Hong KongRegion Specific Terms

Effective from November 25, 2020

1. Supplement to Neat Master Terms  

1.1 Supplement. These Region Specific Terms for Neat Limited (Hong Kong Terms) supplement the Neat Master Terms relating use of the Neat Services.  These Hong Kong Terms, together with the Neat Master Terms govern the use of Neat Services by you and your Business Admin, where you are a Neat Hong Kong Customer.  Unless otherwise defined in these Hong Kong Terms, all capitalised terms have the meaning given in the Neat Master Terms. 

1.2. Effect. You agree that these Hong Kong Terms supplement the Neat 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 Neat Master Agreement remains unmodified and in full force and effect. 

1.3. Conflict of terms.  These Hong Kong Terms will prevail over the Neat Master Terms to the extent of any inconsistency.  Please read these Hong Kong Terms and the Neat 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 Neat Master Terms which are being amended, to the extent that it amends an existing clause. 

2. Scope of the Hong Kong Terms

2.1. Neat Hong Kong Customers. These Hong Kong Terms apply to the Neat Services offered to you, a Neat Hong Kong Customer.  These Hong Kong Terms are legally binding on you and your Business Admins. You are responsible for ensuring that each Business Admin reads and understands these Hong Kong Terms.

2.2. Contracting entity. The Neat Services offered to you by Neat Limited, which is a company incorporated in Hong Kong with company number 2312276 and whose registered office is at 10/F, China Hong Kong Tower, 8-12 Hennessy Road, Wan Chai, Hong Kong. Neat is a licensed money service operator (license number: No. 19-06-02796) 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 Neat Services is not the same as depositing funds and making transfers to and from a bank account and 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 Neat Master Terms, as amended and supplemented by Schedule 1 (Collection Services) in these Neat Hong Kong Terms.

4. Fees

4.1 Fees. Where applicable, you must pay us all applicable Hong Kong Fees before the due date, as set out on our pricing page

5. Other legal bits

5.1. Governing Law. These Hong Kong Terms and the Neat Master Terms (to the extent that they relate to you) shall be governed by Hong Kong law.

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) inforce 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 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 Neat Master Terms. 

7. Definitions

“Hong Kong” means the Hong Kong Special Administrative Region of the People’s Republic of China.

“Neat 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 Neat Master Terms and that accepts these Hong Kong Terms.

“Neat Master Terms” means these Neat Master Terms.

“Neat Multi-currency Wallet” means a unique account ledger registered under your name and which records the amount of funds, in each Supported Currency, held by us for you.

“Payout Account” means an account nominated by you to withdraw the collected funds from your Neat Multi-currency Wallet as required by the Collection Services.

Schedule 1 – Collection Services – Neat Multi-currency Wallet

1. Source of Funds.  You must not transfer (for example, top-up) any of your own funds or use the Collection Service to receive funds without a genuine underlying transaction for sales/purposes of goods or services at any time.  If requested, you must promptly provide evidence of the funding source. 

2. Withdrawal of funds. Subject to any set-off rights outlined below, you must promptly instruct us to make a withdrawal with respect to funds received in the Neat Multi-currency Wallet.  If you do not give us withdrawal instructions within a reasonable period of time as determined by us and, in any event within a maximum period of no longer than 90 days, we will, at our sole discretion: 

2.1. remit the funds to your designated Payout Account;

2.2. return the funds to the Sender;  or 

2.3. remit the funds to you in any other way permitted by Applicable Law.