Account Opening Agreement

• GENERAL

  In this Account Opening Agreement references to “we”, “us” and our” are to Raiz Malaysia Sdn Bhd (Company No.: 201801021108 (1283127–W) and “customer”, “client”, “you” and “your”, are to the person who opens an account with us.

  Together, (a) this Account Opening Agreement; (b) Platform Agreement; (c) our Privacy Policy; and (d) the information you provide in your profile and portfolio on our online platform (accessible through our website at www.raiz.com.my ("Website") or on our mobile application ("App"), collectively, the “Platform”, shall form the entire agreement between you and us (“Agreement”), in respect of any services provided by us on the Platform (“Services”) and supersede all previous written or oral agreements.

  You agree that where there is a discrepancy or differences between the Account Opening Agreement and Platform Agreement, the terms and conditions of this Account Opening Agreement shall prevail.

  Your use of the Services is subject to us:

  • receiving confirmation that the account which you open with us for the provision of the Services (“Raiz Investment Account”) is complete; and
  • sending an acceptance notice confirming that you may use and access the Platform, the Raiz Investment Account and the Services.
• SERVICES

  The Services that we provide are in accordance with this Account Opening Agreement and are only available to Malaysian citizens. We will provide you with the following digital investment management services subject to the terms of this Account Opening Agreement:

  • Customer Risk AssessmentThe answers that you provide during the sign-up process will be used to determine your risk profile. The algorithm used by Raiz will then recommend a portfolio to invest based on your risk profile. You are not obliged to accept any advice provided by, or recommendation made by us in relation to your recommended portfolio. You may select an alternative portfolio that you decide may be more appropriate for you based on your personal financial situation, needs, objectives and investment experience. This can be done at any time through the Platform. Your new portfolio will be changed within ten (10) Business Days. No switching, brokerage fees or commissions are payable. For the purposes of this Agreement, "Business Day" shall mean a day (excluding Saturdays, Sundays and national or Kuala Lumpur public holidays) on which commercial banks in Kuala Lumpur, Malaysia are open for business.
  • Investment portfolio. The portfolios may consist of unit trust funds (“Funds”) selected by Raiz. Each portfolio will have a target allocation to equities and fixed income assets. We will recommend you a portfolio based on your risk profile. Further details of the target allocation of each portfolio and underlying Funds are available on the Platform and in clause 7 of this Agreement. You may also choose to invest in a custom portfolio. The custom portfolio allows you to choose the portfolio allocation from a selection of Funds.
  • Investment contributions. You may only start investing once your Raiz Investment Account has been approved. Your monies will be invested within five (5) Business Days after we have received your money in our trust account.

    There are four different ways to invest into your Raiz Investment Account. There are no additional fees, costs or commissions charged for making investments.

    • Round-Up

      You may link the debit card that you use for the purchase of goods or services as your Spending Accounts. We will then round up every transaction made on your Spending Account. The virtual spare change that has been rounded-up from your transactions is automatically invested for you each time the sum of pending virtual spare change reaches the pre-set threshold. The Platform will initiate a Round-Up investment by charging the debit card that you have set as your Funding Account automatically. Automatic Round-Ups can be turned on and off under the Round-Ups section of the "Invest" screen on the Platform.

    • Lump Sum Investment

      You may invest by entering any desired amount on the "Invest" screen of the Platform at anytime.

    • Recurring Investments

      You may set up recurring investments on a daily, weekly, fortnightly or monthly basis. You can enter the amount you wish to invest regularly, and then choose the desired frequency. The Platform will initiate a Recurring investment by charging the debit card that you have set as your Funding Account automatically based on your set amount and frequency. Recurring investments can be turned on and off under the Recurring section of the “Invest” screen.

    • Raiz Rewards

      Raiz Rewards is a program that each time you shop with our brand partners through Raiz Rewards, you will earn a cash reward from the brand partner invested back into your Raiz Investment Account. Further details of Raiz Rewards are available on the Platform and in clause 11 of this Agreement.

  • Automatic Rebalancing. Raiz automatically rebalances your Raiz Investment Account when you invest, withdraw, during dividend reinvestment or after a market move occurs that causes your Raiz Investment Account allocation to deviate by 5% or more from your original portfolio’s target allocation. This keeps your Raiz Investment Account in line with the target allocation of your original portfolio. Raiz will also rebalance your Raiz Investment Account if you change your portfolio or change the allocation of your custom portfolio. We do not charge any fees for rebalancing and no brokerage fees or commissions are payable.
  • Reinvestment of Dividend. All dividend paid in respect of Funds held by you in your portfolio will be automatically re-invested into your Raiz Investment Account. You can choose to simply withdraw the amount from the Platform. We will dispose sufficient investments in your Raiz Investment Account. It is free to make a withdrawal from your Raiz Investment Account and it can be made at any time.
  • Withdrawals. You can request a cash withdrawal from your Raiz Investment Account at any time. We will sell sufficient investments in your Raiz Investment Account and transfer the proceeds as cash to your nominated bank account belonging to you (“Withdrawal Account”) within seven (7) Business Days. There are no fees or penalties for withdrawals. If you request to close your Raiz Investment Account or make a full withdrawal, the amount you receive could be less or more than the latest value displayed on the Platform due to change in price because of market movements and operational processes.
  • Reporting. In relation to each Raiz Investment Account, you can access your personal Monthly Statements, Deposit and Withdrawal Confirmation Notices by logging into the Platform.
• YOUR INFORMATION
  • You must be Malaysian citizens at least 18 years old to open a Raiz Investment Account.
  • You acknowledge that we are obliged to carry out "Know Your Client" procedures in accordance with our policies, applicable local or foreign laws, regulations, subsidiary legislation, and any other requirements issued by the regulatory authority including the Securities Commission Malaysia (“SC”) as may be amended from time to time (“Applicable Laws”). Specifically, we are obliged to comply with the Anti-Money Laundering, Anti-Terrorism Financing and Proceeds of Unlawful Activities Act 2001. To do that, we may occasionally need to ask for proof that a payment received by us has originated from your Funding Account. We may also have to ask for evidence that your wealth is from a legitimate source. If we make what we regard as a reasonable request for these purposes, you agree to comply with it.
  • You acknowledge that prior to the opening of a Raiz Investment Account for you or the provision of the Services to you, all documents and information as we deem necessary to carry out such "Know Your Client" procedures are required to be submitted to us (through the Platform or such other method as we may notify you). In the event of any change in the information provided, you are required to notify us of the relevant change accordingly.
  • You acknowledge that where it is required for the purposes of complying with any Applicable Laws or where required by any order, direction, or request by any applicable court, stock exchange, government or regulatory authority ("Authority"). You agree to provide any information or documents whatsoever upon request by us from time to time. You also acknowledge that we are entitled to provide the information which you have shared with us to all relevant Authorities for the purposes of complying with all applicable disclosure or reporting obligations without limiting the generality of our rights under clause 3.4. Without prejudice to any other representation and/or warranty on your part, you undertake that all information and documents provided by you are accurate, true, complete and not misleading and shall advise us of any changes to such information as you become aware of such changes.
  • When we exercise our rights in this clause 3, you consent to us using your personal data - as defined in the Personal Data Protection Act 2010 - to carry out electronic searches on private and public databases in order to provide the Services to you. For more details on how we collect and use your personal data, including the rights in relation to your personal data, please refer to our Privacy Policy on our website (www.raiz.com.my).
  • In some cases, we may need to conduct enhanced customer due diligence on you due to various factors including when you make large withdrawals or when we are required to do so under any Applicable Laws. When this happens, we will ask you for additional information or documents and we will either call you or send you a secure email notifying of the additional information required. You agree to provide us with the information and documents we ask for within a reasonable period. You accept that if you do not do this, we may suspend your Raiz Investment Account, which may result in us not being able to process any withdrawal requests from you or take other instructions from you and/or with respect to your Raiz Investment Account.
  • If you wish to have your personal information amended, do contact us athelp@raiz.com.my.
• AUTHORISATION
  • Notwithstanding anything contained in this Account Opening Agreement, you hereby fully authorise us to act on your behalf all such acts as may be required or necessary for the following purpose:
    • carrying out any instructions conveyed to us by you or performing any Services for you;
    • discharging any of our obligations to you under this Account Opening Agreement; and/or
    • doing all such acts as may be necessary or desirable (in our sole discretion) to safeguard our rights under this Account Opening Agreement.
• COMMUNICATIONS
  • We may communicate with you at any time including, when appropriate, by telephone in order to deliver the Services under this Account Opening Agreement.
  • You can give us instructions to invest to and withdraw from your Raiz Investment Account directly through the Platform. If we do act on an instruction, we will do so as soon as reasonably practicable after we have received it.
  • We may act on any instruction or notification we believe in good faith is from you or a person authorised to act on your behalf, without carrying out any further checks or investigations. We will not be liable for following an instruction or notification which is not genuine, or for investigating, not investigating, or not following any instruction or notification that we believe may not be genuine. We will not be liable for any error of transmission or misunderstanding, or for the fraud of any other party except in the case of our negligence, wilful default or fraudulent activity.
• ACKNOWLEDGEMENT
  • You hereby acknowledge and agree that we may from time to time analyse your financial goals, personal objectives, financial situation, and any particular personal needs. We may request from you further information to conduct such an analysis for you.
  • You also acknowledge and agree that you:
    • are responsible for the veracity, accuracy, correctness, and completeness of all information provided by you; and
    • shall notify us of any changes to such information as you become aware of such changes.
  • You acknowledge that any portfolios recommended by us shall be solely based on information which you provide to us. Accordingly in the event that you do not provide any information requested by us, or if you provide us with information which is inaccurate or incomplete or misleading in any manner whatsoever, you shall be solely responsible for ensuring that the recommended portfolio is suitable for you.
• PORTFOLIO RECCOMENDATION
  • The base currency of your portfolio is in Malaysian Ringgit (“MYR”). All portfolios are implemented using market standard asset allocation via unit trust funds (“Funds”). The portfolios can consist of investments in many different Funds that provide exposure to equities, bonds, fixed income and/or cash.
  • Whilst we will recommend a portfolio as part of this Account Opening Agreement, you have sole control and authority over your investment decisions. As a customer of Raiz, we will provide you with tools and recommendations for you in relation to saving and investing. You shall be entitled to determine, in your sole discretion, whether to accept or reject any of our advice or recommendations which we propose.
  • You may also choose to invest in a custom portfolio. The custom portfolio allows you to choose the portfolio allocation from a selection of Funds up to a maximum target allocation of 90%. Warning: you should consider the likely investment return, risk and your investment timeframe when choosing a portfolio suitable for you to invest in.
  • In the event that you decide not to accept our recommendations, you acknowledge that you are solely responsible for ensuring that your selected portfolio is suitable for you. For the avoidance of doubt you may at any time opt to vary the portfolio which we recommend.
  • In the event that there are any changes in your specific financial goals, objectives, investment experience, knowledge and particular personal needs or any other factors which we consider to be relevant, we shall be entitled to and may propose changes to your portfolio. You agree that in proposing such changes, we shall be entitled to rely and act on the information you have provided to us without confirming such information with you or further investigation.
  • We may change the portfolios from time to time and without notice (for example, we may change the number of portfolios available, the selection of Funds in each portfolio and/or the relative weightings of the Funds within each portfolio). We will exercise our discretion to make changes to the portfolios in circumstances including where we feel that changes need to be made to the underlying Funds (for example because the Funds have become illiquid or has been suspended from trading or is about to be delisted), or where changes need to be made to achieve the investment objective of the portfolio (paying regard to the target return and desired risk portfolio). We will notify you of any material changes to the portfolios.
• TRADING INSTRUCTIONS AND COUNTERPARTIES
  • You acknowledge and agree that pursuant to this Agreement:
    • we may recommend any portfolio to you or otherwise manage your portfolio in accordance with the Raiz investment strategies;
    • we may deal with your securities and other property held with us or through us (“Assets”) including selling such Assets or settling a sale instruction or redemption on your behalf;
    • in the execution of our Services, we may utilise any unit trust management company and/or execute counterparty and account opening documentation on your behalf, make decisions and otherwise act as we may consider appropriate;
    • you authorise us to withdraw monies from your nominated Funding Account and invest the monies into your Raiz Investment Account in accordance with your portfolio, as your agent and at your sole risk and account;
    • you acknowledge and agree that we may pool the Assets executed on your behalf with those of other Raiz customers.
• FRACTIONAL INVESTMENT
  • When executing the portfolio on your behalf, the Raiz algorithm will calculate the required number of units that need to be purchased which are subsequently held by the Custodian. Raiz could allocate whole and fractions of units to you in proportion to your investment. Any remaining fractions (that are not allocated) will be held by Raiz.
• MINIMUM INVESTMENT
  • The minimum initial investment required is RM5.00 and the minimum amount for each and subsequent investment is RM5.00. We reserve the right to change the minimum amount from time to time.
• RAIZ REWARDS
  • If you have signed-up for, and maintain in good standing, an Active Raiz Investment Account, from time to time certain third party promotions may be available to you (“Raiz Rewards Promotions”).
  • Details of all current Raiz Rewards Promotions that are open to eligible participants from time to time – being customers who have an Active Raiz Investment Account – will be set out at the Raiz Rewards page within the Platform including the relevant Participation Terms for each Raiz Rewards Promotion. An Active Raiz Investment Account is an account which has a positive balance and where you are paying a monthly Account Fee.
  • By participating in a Raiz Rewards Promotion, you agree to comply with the Participation Terms for that Raiz Rewards Promotion (which will be incorporated into and form part of this Agreement). You should carefully read the Participation Terms for each Raiz Rewards Promotion along with the terms and conditions of this Agreement and the Raiz Privacy Policy before participating and, if you do not accept those terms, you should not participate in the Raiz Rewards Promotion.
  • Each Raiz Rewards Promotion runs for a limited term only, as set out in the Promotion Term in the relevant Participation Terms.
  • Notwithstanding any other provision of this Agreement, Raiz may terminate, cancel or amend all or any portion of any Raiz Rewards Promotion at any time by amending the details of the Raiz Rewards Promotion on the Raiz Rewards page within the Platform. Advance notice will be provided (via the Raiz Rewards page within the Platform) where possible. However, you acknowledge that the Raiz Rewards Promotions are offered by Third Party Retailers and therefore there may be circumstances where Raiz is unable to provide advance notice of such changes.
  • During the Promotion Term of a Raiz Rewards Promotion, if you make an eligible purchase (“Eligible Purchase”) from a specified third party retailer (“Third Party Retailer”), the Third Party Retailer will contribute an amount of money (“Customer Benefit”) for investment into your Active Raiz Investment Account as set out in the Participation Terms for that Raiz Rewards Promotion, provided you meet all eligibility requirements as set out in the Participation Terms.
  • During the Promotion Term of a Raiz Rewards Promotion, the Third Party Retailer may pay an amount to Raiz for promoting the Raiz Reward Promotion, which may be a flat amount of money or an amount of money which is a percentage of an Eligible Purchase.
  • The Participation Terms for a Raiz Rewards Promotion will set out details of what constitutes an Eligible Purchase for that Raiz Rewards Promotion. An Eligible Purchase may, for example, be a purchase of a particular product from the Third Party Retailer, a purchase made from the Third Party Retailer via a particular sales channel (e.g. from a particular website), a purchase over a particular value from the Third Party Retailer or some other kind of specified category of purchase. An Eligible Purchase may be limited to purchases that occur in certain fact scenarios only (for example, only in certain locations). You may therefore not be eligible for all Third Party Promotions. You should therefore carefully check the Participation Terms for the Third Party Promotion to determine whether you are eligible.
  • The Participation Terms for a Raiz Rewards Promotion will specify the amount of the Customer Benefit, or the means by which that amount will be calculated, and any other relevant details regarding payment of Customer Benefits. The Customer Benefit is only for investment in your Active Raiz Investment Account and may not be received by you in cash or in any other form. Raiz will receive all such Customer Benefits paid by the Third Party Retailer on your behalf and, once a Customer Benefit is received from the Third Party Retailer, will process such payment into your Active Raiz Investment Account as soon as reasonably practicable. Please be aware that there will be a delay between when you make the Eligible Purchase, and when the Customer Benefit appears in your Active Raiz Investment Account.
  • The Customer Benefit is paid by the Third Party Retailer, not by Raiz and Raiz has no control over the Third Party Retailer's payment of this amount. To the full extent permitted by law, Raiz excludes all liability in connection with any delay or failure by the Third Party Retailer to pay you any Customer Benefit.
  • The right to participate in a Raiz Rewards Promotion is not transferable to any other person.
  • Any link to a Third Party Retailer's website or associated third party website is a Linked Site for the purposes of this Agreement and subject to the provisions dealing with Linked Sites.
  • Raiz is not a party to the contract formed between you and the Third Party Retailer for the Eligible Purchase, and to the full extent permitted by law hereby excludes all liability in connection with Eligible Purchases or any other transaction or engagement between you and the Third Party Retailer. In addition, to the full extent permitted by law, Raiz excludes all liability that arises if you are unable to participate in a Raiz Rewards Promotion due to an issue encountered with the Third Party Retailer (such as a fault or issue with the Third Party Retailer's payment system, or a withdrawal of the Raiz Rewards Promotion by the Third Party Retailer).
  • To the extent that you believe that a Third Party Retailer has failed to pay you a Customer Benefit that you are entitled to, you may notify Raiz on help@raiz.com.my or 03-2714 6114. Raiz will, upon timely receipt of any such notice, contact the Third Party Retailer regarding payment of the Customer Benefit, and undertake reasonable investigations. Raiz decision (or if appropriate, the Third Party Retailer’s) in respect of such matter will be final and binding.
  • In order to be able to participate in a Raiz Rewards Promotion, it may be necessary in some instances to activate certain settings on your mobile device (e.g. to allow cookies). If you are unable to access a Raiz Rewards Promotion please contact us at help@raiz.com.my or on 03-2714 6114.
  • No licence is granted to you under this Agreement to any Third Party Retailer branding or logos, or to any other branding or logos relating to products of any Third Party Retailer, associated with a Raiz Rewards Promotion.
  • Raiz may withdraw or cancel the Raiz Rewards program at any time in its absolute discretion. In addition, Raiz may suspend the Raiz Rewards program if Raiz forms the reasonable view that any fraud, tampering or other gaming is occurring in connection with the Raiz Rewards program, or may suspend your access to the Raiz Rewards program if Raiz forms the reasonable view that you are involved in such activities.
• RISK
  • 12.1 All investments carry risk. Different investment strategies may carry different levels of risk, and assets with the highest long-term returns may have the highest level of short-term risks. Some of these risks included
    • Performance Risk - The value of your Raiz Investment Account, can go up or down. Returns are not guaranteed, and you may lose money. The rate of return varies, so future returns may differ from past returns. Risk impacts vary for individual investors depending on age, investment time frame, other investments held and their risk tolerance.
    • Market Risk – Changes in financial markets, the economy, political changes, technological developments, and changes in market sentiment continually affect the value of investments in the portfolios and the level of income they generate. For instance, if you request a full cash withdrawal or close your Raiz Investment Account the amount you receive may be different (including less) from the last value set out in your amount as displayed on the Platform due to market movements.
    • Interest rate risk - Changes in interest rates can directly and indirectly affect investment value or returns. For example, an increase in official interest rates can result in a fall in the value of fixed interest assets.
    • Unit Trust Fund risk – Unit trust funds could terminate, fees and expenses could increase, the fund manager or any service provider may change. There is no guarantee that the investment strategy of the unit trust fund will be managed successfully.
    • Portfolio performance risk - The performance of your Raiz Investment Account may vary from the performance of another Raiz Investment Account which invests in the same selected portfolio. This is because contributions will be invested in the selected portfolio over time and for differing amounts, and the rebalancing algorithm may lead to different weightings between portfolios, differences in fees charged and in buy/sell spreads incurred when selling underlying investments to pay fees.
    • Underlying assets performance risk - Some of the underlying assets may not achieve their investment objective. This may mean that the return that is generated for a particular portfolio may differ from the stated investment objective of that portfolio.
    • No guarantee – Raiz Malaysia Sdn Bhd and its related entities, officers or personnel, or the issuers of any investments do not guarantee the performance of your Raiz Investment Account or the repayment of any amount invested or any rate of return. No one makes any representation as to the success, performance or otherwise of your Raiz Investment Account.
    • Data security & electronic delivery risk - Your Raiz Investment Account is an online financial product, which relies on computers, information technology (“IT”) networks and the internet which means it is subject to inherent IT risks including - but not limited to - software bugs, computer viruses and malware, unauthorised interference with data, loss of data, unavailability or unreliability of the internet, computer malfunction, and cyber hacking resulting in the theft of data. As a result, access to the Platform may be unavailable from time to time. Your data is stored on secured servers in Malaysia. You will need to consider the potential for disruption or other difficulties when planning to use your Raiz Investment Account and the Platform.
  • You acknowledge and agree that you have read and understood the risks outlined in this section 11 and will assume all the risks associated with investing in the selected portfolio. By opening a Raiz Investment Account, you have obtained or have chosen not to obtain independent tax and legal advice.
  • You acknowledge and agree that you are fully aware of the risk relating to and/or arising from your investments in the portfolio. Without limiting the generality of the foregoing, you agree and acknowledge that:
    • you may lose some or all your capital by investing in the portfolio;
    • your investment and withdrawals will be subject to price fluctuation, currency exchange, interest rate or other volatility in that particular financial market or markets
  • You acknowledge and agree that you have made all necessary enquiries and we have informed you of all material features of the portfolio and risks involved in respect of the investments including but not limited to information on:
    • the suitability and objective of your investment portfolio;
    • the key features and risks of the investment portfolio as detailed in this section 11;
    • the pricing of the investments;
    • the fees and charges to be borne by you in respect of your Raiz Investment Account;
    • the frequency of reports to be provided to you in respect of your Raiz Investment Account; and
    • any applicable responsibility statement and disclaimers.
• YOUR MONIES
  • We shall only accept your monies which are debited from the debit card belonging to you (“Funding Account”). If we are not satisfied that the monies came from the debit card belonging to you, we shall refund such monies, subject to Applicable Laws.
  • You agree that we may hold your monies received in an omnibus trust account together with monies that we hold for other customers. Further, you also agree that there is a risk where your monies are held under an omnibus structure, your monies may not be subject to the same protection as that conferred on monies held on a segregated basis.
  • We shall only pay monies belonging to you from the trust account to the nominated bank account belonging to you (“Withdrawal Account”). In the event that we are not satisfied that the monies will be paid to bank accounts belonging to you, we reserve the right to withhold such payments in our sole discretion.
  • If any of the proceeds of your Assets legally payable to you remain unpaid to you after a period of one (1) year from the date on which it became payable, such unclaimed amount will be lodged to the Registrar of Unclaimed Moneys, in accordance with the provision of the Malaysian Unclaimed Moneys Act 1965. Thereafter, you shall have no right whatsoever to claim such proceeds from us after the unclaimed amount is lodged with the Registrar of Unclaimed Moneys.
• APPOINTMENT OF CUSTODIAN OR BROKER
  • We will appoint a local custodian (“Custodian”) to purchase, hold and sell your Assets. The Custodian may acquire investments through a nominee, agent or broker.
  • Without prejudice to any other provision in this Account Opening Agreement, you agree that:
    • we and/or the Custodian may hold your Assets in an omnibus account;
    • if we have or we through the Custodian have engaged such nominee, agent or broker in good faith, we shall not be liable to you for any and all loss suffered or incurred by you arising from or in connection with any act, omission or insolvency of such nominee, agent or broker; and
    • the investments in your portfolio may be interchangeable with other investments held in the omnibus account, and as such, we and/or the Custodian are not obliged to deliver any specific investments to you and may instead sell the investments at your expense and credit your nominated bank account.
  • We and the Custodian will not lend your Assets to anyone else or use them to raise finance.
  • You expressly authorise us to grant the Custodian, nominee, agent or broker the right to retain any cash, or sell any Assets, in order to meet any liabilities arising in connection with the provision of its services to us or you, and to deduct or set-off any amount owed to it from that cash or those Assets for that purpose.
  • The appointed Custodian is CIMB Bank Berhad (Company No.: 197201001799 (13491-P)).
• FEES AND CHARGES
  • The monthly account fee ("Account Fee") for the month will be charged on the following month.
  • The Account Fee of RM1.50 is payable if your Raiz Investment Account has a value of less than RM6,000 at the end of each month. This Account Fee is to cover the cost of administering your Raiz Investment Account. The Account Fee will be charged to your Funding Account (not your Raiz Investment Account). This means that the Account Fee will not affect the balance of your Raiz Investment Account. If we fail to charge the Account Fee from your Funding Account, we may charge it to your Raiz Investment Account by disposing sufficient units in your Raiz Investment Account equivalent to the Account Fee.
  • If your Raiz Investment Account has a value of RM6,000 and more at the end of the month, the Account Fee payable is 0.30% per annum of the Raiz Investment Account balance which will be charged to your Raiz Investment Account.
  • All payments made pursuant to this Account Opening Agreement shall be without any deduction, withholding or set-off. All payments are exclusive of any and all applicable taxes and you agree that you shall be responsible for the same, and shall indemnify us in the event that we are required by law to make payment in respect of such taxes.
  • We reserve the right to change the Account Fee charged from time to time and we will post the change on the Platform and we may also notify you of any such changes via email.
• COMPLIANCE AND LAWS
  • You acknowledge and agree that we do not provide any tax or legal advice to you. If you choose to rely on external tax and legal advice in choosing our Services, we shall not be responsible for such advice.
  • The provision of the Services, the Raiz Investment Account and the relationship between us and you shall be subject to all Applicable Laws. A breach of any Applicable Law shall not discharge or release you from any of your obligations under this Account Opening Agreement to us. The availability of the Services or any applicable terms and conditions - including pursuant to this Account Opening Agreement - may be varied by us for compliance with the Applicable Laws.
  • We shall be entitled to and we shall not be liable to you if we rely on and act in accordance with any Applicable Laws, including any guidelines or codes published by the SC to the extent the same are applicable to us.
  • In the event any provision of this Account Opening Agreement is inconsistent with the requirements of any Applicable Laws, including any guidelines or codes published by the SC, the requirements of the relevant Applicable Laws shall prevail over the relevant term in the Account Opening Agreement.
• DIVIDEND
  • Any dividend earned on the investments held in your portfolio will be re-invested into your Raiz Investment Account.
• DEPOSITS
  • We currently accept deposits from your Funding Account.
• WITHDRAWALS
  • If you request a withdrawal, the money will be credited to your nominated bank account. We will only pay money to your nominated bank account maintained with a licensed financial institution. We will not accept instructions to credit into third-party bank accounts or non-individual bank account under any circumstances.
• REPRESENTATION AND WARRANTIES
  • You represent and warrant as follows:
    • your obligations under the Agreement are valid, binding and enforceable and your use of the Services complies with all Applicable Laws;
    • you have the capacity, power and authority to enter into and perform and comply with your obligations under the Agreement;
    • all information and documents which you have or will provide to us are true, accurate, complete and not misleading;
    • you have obtained all necessary consents, licences or approvals which you require to enter into Agreement, and neither the execution nor performance of this Account Opening Agreement will contravene any consents, licences or approvals by which you are bound;
    • your entry into this Account Opening Agreement does not and will not violate any agreement to which you are a party or which is binding on you;
    • you are solvent, able to pay your debts as they fall due and not an undischarged bankrupt; and
    • you are an individual, and the legal and beneficial owner of this Raiz Investment Account.
• OUR RIGHTS
  • You agree that the Services provided through our Platform may be modified, suspended or terminated by us pursuant to this Account Opening Agreement. We shall be entitled to provide the Services other than through the Platform.
  • You acknowledge that your use of the Services may be monitored by us from time to time and you agree to use the Services for a lawful purpose and in compliance with all Applicable Laws.
• RECORDS AND STATEMENTS
  • All statements and any other documents in respect of all purchases and withdrawals to your Raiz Investment Account will be available to download directly from the Platform.

    The statement will include, among others:

    • a statement of account showing your actual portfolio position; and
    • fees and charges payable by you.
  • We have the right to reverse any entry, demand refund, and/or debit the Raiz Investment Account in respect of any overpayment or wrongful credit and we will only do so upon giving reasonable notice to you.
• RELATED DEALINGS
  • You acknowledge and agree that all Services we provide to you are interrelated. If you fail to comply with your obligations or our instructions, we are entitled to not perform or withhold our obligations in respect of the Services.
• LIEN
  • We shall be entitled to withhold all your Assets in the event you owe monies or obligations (of any nature and howsoever arising) to us. All your Assets shall be subject to a lien pending the full settlement of all monies and discharge of all your obligations due to us. For this purpose, you shall deposit or transfer all documents of title relating to the Assets to us and you expressly grant us the right to sell your Assets towards settlement of monies and your obligations due to us.
  • You represent, warrant and undertake that the Assets held in the Raiz Investment Account shall not be subject to any lien or charge in favour of any other person.
  • Our rights under this Account Opening Agreement shall not prejudice any other rights that we may have and are in addition to any other rights we have at law, in equity or under any other agreement. You authorise us to do anything in your name which is necessary for us to be able to do any of the foregoing.
• CONFIDENTIALITY
  • All information and data communicated or released to us by you in writing or any other form of media, during the term of this Account Opening Agreement, shall be received in strict confidence, shall be used only for the purpose as set out in this Account Opening Agreement. We are not responsible for maintaining the confidentiality of such information in the event that such information:
    • is already known to us or in our possession before the disclosure hereunder free of any obligation to keep it confidential;
    • is or becomes publicly known through no wrongful act or default of ours;
    • is received from a third party without similar obligations of confidence and without breach of this Account Opening Agreement;
    • is independently developed by us; or
    • is received from a third party who has lawfully acquired such information and is under no confidentiality obligation regarding its disclosure to us.
  • You acknowledge and agree that we may disclose information relating to you and the Raiz Investment Account to third parties on a need-to-know basis and to such extent only as is necessary for the purposes contemplated by this Account Opening Agreement or as is required by any Applicable Laws. In the event of such disclosure, we will reasonably ensure that such third parties to whom such disclosure is made are bound by obligations of confidentiality no less restrictive than the terms of this Agreement.
• INDEMNITY AND LIABILITY
  • You agree to indemnify and hold us and all of our employees, affiliated companies, agents, subcontractors, officers or counter-party employed or used by us harmless in connection with the Services (collectively, our "Associates") against any liability, loss, damage or cost and expense incurred by us arising out of or in connection with your access and use of the Services, including without limitation, the operation of the Raiz Investment Account, transactions, or any instructions. You also agree to indemnify and hold us harmless against any claims that information or material which you have submitted to us is in violation of any law or in breach of any third party rights - including, but not limited to, claims in respect of defamation, breach of confidence, infringement of copyright or infringement of any other intellectual property right.
  • You also agree to indemnify and hold us harmless against any and all action which we deem in good faith necessary to ensure that we will not be in default of our obligation or responsibilities under this Account Opening Agreement. This indemnity shall apply even though as between you and us, you may be in actual or anticipatory default and shall be in addition to any other right that we may have (whether expressly provided as between us or implied by law).
  • To the maximum extent permitted by Applicable Laws, in no event shall we and our Associates be liable to you for any loss or damage suffered by you, including without limitation loss of income, profit, revenue, or savings or indirect, incidental, consequential, exemplary, punitive or special damages, howsoever arising, in relation to any Services or transactions contemplated under this Account Opening Agreement. To the maximum extent permitted by Applicable Laws, our liability in connection with any Service, shall not exceed the market value of such Service.
  • We shall not be liable for any losses incurred by you as a result of any action taken by or omission on our part in good faith. We shall not, in the absence of fraud, gross negligence or wilful default be liable to you for any act or omission in the course of or in connection with the Services rendered under this Account Opening Agreement or for any losses which you may suffer or sustain as a result of, in connection with or in the course of discharge by us of its duties hereunder.
• FORCE MAJEURE
  • We shall not be liable for any delay or failure to perform our obligations hereunder if such delay or failure is due to an act, omission or circumstance over which we could not reasonably have exercised control, including without limitation to pandemics, strikes, concerted actions of workmen, sabotage, civil commotion, lock-outs (including movement restrictions or controls) or other industrial disputes - whether involving the workforce of the party so prevented or of any other party, act of God, war, riot, civil commotion, malicious damage, acts of government or the export or import prohibitions, compliance with any law or governmental order, rule, regulation or direction, accident, breakdown of plant or machinery, breakdown or general unavailability of transport, general shortage of energy, fire, explosions, flood, or storm (collectively, “Force Majeure Event”).
  • In the event of a Force Majeure Event, we reserve the right to immediately suspend the performance of our obligations (including but not limited to the execution of orders and/or the making of any payments) and the provision of any Services during the occurrence of a Force Majeure Event.
• SUSPENSION OR TERMINATION
  • We reserve the right to immediately suspend or terminate the Raiz Investment Account or the provision of any Services, temporarily or permanently at any time, without being liable to you in any manner, in the event of the following:-
    • a. you have not satisfied our account opening criteria (as we shall set from time to time), including, our "Know Your Client" procedures;
    • b. you fail to make any payment which are due to us or any other party;
    • c. your death or insanity;
    • d. a bankruptcy petition is presented against you;
    • e. any representation or warranty made by you or undertaking given by you under the Agreement which is incomplete, untrue, incorrect or misleading in any respect;
    • f. you are involved in any litigation that we reasonably believe would be detrimental to our interests;
    • g. you have breached the term(s) of the Agreement;
    • h. your user identification, passwords and other security credentials assigned to you to access and use the Platform are stolen, lost, or compromised;
    • i. we become aware or suspect that the person logged into your Raiz Investment Account is not you;
    • j. we are required to do so pursuant to Applicable Laws or any rulings, directives or guidelines by the Securities Commission or any other regulatory body;
    • k. you create this Raiz Investment Account by automated or fraudulent means.
  • Termination without cause by us. We may at any time and without liability to you terminate this Account Opening Agreement including our Services by providing you with not less than fourteen (14) Business Days written notice.
  • Termination without cause by you. You may terminate this Account Opening Agreement or the Raiz Investment Account with us at any time by providing us with notice in the manner as we may specify on the Platform.
• CONSEQUENCES OF TERMINATION
  • On termination of the Account Opening Agreement or Raiz Investment Account or any Services or this:
    • you will discontinue your use of the Services;
    • transactions which have not been completed after the receipt of a notice of termination will be completed in the normal course of business;
    • the instructions given by you or any action taken in relation to your Raiz Investment Account after the receipt of a notice of termination will not be affected;
    • our entire liability with respect to your Raiz Investment Account will be discharged by selling all your Assets at your expense and transferring the proceeds to you at the earliest time possible and within seven (7) Business Days from the termination, subject to Applicable Laws and unforeseen delays by the banks;
    • all charges, costs and/or expenses due to us or any third parties under this Account Opening Agreement shall be due and payable immediately;
    • you shall, upon our request, destroy or delete any information or documents (including copies) received from us;
    • we may pass on to you charges levied by third parties as a result of the termination;
    • all provisions of this Account Opening Agreement which are by their nature intended to survive the expiration or termination of this Account Opening Agreement such as among others, clause 26 (Indemnity and Liability), clause 29 (Consequences of Termination), clause 37 (Governing Law) and clause 40 (Survival) shall survive such expiration or termination.
• DEATH
  • Upon your death, we are entitled to retain all your Assets in your Raiz Investment Account and any monies payable to you for as long as legally required.
  • If a person wishes to make withdrawal from the deceased’s Raiz Investment Account, and if the Raiz Investment Account has a value of RM500 and below, the person must be a legal spouse, biological children or parents of the deceased. We will transfer the proceeds when the person provides us with a certified true copy of the death certificate, copy of the person’s identity card and any official documents proving the person’s relationship to the deceased.
  • If a person wishes to make withdrawal from the deceased’s Raiz Investment Account, and if the Raiz Investment Account has a value of more than RM500, we will only transfer the proceeds when the person provides us with a certified true copy of a Letter of Probate or Letter of Administration from the Court.
• DORMANT ACCOUNTS
  • Your Raiz Investment Account will be considered as dormant if there is no Deposit or Withdrawal initiated for a continuous period of five (5) years or any other period as determined by us.
  • In the event you wish to reactivate the dormant account, you agree for us to conduct a renewed due diligence and to provide us with such information as we may require to verify your identity.
• COMMUNICATION RECORDS
  • All records (including telephone conversation, computer records and any other electronic records stored by us including keystrokes on the Platform) of matters relating to you, your Raiz Investment Accounts and/or any Services provided to you is conclusive evidence of such matters and is binding against you for all purposes. You hereby agree not to at any time dispute the authenticity or accuracy of any computer output relied upon by us for any purpose whatsoever. For further information on how we deal with your personal data, kindly refer to the Privacy Policy.
  • We are required by Applicable Laws to destroy or dispose of all records, statements, registers, and other documents relating to your Raiz Investment Account and Services after the expiration of any period of retention required by Applicable Law. You agree that we shall not be liable to you in any way for such destruction or disposal.
  • As our client, we may communicate with you at any time, including, when appropriate by email, telephone or through instant messaging through the Platform. We may record any telephone conversation or any electronic communication conducted between you and us or our personnel. You authorise us to retain such recordings and use them in such manner as we consider appropriate. These recordings are our property and we may use them in evidence in legal proceedings. You agree to waive your rights to challenge or dispute the admissibility, reliability, accuracy or the authenticity of the contents of such records.
  • We cannot guarantee that electronic communications will be successfully delivered to you, or that they will be secure and virus free. We will not be liable for any loss, damage, expense, harm or inconvenience caused as a result of an email being lost, delayed, intercepted, corrupted or otherwise altered or for failing to be delivered for any reason beyond our reasonable control.
• NOTICES
  • All notices and other communications to be given to any party pursuant to this Account Opening Agreement shall be in writing and in English language and it shall be valid and sufficient if dispatched or sent to the mailing or email address designated by you in your Raiz Investment Account. Such notice shall be deemed to have been served:
    • if sent by registered mail or courier, five (5) Business Days after dispatch; or
    • if sent by email, upon successful delivery of the email and recorded as a sent email if sent before 5p.m. on a Business Day and if sent after 5p.m., the next Business Day.
  • You must promptly inform us in writing of any change in your mailing address and/or email address for communication or any of your relevant particulars available in our records and send us all supporting documents we require. We will need a reasonable time period, not being less than five (5) Business Days from receipt, to act and effect the change in our records, after which, we may rely on the change.
• COMPLAINTS
  • You may contact us by email at help@raiz.com.my or by phone call at 03-27146114 if you have a complaint about our Services. We will acknowledge your complaint within three (3) Business Days. After that, we will investigate your complaint and keep you informed of progress. Within ten (10) Business Days of receiving your complaint we will either: (i) send you a "final response", which accepts your complaint and offers redress or remedial action; or offers redress or remedial action without accepting your complaint; or reject your complaint and explain why we have done this; or (ii) explain why we have not been able to complete our investigation.
  • If you are dissatisfied with our findings or the handling of your complaint, you may refer to the Courts of Malaysia or where you have a monetary dispute, you may refer the matter to the Securities Industry Dispute Resolution Centre (“SIDREC”).
• NON-WAIVER
  • No delay or failure by us to exercise or enforce at any time any right or provision of this Agreement shall be considered a waiver, unless made in writing. No single waiver shall constitute a continuing or subsequent waiver. A waiver of a right, power or remedy must be in writing and signed by the party giving the waiver.
  • We may grant time or other indulgence to you or any other person, without impairing or affecting in any way any of our rights as against you or any such other persons.
• AMENDMENTS TO THIS ACCOUNT OPENING AGREEMENT
  • We reserve the right to amend this Account Opening Agreement and the other documents consisting of the Agreement at any time. Upon any such change, we will post the amended terms on the Platform or we may also attempt to notify you via electronic or conventional mail. Your continued access to and/or use of the Platform following such posting and/or notice shall constitute your agreement to be bound by this Account Opening Agreement or other applicable Agreement document, as amended. If at any time you choose not to accept this Account Opening Agreement, including following any such modifications hereto, then you must stop using the Platform and/or the Services.
• GOVERNING LAW
  • The Agreement shall be governed by the laws of Malaysia and the courts of Malaysia shall have exclusive jurisdiction.
• SEVERABILITY
  • If any terms in this Account Opening Agreement is held to be invalid, unenforceable or illegal for any reason, the remaining terms and conditions shall nevertheless continue in full force.
• NON-ASSIGNMENT
  • You may not assign, transfer or sublicense the Agreement to anyone else and any attempt to do so in violation of this section shall be null and void.
• SURVIVAL
  • All disclaimers, indemnities, exclusions in this Account Opening Agreement shall survive the termination of this Account Opening Agreement.
• HEADINGS
  • The headings in this Account Opening Agreement for convenience only, do not form a part hereof, and in no way limit, define, describe, modify, interpret or construe the meaning, scope or intent of this Account Opening Agreement or any terms or conditions therein.