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:

  • Micro-investing investment service. We provide you with an investment portfolio via a proprietary algorithm through a mobile first app which provides a seamless end-to-end platform from customer on-boarding to redemption with a high level of customer transparency across the entire investment process.
  • Customer Risk Assessment. The 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 seven (7) 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 selected by Raiz. Each Portfolio will have a target allocation to equities and fixed income assets. Further details of the target allocation of each Portfolio and underlying unit trust funds are available on the Platform and in clause 16 of this Agreement.
  • Investment contributions. You may only start your investment contribution once your Raiz Investment Account has been approved. Your monies will be invested within seven (7) Business Days after we have received your money in our Client Trust Account.

    There are three different ways that you can make contributions to your Raiz Investment Account. There are no additional fees, costs or commissions charged for making contributions.

    • Round-Up

      You may link the debit card that you use for the purchase of goods or services (“Spending Accounts”) and then round up the virtual change from every transaction made on your Spending Account. These round-up contributions (“Round-Ups”) can be transferred into your Raiz Investment Account automatically. You can view your Round-Ups on the Round-Ups screen of the App. Automatic Round-Ups can be turned on and off under the Round-Ups section of the "Invest" screen on the Platform. When enabled, the virtual spare change that has been rounded-up from your transactions is automatically invested for you each time the sum of pending Round-Ups associated with your Spending Account reaches the pre-set threshold. The Platform will initiate a Round-Up investment by charging the debit card that you use to send money to your Raiz Investment Account (“Funding Account”).

    • Lump Sum Investment

      You may add money to your Raiz Investment Account at any time from your nominated Funding Account by entering the desired amount on the "Invest" screen of the Platform.

    • Recurring Investments

      You may set up recurring investments from your Funding Account on a daily, weekly, fortnightly or monthly basis. You can select the amount of money you wish to invest regularly, and then choose the desired frequency. Recurring investments can be turned on and off under the Recurring section of the Invest screen..

  • Automatic Rebalancing. Raiz automatically rebalances your Raiz Investment Account when you contribute or withdraw money, after a distribution has been paid or after a market move occurs that causes your Raiz Investment Account allocation to deviate by 5% or more from your selected Portfolio’s target allocation. This keeps your Raiz Investment Account in line with the target allocation of your selected Portfolio. We don’t charge any fees for rebalancing and no brokerage fees or commissions are payable.
  • Reinvestment of Distributions. All distributions paid in respect of a unit trust fund held by you in your selected Portfolio will be automatically re-invested into your Raiz Investment Account. If you would prefer to receive your distributions as income, you can choose to simply withdraw the amount of any distribution that has been automatically re-invested into your Raiz Investment Account. It is free to make a withdrawal from your Raiz Investment Account and withdrawals can be made at any time.
  • Withdrawals. You can request a cash withdrawal from your Raiz Investment Account at any time. We will dispose sufficient Investments in your Raiz Investment Account to pay the withdrawal proceeds as cash within seven (7) Business Days. There are no fees or penalties for cash withdrawals. If you request a full cash withdrawal or close your Raiz Investment Account, the amount you receive could be less than the latest value displayed in your account on the Platform due to 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 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 at help@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 and withdraw funds for 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, willful 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 suggested Portfolio is suitable for you.
• PORTFOLIO RECCOMENDATION
  • 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.
  • 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 propose.
  • 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 selected 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 unit trust funds in each Portfolio and/or the relative weightings of the unit trust 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 unit trust 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 COUNTERPARTIE
  • 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 funds from your nominated Funding Account and invest monies into your Raiz Investment Account in accordance with your selected 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 unit trust fund that need to be purchased which are subsequently held by the Custodian. Raiz will allocate whole and fractions of unit trust fund to you in proportion to the funds you have invested into your Raiz Investment Account. 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 and will notify you of any such changes in writing.
• RISK
  • 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 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
  • Your monies will only be invested once your Raiz Investment Account has been approved. Your monies will be deposited into a trust account nominated by us which is a bank account kept separate from our own funds. You agree that we can only accept monies which are debited from your nominated Funding Account. Subject to Applicable Laws, we shall be entitled to refund such monies.
  • You agree that we may hold monies received from you in an omnibus customer trust account together with monies that we hold for other customers. Further, you also agree that there is a risk where your funds are held under an omnibus structure, your assets may not be subject to the same protection as that conferred on assets held on a segregated basis.
  • We shall only pay monies from the trust account belonging to you to the bank account nominated (“Withdrawal Account”) belonging to you. 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.
• APPOINTMENT OF CUSTODIAN OR BROKER
  • We will appoint a local custodian (“Custodian”) to purchase and hold the investments. 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 the investments purchased for you 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 Funding Account.
  • We and the Custodian will not lend your investments to anyone else, or use them to raise finance.
  • You expressly authorise us to grant the broker/ Custodian/ nominee the right to retain any cash, or sell any investments, 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 investments for that purpose.
  • The appointed Custodian is CIMB Bank Berhad (Company No.: 197201001799 (13491-P)).
• FEES AND CHARGES
  • The monthly account fee ("Account Fee") will be charged to you no later than the 10th day of the following month. If the charge is not successful, we will make a second attempt no later than the following 10 days after the first attempt. If the charge is again unsuccessful, we will make a third and final attempt no later than the following 10 days.
  • 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 after all attempts, we will then 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. The monthly account fee will be charged to you no later than 10th day of the following month.
  • 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 Fees charged from time to time and we will 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.
• PORTFOLIO
  • The base currency of your Portfolio is in Malaysian Ringgit (“MYR”).
  • All Portfolios are implemented via unit trust funds that track the underlying indices of the relevant markets.
  • The Portfolios can consist of investments in many different unit trust funds tracking indices that provide exposure to equities, bonds, real property and cash. The current Portfolios available:
    • Conservative: this Portfolio consists of investments in equity, fixed income instruments and other instruments, with fixed income instruments constituting the majority of the portfolio. It is generally less volatile but offers more modest returns.
    • Moderate: this Portfolio consists of investments in equity, fixed income instruments and other instruments. It has a balanced of mix of the asset classes and aims to strike a balance between returns and risks.
    • Aggressive: this Portfolio consists of investments in equity, fixed income instruments and other instruments, with equity constituting the majority of the portfolio. It offers the greatest potential for growth but is exposed to more volatility.
• INCOME
  • Income earned on the investments held in your Portfolio will be re-invested into your Raiz Investment Account.
• DEPOSITS
  • We currently accept payment of deposits from Funding Account.
• WITHDRAWALS
  • We will only pay money to your nominated bank account maintained with a licensed financial institution. If you request a withdrawal, the money will be credited to your nominated account to receive the funds. We will not accept instructions to credit into joint-accounts or third-party accounts 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 the 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 in the Account and we will only do so upon giving reasonable notice to you.
  • If any statement or other document relating to your Raiz Investment Account is not available to download on the Platform, please notify us immediately at help@raiz.com.my.
• 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 willful 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.
• 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:-
    • you have not satisfied our account opening criteria (as we shall set from time to time), including, our "Know Your Client" procedures;
    • you fail to make any payment which are due to us or any other party;
    • your death or insanity;
    • a bankruptcy petition is presented against you;
    • 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;
    • you are involved in any litigation that we reasonably believe would be detrimental to our interests;
    • you have breached the term(s) of the Agreement;
    • your user identification, passwords and other security credentials assigned to you to access and use the Platform are stolen, lost, or compromised;
    • we become aware or suspect that the person logged into your Raiz Investment Account is not you;
    • 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;
    • you create multiple Raiz Investment Accounts; or
    • you create Accounts 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 Raiz Investment Account or any Services or this Account Opening Agreement:
    • you will discontinue your use of the Services;
    • the instructions given by you or any action taken in relation to the Account before the receipt of a notice of termination will not be affected;
    • transactions which have not been completed will be completed in the normal course of business;
    • our entire liability with respect to your Raiz Investment Account will be discharged by selling your Assets at your expense and transferring any credit balance in the Account to you at the earliest time possible and within seven (7) Business Days from the termination of this Account Opening Agreement, 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 of this Account Opening Agreement;
    • 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.
    • we will transfer funds in your Raiz Investment Account to your bank account.
• DEATH
  • Upon your death, we are entitled to retain all your Assets and any monies payable to or credit in your Raiz Investment Account for as long as legally required. We will only release your Assets and any monies in credit in your Raiz Investment Account when your executor or administrator provides us with a copy of a grant of probate or letters of administration.
• DORMANT ACCOUNTS
  • We will mark any Raiz Investment Account as dormant if you have not undertaken any Services for at least seven (7) years.
  • We will send you a notification regarding your dormant Raiz Investment Account three (3) months prior to the expiry of the said seven (7) year period.
  • If we determine in good faith that the Raiz Investment Account has remained dormant for at least seven (7) years, we shall be entitled to mark the Raiz Investment Account as ‘Dormant’ and you agree that subject to our compliance with clause 31.2, we are entitled to liquidate all Assets then standing to the credit of any Raiz Investment Account or otherwise held by us or our Associates - as the case may be - together with any property as may from time to time continue to accrue to those monies and property - whether by way of dividends, interest or otherwise. The proceeds of the liquidation after setting off any applicable administrative costs shall be held by us for your benefit for a period of one (1) year.
  • 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, the Raiz Investment Account will be marked as ‘Closed’ and we shall lodge such unclaimed amount by you to the Registrar of Unclaimed Moneys, in accordance with the Malaysian Unclaimed Moneys Act 1965. You shall have no right whatsoever to claim such proceeds from us after the unclaimed amount is lodged with the Registrar of Unclaimed Moneys.
• COMMUNICATION RECORDS
  • All records (including telephone conversation, computer records and any other electronic records stored by us including key strokes 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 the 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 e-mail, 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, fax number 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 seven (7) Business Days from receipt, to act and effect the change in our records, after which, we may rely on the change.
• COMPLAINTS
  • If you have a complaint about our Services, please contact us by email at help@raiz.com.my or 03 2714 6114. We will acknowledge your complaint within three (3) Business Days. After that, we will investigate your complaint and keep you informed of progress. Within fourteen (14) 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.