DFSA

The terms and conditions (“T&Cs”) define our relationship with you – as we can only permit you to use our services if you agree to follow these T&Cs.

These general terms provide the outline of your access to the weblink: https://www.aspora.com/. It consists of the mobile application (available in Android and iOS) by the name of ‘Aspora’ (collectively, “Platform”, and all mini links within). It also covers the use of Services (as defined below) provided to you (“you”, and “User” as the context may require) by Aspora Money Services Limited, a company incorporated under the laws of United Arab Emirates, operating under the brand name ‘Aspora’ (formerly known as ‘Vance’) and having its registered office address at Unit GA-00-SZ-L1-RT-173, Level 1, Gate Avenue - South Zone, Dubai International Financial Centre, Dubai, United Arab Emirates (“Aspora”, “Company”, “we”, “our” and “us” as the context may require).

By accessing or using our weblink, Services (as defined below), Platform, or mini links, including all our content or information shared there (“Our Content”), you acknowledge that you have read, understood, and agreed to be bound by our T&Cs.

Please read these T&Cs carefully before accessing the Platform and /or using the Services (as defined below). If you do not agree to these T&Cs, you shall not access the Platform and/or use the Services. Your access/usage of the Platform/Services shall signify your unconditional acceptance to these T&Cs and other supplemental terms/policies (as provided by Aspora from time to time).

1. Services

Services means the regulated financial services made available to you through the Platform, strictly within the scope of the Company’s restricted Innovation Testing Licence issued by the Dubai Financial Services Authority (DFSA) (hereinafter referred to as “Licence”), collectively referred to as the “Services”:

(a) Issuing Stored Value and Payment Instruments: The issuance of electronically stored monetary value and associated Payment Instruments enabling Users to load funds and execute payment transactions in accordance with applicable limits and regulatory conditions.

(b) Where applicable, the Services may also include initiating payment orders at your request from an account held in your name with a third-party financial institution, in which case the Company acts solely as a technical intermediary and does not hold your funds in connection with such payment initiation.

The Company does not provide banking services and does not operate as a deposit-taking institution. All Services are provided strictly for regulatory testing purposes during the Testing Period and remain subject to the conditions, restrictions, client eligibility criteria, and monetary limits set out in the Company’s Licence and approved Test Plan.

You agree that the availability of specific services may vary based on the user’s location and applicable regulations. Aspora reserves the right to modify, update, or discontinue any of these services at its discretion. Users are advised to review the terms and conditions and supplemental policies of Aspora regularly to stay informed about any changes to the services offered. These will be very clearly provided on the Platform for a User to review and take note.

2. Eligibility to use Our Services

2.1 You must be at least 21 years old to use the Services. If you do not qualify, please do not use the website or Services;

2.2 You must be validly resident in the United Arab Emirates (“UAE”);

2.3 You must be registered in the UAE, if you are not a natural person;

2.4 You must have a UAE registered mobile number beginning +971;

2.5 You can only open one account with us. Where duplicate accounts are detected, we may close or merge these duplicate accounts at our sole discretion.

2.6 You must not use the account to facilitate any activity which is illegal or may be deemed illegal; and

2.7 Should you choose to access the website from locations outside of United Arab Emirates (“UAE”), you will be responsible for compliance with local laws if and to the extent such local laws are applicable.

3. Third-party payment processor terms

3.1 In connection with the provision of the Services, Aspora may engage one or more third party payment processors, exchange houses, financial institutions, or other regulated entities (each a “Third Party Payment Processor”) to support the execution, settlement, or processing of payment transactions.

3.2 Where a transaction is processed or executed through a Third Party Payment Processor, you acknowledge that such Third Party Payment Processor may be responsible for performing certain regulated activities within its own licensed permissions and subject to its own terms and conditions.

3.3 You may be required to agree to the applicable terms and conditions of a Third Party Payment Processor in relation to specific services. Such terms shall apply solely to the services provided by that Third Party Payment Processor.

3.4 Nothing in this clause shall be construed as transferring or limiting Aspora’s responsibility for the financial services it is authorised to provide under its Licence. Aspora remains responsible for its regulated activities, and any Third Party Payment Processor remains responsible for the services it provides within its own regulatory authorisation.

3.5 In the event of any inconsistency between these Terms and the applicable terms of a Third Party Payment Processor in respect of that processor’s services, the relevant Third Party Payment Processor’s terms shall prevail solely in relation to those services.

4. Account registration

4.1 In order to access and use the Services, you must create an account on the Platform by registering with your mobile number and email address and setting up secure login credentials. Aspora will verify your mobile number and email address through appropriate authentication mechanisms, including one-time passwords (OTP) or similar verification processes.

4.2 You agree that you shall implement reasonable measures to secure access to:

• any device associated with the email address or phone number, linked to your account with the Platform; and
• he username, password and other login or identifying credentials to access the Platform.

4.3 You agree to provide complete, accurate, and up-to-date identity and verification information as required for onboarding and ongoing use of the Services. All information provided by you will be subject to validation, verification, and screening in accordance with applicable laws, regulatory requirements, and the Company’s internal policies.

4.4 Aspora may conduct identity verification, customer due diligence, and screening procedures, and may engage third-party service providers to assist with such processes. You acknowledge and agree that such verification may be a condition to accessing or continuing to use the Services.

4.5 Aspora may request additional information or documentation from you at any time to comply with applicable laws, regulatory requirements, anti-money laundering and counter-terrorist financing obligations, sanctions screening, fraud prevention measures, or internal risk policies. Failure to provide requested information may result in suspension, restriction, or termination of your account.

4.6 You are responsible for maintaining the confidentiality and security of your login credentials and for restricting access to your account. You agree to notify Aspora immediately upon becoming aware of any unauthorised access, suspected compromise, or security breach relating to your account.

4.7 You must ensure that you log out from your account at the end of each session to prevent misuse of your account.

4.8 You expressly agree and consent to be liable and accountable for all activities that take place through your account. The Company shall in no manner be held liable for any unauthorised transactions through your account due to unauthorised access including but not limited to hacking and security breaches. The Company will take utmost preventive measures applicable and possible and as may be in compliance with the applicable laws to reinstate the systems and security measures in case of such an event.

4.9 You agree to promptly provide all requested documents and evidence to us at any stage of using the services. We may require additional information to verify your identity before permitting payments or fund transactions from your account. You agree to furnish any information needed by Aspora for identity validation or to confirm the authenticity of your registered funding instrument. In case you are unable/unwilling to provide requested information, Aspora reserves the right to offboard you and close the account.

4.10 If there are any material changes in the contact details provided at the time of registration/onboarding, you must let Aspora know at the earliest.

5. License to use

We only grant you a limited, exclusive, non-assignable, and non-transferable license to access our content on the express condition that you have agreed to abide by our T&Cs. This license restricts any unauthorized use of the Services; decompile, disassemble, or reverse engineering any of the Platform and/or Services comprising or in any way making up a part of the Services and/or Services; any reproduction, duplication, sale or resale of the Platform and/or Services its contents; any derivative use of Services or its contents.

6. Fees and payment terms

6.1 You may be charged fees and charges for using the Services. The applicable fees and charges will be disclosed to you in the Platform before you confirm an order or transaction (including, where applicable, the exchange rate used, any FX margin, and any third-party charges known at the time). Fees and charges may apply to any transfer disclosed to the remitter pre-transfer, post transaction receipt with the full breakdown is also available on the app.

6.2 Aspora reserves the right to change our fees by giving prior notice. Fees are assessed against the amount of the transactions, including all applicable charges (e.g., taxes, etc.). If you do not agree to these changes, you can elect not to use the Services at your convenience.

6.3 In the event there is an error in the processing of any transaction, you authorize us to initiate debit or credit entries to your account to correct such error, provided that any such correction is made in accordance with applicable laws and regulations.

6.4 You are responsible for determining any and all taxes and duties, including without limitation, sales, use, transfer, value added, withholding, and other taxes and/or duties assessed, incurred, or required to be collected, paid, or withheld for any reason in connection with any request for or performance or use of the Service, your use of the app, the sale or purchase of any products or services, or otherwise in connection with any action, inaction, or omission by you or any affiliate of yours, or any of your or their respective employees, agents, contractors, or representatives (“Taxes). You also are responsible for collecting, withholding, reporting, and remitting correct Taxes to the appropriate tax authority. We are not obliged to determine whether Taxes apply and are not responsible for calculating, collecting, reporting, or remitting any Taxes to any tax authority arising from any transaction.

7. Prohibited payments

7.1 Your account must not be used for illegal purposes, including fraud and money laundering. If any transaction violates these prohibitions, Aspora reserves the right to reverse the transaction, suspend or close your account, report the transaction to law enforcement agencies, and seek damages from You.

8. Other covenants

8.1 You understand and agree that the Services may be modified, updated, interrupted, suspended, discontinued or paused by Aspora at any time without giving a valid reason, notice and no liability towards you.

8.2 In order to use the Services / Platform, you may be required to provide various information as requested by Aspora from time to time.

8.3 You represent and warrant to Aspora that your use of the Services does not violate any applicable law, regulation or any provision of these T&Cs.

8.4 You agree not to interfere with the servers or networks connected to the Services or to violate any of the procedures, policies or regulations of networks connected to the Services, including these T&Cs.

8.5 You further agree to use the Services only for lawful purposes.

9. Aspora’s limited liability

9.1 Aspora does not provide or make any representation, warranty or guaranty, express or implied,about the Services, and to the fullest extent permitted by law disclaims all liability arising out of the User’s use or reliance upon the same. Nothing in these T&Cs excludes or limits any duty or liabilitythat Aspora cannot exclude or limit under applicable law or DFSA rules (including liability for fraud,wilful misconduct, or gross negligence).

9.2 Notwithstanding clause 9.1, Aspora will be responsible for losses and liabilities directly caused byAspora’s breach of these T&Cs, applicable law/DFSA requirements, or failure to exercisereasonable care and skill in providing the Services. This includes, where applicable:(a) unauthorised transactions; and/or (b) incorrectly executed transactions where such issues areattributable to Aspora or its service providers.

9.3 Your access to and use of the Services is at your own risk. Aspora shall have no responsibility forany harm to your computing system, loss of data, or other harm to you or any third party that resultsfrom your access to or use of the Services.

9.4 In addition to other limitations and exclusions in these T&Cs, in no event shall Aspora, its directors, officers, employees, agents or other representatives be liable for any direct, indirect, special, incidental, consequential, or punitive damages, or any other damages of any kind, arising out of or related to the Services.

10. Disclaimers

10.1 Regulatory Status: Aspora is authorised and regulated by the Dubai Financial Services Authority under a restricted Innovation Testing Licence. The Services are provided strictly for testing purposes during the applicable Testing Period (24 months) and are subject to the conditions, limitations, and client protections applicable to such restricted licence. Due to the restricted nature of the Licence, certain regulatory protections that apply to fully authorised firms may not apply.

10.2 No Banking or Deposit Services: Aspora is not a bank and does not provide deposit-taking, savings, lending, or investment management services. Stored Value held in a Payment Account does not constitute a deposit and does not earn interest or any return. Stored Value is not covered by any deposit protection or guarantee scheme.

10.3 Third Party Services: Certain transactions may involve Third Party Payment Processors or other regulated entities. Aspora is not responsible for the acts, omissions, errors, delays, or failures of such third parties in performing services within their own regulatory authorisations. Any services provided by such third parties are subject to their own terms and conditions.

10.4 Payment Execution: In relation to payment initiation services, Aspora acts solely as a technical intermediary transmitting your authenticated payment instruction. The execution of the payment transaction is the responsibility of the relevant account-servicing institution. Aspora does not guarantee the timing, acceptance, or successful execution of such transactions by third parties.

10.5 User Responsibility: You are responsible for safeguarding your login credentials, devices, and Payment Instruments. Aspora shall not be liable for losses arising from unauthorised access resulting from your failure to comply with security obligations, except as required under applicable law.

10.5.1 By submitting a payment instruction, you (i) authorise Aspora to initiate processingof the transaction in accordance with your instruction, (ii) consent to Aspora sharinginformation necessary to execute the transaction with relevant banks, paymentnetworks, and service providers, and (iii) confirm the payment and beneficiarydetails you provide are accurate and complete.

10.5.2 If for any reason, you are cancelling a transaction due to an error then you MUST inform Aspora immediately – once a transaction is initiated and in processing, Aspora will not be responsible for refunding the amount back to you if the mistake was on your part.

10.6 Limitation by Law: Nothing in these Terms excludes or limits any liability that cannot be excluded or limited under applicable law or regulatory requirements.

11. Third party content

11.1 Certain contents, products and/or services available through the Aspora platform may include materials from third parties. Aspora shall not be liable/responsible in relation to such third-party content, products and services.

11.2 Third-party links on the website / Platform may direct you to third-party websites that are not affiliated with Aspora. We shall not be responsible for examining or evaluating the content or accuracy and further we do not warrant and will not have any liability or responsibility for any third-party materials or websites.

11.3 Please review carefully the third-party’s/seller’s policies and practices and make sure you understand them before you engage in any transaction. complaints, claims, concerns, or questions regarding third-party products/services shall be directed to the third-party/seller. Complaints can be sent to help@aspora.com.

12. “AS IS” and “AS AVAILABLE” disclaimer

12.1 The Service is provided to you “As Is” and “As Available” and with all faults and defects without warranty of any kind. To the maximum extent permitted under applicable law, the Company, on its own behalf and on behalf of its affiliates and its and their respective licensors and service providers, expressly disclaims all warranties, whether express, implied, statutory or otherwise, with respect to the Services, including all implied warranties of merchantability, fitness for a particular purpose, title and non-infringement, and warranties that may arise out of course of dealing, course of performance, usage or trade practice. Without limitation to the foregoing, the Company provides no warranty or undertaking, and makes no representation of any kind that the Services will meet your requirements, achieve any intended results, be compatible or work with any other software, applications, systems or services, operate without interruption, meet any performance or reliability standards or be error free or that any errors or defects can or will be corrected.

12.2 Without limiting the foregoing, neither the Company nor any of the Company’s provider makes any representation or warranty of any kind, express or implied:

(i) as to the operation or availability of the Services, or the information, content, and materials or products included thereon;

(ii) that the Services will be uninterrupted or error-free;

(iii) as to the accuracy, reliability, or currency of any information or content provided through the Services; or

(iv) that the Services, its servers, the content, or e-mails sent from or on behalf of the Company are free of viruses, scripts, trojan horses, worms, malware, timebombs or other harmful components.

13. Intellectual property rights

13.1 You acknowledge that all the text, images, marks, logos, compilations (meaning the collection, arrangement and assembly of information), data, other content, software, source-code, know-how and materials displayed on the website or used by Aspora to operate the Services is proprietary to Aspora.

13.2 Aspora hereby expressly reserves all rights, including all intellectual property rights, in all of the foregoing, and except as expressly permitted by these T&Cs, any use, redistribution, sale, recompilation, reverse engineering, disassembly, translation or other exploitation of them is strictly prohibited. These T&Cs do not transfer to you or any third party any rights, title or interest in or to such intellectual property rights.

13.3 You agree, and represent and warrant, that your use of the Services, or any portion thereof, will be consistent with the foregoing covenants and restrictions and will neither infringe nor violate the rights of any other party or breach any contract or legal duty to any other parties.

14. Privacy / data protection

14.1 Aspora has adopted reasonable security practices and procedures that are commensurate with the information assets being protected, and considering the nature of our business Aspora has implemented relevant technical, operational, managerial and physical security control measures so as to protect the information in its possession from loss, misuse and unauthorized access, disclosure, alteration and destruction.

14.2 In order to access the features of the Platform and use the Services, you may be required to provide certain personal information to the Company. You confirm and verify that the personal information submitted to the Company is accurate and authentic and agree to update the Company if there is any change in the information so submitted.

14.3 In the process of providing the Services, Aspora may collect and use certain personally identifiable information. You confirm and verify that the personal information submitted to the Company is accurate and authentic and agree to update the Company if there is any change in the information so submitted.

14.4 Aspora is committed to protect such information and to take all reasonable precautions for maintaining confidentiality thereof. In this regard, Aspora has framed a privacy policy and updated from time to time (“Privacy Policy”), which inter-alia applies to the Users of the website and/or the Services. Please read the Privacy Policy carefully before sharing any personal information.

14.5 In addition to the above, for the purposes of providing Services, the User hereby understands and agree that Aspora shall have the right to collect and use personally identifiable information of the User, such as name, email address, phone number and address, as provided by the User to Aspora from time to time directly or indirectly (or provided in past).

14.6 Your access/usage of the website/Services shall constitute your acceptance to the privacy terms and conditions as provided herein and to the terms and conditions of the Privacy Policy. You may withdraw your consent/acceptance to the aforesaid terms and conditions anytime (including withdrawing consent for using of personally identifiable information by Aspora), on account of which Aspora may discontinue your access, in part or full, to the website/Services/associated features and benefits.

14.7 We will protect your personal data and maintain its confidentiality including where it is held by an agent or third party on behalf of us.

15. Disputes resolution

If you have any concern or dispute about the Service, you agree to first try to resolve the dispute informally by contacting the Company. Complaints can be sent to help@aspora.com

16. Governing law and jurisdiction

These T&Cs shall be construed in accordance with the DIFC law, and the courts of DIFC shall have exclusive jurisdiction in any proceedings arising out of these T&Cs between Aspora and User in relation to the Services.

17. Miscellaneous

17.1 Indemnification: You agree to defend, indemnify and hold harmless Aspora, its employees, directors, officers, agents and their successors and assigns from and against any and all claims, liabilities, damages, losses, costs and expenses, including attorney’s fees, which may result in any loss, damage or liability to Aspora or to any third party, on account of (including but not limited to) breach of any warranties, representations or undertakings, or in relation to the nonfulfillment of any of your obligations under these T&Cs, or arising out of your violation of any applicable laws or regulations.

17.2 Modification: Aspora reserves the right to modify or change these T&Cs and other supplemental terms/policies from time to time (where such modifications or changes will take effect and be binding on and from the day they are posted on the website), and you shall be liable to update yourself of such changes.

17.3 Termination: Aspora may terminate these T&Cs at any time and may do so immediately without notice, and accordingly deny you access to Services. Any such termination will be without any liability to Aspora.

17.4 Language of Communication: The Parties agree that the language used for all communications in connection with the Platform and the Services shall be English. Without limitation, all customer-facing communications, contractual terms, disclosures, notices, policies, marketing materials, customer support interactions, and any statutory or regulatory communications (including complaints handling communications) shall be provided in English.

17.5 Severability: If any of the provisions of these T&Cs is determined to be illegal, invalid or otherwise unenforceable by reason of the laws of any state or country in which these T&Cs are intended to be effective, then to the extent and within the jurisdiction where that term is illegal, invalid or unenforceable, it shall be severed and deleted and the remaining T&Cs shall survive, remain in full force and effect and continue to be binding and enforceable.

17.6 Supplementary T&Cs: These T&Cs are supplementary to other terms & conditions/polices as may be framed by Aspora. In case of any inconsistency between the provisions of these T&Cs and above referred terms & conditions/polices, Aspora shall at its sole discretion remove such inconsistency.