Terms and Conditions | FI Onboarding

1. Purpose and Scope of Application

1.1. These Terms and Conditions of Business are intended to govern the business relations between Payment Asia Services Limited and any of its subsidiaries (jointly and individually referred to as "PAS") and its clients (the "Client"). On the basis of these Terms and Conditions of Business, PAS shall provide the Client assistance with various corporate services such as assistance in relation with the opening of accounts with banks or a non-banking financial services providers (the "Bank Account Opening Assistance"), or any other additional services. For the purpose of these Terms and Conditions of Business, Bank Account Opening Assistance and any other additional services shall collectively be referred to as the Services.

1.2. These Terms and Conditions of Business shall form an integral part of any agreement concluded between the Client and PAS on the execution of the PAS order form either by way of online order or paper form (the "Agreement"). By entering into an Agreement with PAS, the Client accepts these Terms and Conditions of Business including the price list for the Services available on this website, if any (the "Fees").

1.3. In the event of any conflict between the present Terms and Conditions of Business and any Agreement, the provisions of the Agreement shall prevail unless otherwise agreed in writing.

1.4. PAS reserves the right to change the Terms and Conditions of Business at any time with immediate effect. The Client shall be notified of such amendments by notice in writing.

2. Content and Scope of the Services

2.1. Bank Account Opening Assistance

Upon receiving Client's order, PAS shall assist the Client with Bank Account Opening in a bank or another financial service provider (the "Bank"), such as a collection account provider. In this framework, PAS will provide the Client with a list of Banks per request, this list is solely for informative purposes, Client will make an independent choice and not by recommendation of PAS. Client may choose a Bank from the list or any third-party Bank. PAS will act as service provider to assist the Client in engagement with the Bank of Client's choice and does not carry any responsibility towards the choice of the Bank. PAS cannot guarantee any success with opening a bank account or with additional services such as credit cards, cheque books or internet banking access and is offered "as is". The Client agrees to use Services only for lawful purposes, following all applicable laws. Any illegal, fraudulent, or unethical activities are strictly prohibited, and non-compliance may lead to legal consequences and service termination.

2.2. Non-Financial and Non-Governmental Status

PAS explicitly clarifies that it is not a financial institution or governmental service provider. The Client accepts this status as condition to utilizing PAS's services.

3. Right to Refuse Services

PAS reserves the right to refuse any and/or all its Services to any Client without giving any reason or explanation thereto, and cannot, under any circumstances, be held responsible for such refusal.

4. Legal Advice

Whilst PAS endeavours to provide true and correct information on all its Services, it is not providing legal advice. The Client is responsible for ensuring that he/she has taken all necessary tax and legal advice with regard to the establishment and operation of the Company and for ensuring that the Company activities will not breach the law of any relevant jurisdiction.

5. Legal Purposes

The Client warrants that he/she will not use any of the rights granted in any Agreement for any illegal, obscene, immoral or defamatory purposes and will not in any way bring PAS into disrepute. The Client shall not in any way whatsoever use or combine the PAS name, in whole or in part, for the purpose of trading activities. PAS reserves the right to cooperate with any official investigating authority if required in relation to any allegations of impropriety against the Client.

6. Anti-Money Laundering and Due Diligence

The Client shall provide PAS with such information as PAS considers necessary in order to ensure that both PAS and the Company are complying with applicable legislation on Anti-Money Laundering and due diligence. The Client is responsible for ensuring that the information provided to PAS is correct. The Client also warrants to PAS that assets or funds introduced to the Company do not represent either directly or indirectly the proceeds of a criminal or other illegal activity. In the event that the Client wishes PAS to continue providing Services to the Client, the Client shall keep PAS fully and promptly informed of any changes in the beneficial ownership, shareholding and officers of the Company, or their personal details, such as name, address and nationality etc. The Client shall immediately inform PAS of the nature of the activities of the Company before making any material changes to those activities.

7. Obligations of the Client

The Client shall provide to PAS due diligence documentation which may include without limitation, the following:

Certificate of Incorporation
Memorandum and Articles of Association
Register of Shares
Register of Directors
Financial statements or Management accounts
Bank Statement (6 months)
Identification Documents
Proof of Address
CV of the UBO
Bank Statement of UBO

Depending on the Client's Company structure, certified copies of corporate documentation, and certified translations might be required where applicable. In keeping with the risk-based approach, PAS might conduct enhanced due diligence (EDD) where additional documents are mandatory, such as original certified bank statements and bank reference letter, business plan and other documents evidencing Client's source of funds and wealth.

Any certification of the original document should be certified as a true copy by either: (a) a registered lawyer; (b) a registered notary; (c) an embassy or consulate; or (d) by Apostille seal.

The Client is obliged to provide the requested due diligence material prior to the commencement of PAS Services. Furthermore, PAS reserve the rights to suspend or terminate any Agreement due to breach of this clause 7.

8. Fees and Payment Terms

8.1. General

The Client agrees to pay the Fees, if any, charged by PAS for the provision of Services and any third-party disbursements incurred by PAS related to the provision of the Services. PAS shall start providing the Services only after the receipt of the full payment of the Fees. All Fees and charges are payable in the currency nominated by PAS, which is usually United States Dollar (USD). The Client is not authorized to withhold Fees and interests due for any Service, guarantee or liability-related claims. In the same manner, any right of off-set on the part of the Client is hereby excluded.

8.2. Bank Account Opening Assistance

If any fee is required by us for Bank Account Opening Assistance, the Client shall settle a one-time Fee for such service. Notwithstanding the above, Bank Account Opening Assistance fee can be changed at any time without prior notice and it may be quoted in any currency agreed by the parties.

9. Communication and Instructions

All communications in relation to the Services and the Company, including any invoices for payment, shall be deemed to have been properly communicated to the Client if sent to the email address notified to PAS by the Client in writing and all such communications shall be deemed to have been properly received by the Client upon sending the email to the Client.

In case where a Client, contacts PAS via email address which is not Client's previously registered email address, PAS shall conduct identification process which includes but it is not limited to live video call and updated original certified copy of identity document. Where PAS receives mail on behalf of a Client or Company, PAS retains the right to open that mail prior to informing the Client or Company of its receipt.

To enable PAS at all times to contact the Client, the Client shall provide full details of and promptly (no later than 14 days) inform PAS of any changes to his/her usual residential address, telephone number, fax number and/or email address (if applicable).

All instructions or requests for action shall be transmitted to PAS by the Client in writing. PAS may, at its discretion, agree to act on any request or instruction given otherwise than in writing but in such event PAS shall not be liable in respect of any misunderstanding or error occasioned in processing such action or request acted upon in good faith.

10. Data Processing, Data Protection and Confidentiality

The recipients of Client's personal data may include PAS affiliated companies acting as subcontractors or auxiliaries, the registered agents in the jurisdictions relevant to the Services, PAS IT suppliers or financial providers such as our payment acquirers, other third-party service providers, including Banks, whom the Client has expressly requested to be introduced to, the public companies' registries, and/or the legal authorities.

The Client is under an obligation to maintain his/her personal data up to date during the entire contractual relationship with PAS, and to submit any required supporting document in relation to his/her updated data in the exact form prescribed by PAS.

The Client warrants that he/she has secured the valid legal authorization of any applicable data subject whose personal data he/she transferred to PAS and that such data subject has consented to the processing of their personal data by or through PAS for the purpose of the Service performance or in application of due diligence obligations.

PAS, its directors, employees or agents, are required to handle Client's data with confidentiality and shall not disclose such information in any way whatsoever except as provided herein. PAS is authorized to release privileged and confidential information (i) for the proposes intended by giving such information, and (ii) as required by law, any governmental or other regulatory authority or by a court or other authority of competent jurisdiction considering the that such disclosure shall be within the scope of the request.

Despite all security precautions developed and implemented by PAS, data including e-mail electronic communications and personal financial data may be accessed by unauthorized third parties when communicated between PAS, Clients and third parties.

11. Legal Incapacity

The Client shall bear the risk of any damage arising from any lack of legal capacity of his/her person and his/her attorneys or other third parties, unless such incapacity has been communicated to PAS in writing.

12. Liabilities

12.1. The Client shall at all times hereafter indemnify and keep indemnified PAS against all actions, suits, proceedings, claims, demands, costs, charges, expenses and consequences whatsoever which may be taken or instituted against PAS or which may be incurred or become payable by PAS by reason of or on account of (i) PAS having acted or declined to act on any instructions or otherwise pursuant to these Terms and Conditions.

12.2. Without prejudice to any specific provision, any damage resulting from an error or omission of PAS, its directors, employees or agents shall be borne by the Client, unless PAS, its directors, employees or agents has acted with gross negligence or fraud. PAS will not be liable for any loss sustained as a result of any mechanical breakdown, strike, delay or failure of any staff, manager or caretaker to perform their duties.

12.3. Any damage whatsoever caused by or arising from, directly or indirectly, the error, failure, negligence, act or omission of any other person, system, institution or payment infrastructure shall be borne by the Client.

12.4. In the specific case of a Bank Account Opening Assistance, PAS is a third party to the relationship between the Bank and the Client. Therefore, under no circumstance can PAS be held responsible of the relationship between the Bank and the Client. PAS does not act as trustees or asset managers, and as such it does not have access to Company's financial resources or bank accounts. PAS has no authority to act and does not purport to act as an employee, representative or officer of any Bank and/ or to sign on behalf or otherwise incur any liability of any sort on behalf of any Bank.

13. Duration and Termination of the Agreement

13.1 Term and Commencement

This Agreement shall come into effect on the date of order confirmation and shall remain in force until terminated by either Party in accordance with this Section.

13.2 Termination by PAS

PAS may terminate this Agreement:

With 30 days' written notice, at its discretion, where no services have commenced.
With immediate effect, if:
- The Client fails to cooperate with due diligence or compliance requirements.
- The Client provides false, misleading, or incomplete information.
- The relationship presents reputational, legal, or regulatory risk under PAS's internal policies.
- A competent authority or regulator requires the termination of the business relationship.
- PAS reserves the right to resign from any mandate or service relationship at its sole discretion based on internal policies, without obligation to disclose the reason.

13.3 Survival of Terms

Clauses concerning confidentiality, indemnity, limitation of liability, and accrued rights or obligations shall survive the termination of this Agreement.

14. Severability

If any term or condition contained herein is or may become under any written law or is found by any court or administrative body or competent jurisdiction to be illegal, invalid, prohibited or unenforceable then such term or condition shall be ineffective to the extent of such illegality, voidness, invalidity, prohibition or unenforceability. The remaining terms or conditions herein shall remain in full force and effect.

15. Assignment

To execute the Services, PAS reserves the right to engage subcontractors who are within its authority. Rights and obligations of the Client resulting from any Agreement can only be transferred to third parties with the written consent of PAS, subject to compliance approval.

16. Applicable Law and Jurisdiction

This Agreement shall be governed by and construed in accordance with the laws of the Hong Kong SAR. Any dispute arising out of or in connection with this Agreement, including any question regarding its existence, validity or termination, shall be subject to the exclusive jurisdiction of the Courts of Hong Kong.

Last Updated: 10/28/2025