we (and, if applicable, any of our Affiliates) perform may increase the time it takes to process your Electronic Instructions. You agree and accept that Aspire shall not be responsible or liable to you or any other party for any losses, claims, damages, fees, costs, expenses or delays that may arise in connection with any such transaction screening and verification checks.

13. Your Responsibilities

13.1. It is your responsibility to:

(a) keep your password, and any identification we provide you which allows access to the Aspire Account and any related Payment & FX Services, secure and confidential;

(b) keep your device’s browser, operating system and anti-virus software (where applicable) up to date in order to ensure that your access to the Aspire Account is secure;

(c) only use an access point or device which you are authorised to use to access the Aspire Account and any related Payment & FX Services;

(d) monitor your Aspire Account and promptly report to us any unauthorised payments or transfers from your Aspire Account, or any suspicious matter relating to your Aspire Account;

(e) promptly tell us in writing about any change in your postal address, phone number, fax number or email address that we use to communicate with you, or any relevant change to any of your information we have in our records (including the identities of your Authorised Users and their respective scope of authority in relation to your Aspire Account). You must also send us any documents we need to support this change. We will need at least seven (7) Business Days after receiving this information to change our records, after which the change will apply;

(f) take reasonable care and precautions, and have adequate internal control procedures and security arrangements, to prevent fraud, forgery or other unauthorised use of your Aspire Account and all related Payment & FX Services;

(g) tell us immediately if you become aware of any actual or suspected fraud, forgery or other unauthorised use of your Aspire Account, or any other matter concerning your Aspire Account and all related Payment & FX Services that you think looks suspicious, and provide relevant information to us so that we can investigate the matter; and

(h) ensure that your representatives and Authorised Users are aware of and comply with the terms of this Payments & FX Schedule at all times.

14. Termination and Suspension of Your Aspire Account

14.1. This Payments & FX Schedule and your Aspire Account shall remain valid until terminated by Aspire or you in accordance with the terms of this Payments & FX Schedule and the Master Service Agreement. You may terminate your Aspire Account at any time by giving us instructions to do so.

14.2. Aspire may restrict, freeze, terminate or suspend your Aspire Account at any time without having to give any reason or notice to you. Without prejudice to the generality of the foregoing, Aspire may restrict, freeze, terminate or suspend your Aspire Account at any time without reason or notice in accordance with the terms of the Master Service Agreement.

14.3. When your Aspire Account is terminated or suspended, we may, at our discretion, suspend or end all Payment & FX Services in connection with your Aspire Account.

14.4. Upon the termination of your Aspire Account, any accrued liabilities and all obligations under this Payments & FX Schedule will continue, and we shall remain entitled to debit from your Aspire Account any amount outstanding and owing to us, including any overdrawn amounts (if any), costs, expenses, Fees, commissions, charges and payments owing from transactions carried out before the termination of your Aspire Account, and any other charges you owe in respect of your Aspire Account.

14.5. The rights conferred on Aspire under this Clause 14 shall survive termination.

15. Set-Off and Consolidation

15.1. If you owe us any money, Fees, interest, commission, costs, tax, charges or other amounts (whether due immediately or later, whether liquidated or unliquidated), or if we for any reason deem any transfer to be fraudulent, or if we need to reverse any transactions, we have the right, at any time and without giving you notice, to set off and deduct the amount owed from any of your Multi-currency Accounts, even if this would make your Multi-currency Account(s) overdrawn. To do this, we may also combine or consolidate all or any of your Aspire Accounts with us, whether your Aspire Accounts are held in your name only or jointly with others. If we need to convert currency, we will do so at our discretion using our currency exchange rate in force at the time.

15.2. Aspire is entitled to apply any and all payments it receives from or for your Aspire Account in such manner and order, and to such transactions, as it may determine or select, regardless of any specific appropriation made by you or any person making such payment(s).

16. Minimal Account Activity

16.1. Your Aspire Account(s) should remain active. If any of your Aspire Accounts has no activity for a certain period of time specified by Aspire in accordance with Applicable Law, and Aspire has not received any Electronic Instructions initiated by you for any withdrawal, transfer, top-up, card transaction or any other transaction related to the Aspire Account Services during such time, Aspire may, at its sole and absolute discretion, settle part or all of your Aspire Account balance to your Beneficiary Account.

17. Definitions and Interpretation

In this Payments & FX Schedule:

“Acceptable Use Policy” means the acceptable use of the Aspire Account, the Services and the Platform, as published at https://aspireapp.com/tnc/acceptable-use-policy and updated from time to time.

“Account Details” means the unique identifiers provided by Aspire for your Multi-currency Account to facilitate the receipt of funds.

“Advance Account” means an advance account granted to the Customer by Aspire in respect of the Advance Line, with further terms as stipulated in the Advance Product Schedule.

“Advance Line” means an advance line provided to the Customer by Aspire’s Affiliates, with further terms as stipulated in the Advance Product Schedule.

“Advance Payout” means a Payout initiated from the Advance Account.

“Advance Product Schedule” means the advance product terms and conditions, which can be accessed [here].

“AFT Treasury” means AFT HK Treasury Limited.

“Aspire” means AFT HK Limited.

“Beneficiary Account” means your local beneficiary bank account into which you wish to receive distributions from your Aspire Account balance through the Aspire Account Services, as instructed by you to us through your Aspire Account.

“Cancel” or “Cancellation” means the act of requesting Aspire to stop a Payout before it has been processed. Cancellation is only possible during the brief window between when you submit a Payout instruction and when Aspire begins processing it. Once Aspire has started processing the Payout, Cancellation is no longer possible, and any attempt to stop the Payout will be considered a Recall.

“Collection” has the meaning given in Clause 2.2.

“FX Conversion” has the meaning given in Clause 2.4.

“Indicative FX Rate” has the meaning given in Clause 5.5.

“Multi-currency Account” has the meaning given in Clause 2.1.

“Payment & FX Services” has the meaning given in Clause 2.

“Payout” has the meaning given in Clause 2.3.

“Primary Currency” has the meaning given in Clause 6.1.

“Recall” means the act of requesting Aspire to attempt to retrieve funds from a Payout that has already been processed and sent. A Recall is initiated after Aspire has processed the Payout and the funds have left Aspire’s system.

“Service Providers” has the meaning given in Clause 2.2.

“Stripe” means Stripe Payments Europe Ltd.

“Stripe Connect Services” has the meaning given in Clause 2.6.

“Stripe Connected Account Agreement” means the Stripe Connected Account Agreement between the Customer and Stripe, which incorporates the Stripe Services Agreement between the Customer and Stripe.

“Supported Currency” means a currency in which Aspire allows you to hold, convert, send or receive funds through the Multi-currency Account, as specified on the Platform, and which may be discontinued or updated from time to time by Aspire.

“Supported Jurisdictions” means the jurisdictions in or to which Aspire allows you to collect or pay out funds from your Multi-currency Account.

“Yield Account” means the HKD Yield Account or USD Yield Account opened by you with AFT Treasury, through which you can invest in collective investment schemes that are distributed by AFT Treasury.

“Yield Services” has the meaning given in Clause 2.5.

“Yield Terms” has the meaning given in Clause 10.1.