Unless the context otherwise requires, the following definitions shall apply:
“Account” means shall have the meaning given to it in the General Terms and Conditions.
“API” means the application programming interface provided by Tazapay to the Hosted Platform to access Tazapay and exchange of information.
“API Connection” means the authenticated electronic connectivity established by the Hosted Platform with Tazapay using API.
“Business Day” means any calendar day between the hours of 9 am to 5 pm (Singapore Time), excluding Saturdays, Sundays, and public holidays as defined in section 2 of the Holidays Act (Cap. 126), as may be amended and/or supplemented from time to time.
“Buyer” means the Person in the Escrow Agreement buying the Products & Services.
“Chargeback” means a payment refund initiated by the Buyer of the Products or Services directly or through the intermediating parties that were involved in the processing of the Escrow Payment. Includes fees or fines demanded by the intermediating parties.
“Claims” means an obligation arising from a suit, demand, loss claim, liability claim, damage claim, action, or legal proceeding.
“Compliance” means compliance with - regulatory requirements, applicable laws, ethical business practices, know your customer (KYC) regulations, anti-money laundering and countering terrorism (AML) finance regulations, and policies of the Payment Service Providers and Financial Partners.
“Escrow Account” means the account maintained and operated by the Payment Service Provider for the purpose of holding Escrow Amount.
“Escrow Agreement” means an escrow arrangement for the sale and purchase of Products & Services through Tazapay in accordance with the Hosted Account Terms and Conditions.
“Escrow Amount”, in relation to an Escrow Agreement, means the funds in the Escrow Account.
“Escrow Fee” means the fees payable to the Company for providing the Escrow Service to you, including any fees payable to the Payment Service Providers and Financial Partners.
“Escrow Payment” means collecting, holding, disbursing, or remitting Escrow Amount domestically or internationally, currency conversion, and associated services.
“Escrow Service” means providing Escrow Agreement and Escrow Payment services.
“Financial Partners” means card schemes, banks, non-bank financial institutions, licensed lenders and financial service providers that have partnered with the Company to participate in the delivery of the Escrow Service.
“Force Majeure” means accidents; acts of war or terrorism; labor, civil or military unrest; nuclear or natural catastrophes or acts of God; interruptions, loss or malfunctions of utilities, communications or computer (software and hardware) services; adverse change in laws or regulations; significant dislocation in the prices of assets, goods or services; public health risks or epidemics; delay of essential materials or services; Major Breach or any significant adverse event that is beyond anybody’s control.
“Fraud” means all types of frauds such as theft or deliberate falsification of identity, accounts and account credentials, data, documents, description of actual events, collusion, etc.
“General Terms and Conditions” means the terms and conditions for the time being in force that are found at https://app.tazapay.com/termsandcond , as may be amended, revised or restated from time to time;
“Invoice Currency” in relation to an Escrow Agreement means the currency in which the Escrow Amount is denominated.
“Losses” shall mean tangible losses such as liabilities, damages, indemnities, costs or expenses (including any direct, indirect, incidental, special, consequential, or punitive damages or economic loss or any claims for loss of profits or loss of use), or intangible losses such as adverse actions from regulators, governments and government agencies, or loss of reputation or brand value.
“Major Breach” means unauthorized access or cybersecurity breach of the technology infrastructure from Malware, hacking, criminal activity or otherwise causing (a) loss or theft of data, (b) compromise to the security, integrity, and privacy of data, and (c) material damage to technical infrastructure.
“Malware” means a virus, malware, trojan horse, harmful and malicious code, ransomware, denial of service attacks, spam mails, or transmission of defamatory and obscene information in electronic format.
“Person” means an individual, corporation, or such other legal entity as the context requires.
“Payment Service Provider” means a licensed provider of payment services that the Company has contracted to obtain specific payment services including collecting, holding, disbursing, or remitting funds domestically or internationally. Currently, the Company has partnered with the following Payment Service Providers:
Rapyd Holdings Pte. Ltd. (“Rapyd”), a company incorporated in Singapore (UEN: 201833125K) and licensed (License No. PS20200311) under Payment Services Act 2019 of Singapore as a Major Payment Institution (MPI) and regulated by the Monetary Authority of Singapore (MAS), and
Wallex Technologies Pte. Ltd. (“Wallex”), a company incorporated in Singapore (UEN: 201511881E) and licensed (License No. PS20200433) under Payment Services Act 2019 of Singapore as a Major Payment Institution (MPI) and regulated by the Monetary Authority of Singapore (MAS).
“Permitted Products & Services” means the list of products (physical and digital) and services that the Company allows the Escrow Service to be used for.
“Privacy Policy” means the privacy policy of the Company which can be found at https://app.tazapay.com/termsandcond, as may be amended, revised or restated from time to time;
“Products & Services”, in relation to any Escrow Agreement, means the underlying goods (physical or digital) or services being purchased by the Buyer from the Seller.
“Prohibited Industries” means the list of industries, as determined solely by the Company, that the Registered User must not be associated with to be able to use the Escrow Service.
“Prohibited Countries” means the list of countries that the Company does not allow the Products & Services to (a) originate from, (b) pass through, or (c) be delivered in.
“Relevant Person” means officers, directors, employees, agents, consultants, independent contractors, and their successors, and assigns.
“Risk” means any type of risk - Compliance, Fraud, Chargeback, regulatory, legal, technical, reputational, or financial.
“Risk Policy” means the Company’s internal policies on Risk.
“Seller” means the Person in the Escrow Agreement selling the Products & Services.
“Service Providers” means all types of service providers to the Company, including Financial Partners and Payment Service Providers.
“Technical Breakdown” means a temporary breakdown of the technology infrastructure causing or resulting in the loss of access to Tazapay or prolonged interruption of the Escrow Service.
“Transaction” means the underlying sale or purchase of products (physical or digital) or services of the Escrow Agreement.
“you” or “your” means any person who enters into an Escrow Agreement, whether as a Buyer or Seller.
References to one gender include all genders and references to the singular include the plural and vice versa. The words “including”, “include”, “in particular” and words of similar effect shall not be deemed to limit the general effect of the words that precede them.
Any reference to time and/or calendar day in this Hosted Account Terms and Conditions shall be a reference to Singapore Time and a calendar day in Singapore, respectively.
All communications of any kind and for any purpose shall be made in the English language.
The Company provides the Escrow Service to end-users of marketplaces, platforms, and e-commerce sites (each a “Hosted Platform”) through an API Connection to Tazapay. If you are reading this clause, you are a Hosted Platform end user (“Platform End User”). By accepting this Hosted Account Terms and Conditions, you agree that you are engaging the Company as the provider of the Escrow Service through a Hosted Platform. You expressly agree to employ, authorize and instruct the Company to act as escrow agent in connection with each Escrow Agreement subject to the terms and conditions set out in this Hosted Account Terms and Conditions.
You understand and agree that the availability of services of the Company to you is determined by the nature of your relationship with the Company. Only direct Registered Users of Tazapay have access to all services of the Company. If you are a Platform End User then the selection of services available to you is determined by the Hosted Platform.
The Company engages third-party service providers from time to time to deliver its services. Terms and conditions of the service providers are incorporated in Tazapay Terms and Conditions by reference. You may or may not interact directly with these service providers. Notwithstanding, by accepting the Tazapay Terms and Conditions, you agree that you are also bound by the terms and conditions of the third-party service providers referred to in Tazapay Terms and Conditions. If you have questions, please contact our support at
support@tazapay.comYou acknowledge that the Company may amend, revise or restate this Hosted Account Terms and Conditions from time to time without further notice to and/or permission from you, and any such amendment, revision or restatement (as the case may be) will take effect from such time as the Company may notify to you.
