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PassTo Credit Card (“Card”) is operated by King Dynasty Capital Limited. Please read and understand this Terms and Conditions carefully before you activate or use your new Card because, once activated your Card, Cardholder acknowledges and confirms that he/she shall comply with all Terms and Conditions hereunder. Cardholder also acknowledges that the Card is operated by King Dynasty Capital Limited. PassTo (“PassTo”) is a brand of King Dynasty Capital Limited. The Cardholder also acknowledges that the Cardholder is the beneficiary of the trust. Any additional Card(s) (if any) shall only be used by the beneficiary.

By signing or using the Card, the Cardholder agrees and confirms their agreement to abide by and be liable for any payment to PassTo in connection with the following terms:

1. CARDHOLDER’S INFORMATION

The Cardholder understands and acknowledges that the Card is issued to the Cardholder on the basis that the information provided by the Cardholder is and shall remain true, complete and accurate.

2. USE OF CARD

2.1 The Cardholder shall (a) login and confirm via the designated portal (“PassTo Portal”) upon the card arrival; (b) keep the Card secure at all times and should not authorize any third party to use the Card for any reason, in any manner; and (c) not use the Card after the date embossed on the face of the Card or after the Card is withdrawn or canceled.

2.2 The credit limit in respect of the Card is determined based on the value of the assets PassTo holds on trust for the Cardholder, and/or other reason(s) to which PassTo has sole discretion (if there is such other reason(s), PassTo is not obliged to disclose to the Cardholder). The credit limit shall vary upon the change of value of the assets so held by PassTo and/or other reason(s). The credit limit available shall be shown in the PassTo Portal.

2.3 The Card is issued for use, subject to the credit limit available, in connection with facilities made available by PassTo from time to time at its absolute discretion including the payment for any purchase of goods and/or services ("Credit Purchase"), cash advances and such other credit facilities or services as may from time to time provided for or arranged such as balance transfer and hire purchase of goods in which case the Cardholder also agrees to be bound by the terms and conditions governing the use of the related services. The Cardholder is not authorized to use the Card or the Card Account for any illegal purposes. PassTo reserves the right to decline processing or paying any transaction which exceeds the credit limit or which PassTo suspects of any transaction involved in fraud, illegal gambling or which may be illegal under any applicable laws or regulations.

2.4 The Cardholder shall be liable for all transactions ("Transactions") effected or authorized using the Card notwithstanding that no sales draft or cash advance voucher is signed by the Cardholder and/or the credit limit is exceeded. Types of Transactions effected or authorized without the Cardholder's signature may include, without limitation, orders placed by telephone, fax, mail or electronic means, direct debit authorization, use of the Card in an automated teller machine, at merchant's point of sale terminal, in a credit card payphone or any other device approved by PassTo from time to time.

2.5 The Cardholder shall keep any personal identification number ("PIN") in connection with the use of the Card strictly confidential, in particular:

a. printed copies of the PIN should be destroyed;

b. under no circumstances should the PIN be disclosed to any other persons;

c. no one else should be permitted to use the Card and Card’s PIN;

d. the PIN should never be written down on the Card or on anything kept with or near the Card and should be frequently changed;

e. the PIN should always be disguised if written down; and

f. Whenever the PIN is changed, avoid using obvious numbers such as the Cardholder's identity card number or passport number, date of birth, telephone number or other easily accessible personal information.

The Cardholder shall accept full and sole responsibility for and indemnify PassTo against all consequences, loss and/or other liability incurred because of the PIN being known to another person for whatever reason.

2.6 Standing balances and other sums payable hereunder ("Charges") shall be debited.

2.7 All applicable fees and charges payable in respect of the Card are set out in the Fee Schedule which forms part of the relevant agreement(s) and shall be governed by this Terms and Conditions. PassTo shall be entitled at its absolute discretion at any time to withdraw, suspend, cancel or terminate the Card and/or any services or facilities thereby offered and/or disapprove any transaction proposed to be effected thereby without giving any prior notice or reason to the Cardholder and PassTo shall not be liable for any loss or damage of whatever nature which the Cardholder may suffer whether directly or indirectly as a result of such withdrawal, suspension, cancellation, termination or disapproval by PassTo. The Cardholder shall unconditionally and immediately upon demand surrender the Card to PassTo.

3. FEES AND CHARGES

Platinum: Both the application and annual fees for the Card are HK$500 (for each). All the fees paid to PassTo are not refundable in any circumstance. Foreign currency transactions shall be converted into Hong Kong dollars at the MasterCard exchange rate on the day each transaction is processed. The exchange rate is determined on the date that the transaction is processed by MasterCard, which may be different from the actual transaction date and therefore subject to market fluctuation. Additional 3% cross-border fee shall be charged for cross-border transactions. Non-Hong Kong dollar transactions conducted in Hong Kong or overseas and Hong Kong dollar transactions conducted outside Hong Kong shall be considered and so processed as cross-border transaction. Cash advances at overseas ATMs shall be charged 2% of the transaction amount or a minimum of HK$50 per transaction. Overseas ATM withdrawals are subject to additional cross-border fees. Cash advances at local ATMs in Hong Kong shall be charged 3% of the transaction amount or a minimum of HK$50 per transaction. Cancellation of the PassTo Card under any circumstances shall incur a charge of HK$500. 10% Service charge of the remaining balance or a minimum of HK$3,000 shall be incurred for any balance refund after Card cancellation. Additional copies of statements shall be charged at HK$200 per document. Card not present transactions below HK$11 shall be charged HK$1 per transaction. Cross-border fee shall be applied if it is an overseas refund transaction. 20% Annual Percentage Rate (“APR”) shall be applied to any overdue payment.

World Elite: Both the application and annual fees for credit cards are HK$20,000 (for each). All the fees paid to PassTo are not refundable in any circumstance. Foreign currency transactions shall be converted into Hong Kong dollars at the MasterCard exchange rate on the day each transaction is processed. The exchange rate is determined on the date that the transaction is processed by MasterCard, which may be different from the actual transaction date and therefore subject to market fluctuation. Additional 3% cross-border fee shall be charged for cross-border transactions. Non-Hong Kong dollar transactions conducted in Hong Kong or overseas and Hong Kong dollar transactions conducted outside Hong Kong shall be considered and so processed as cross-border transaction. Cash advances at overseas ATMs shall be charged 2% of the transaction amount or a minimum of HK$50 per transaction. Overseas ATM withdrawals are subject to additional cross-border fees. Cash advances at local ATMs in Hong Kong shall be charged 3% of the transaction amount or a minimum of HK$50 per transaction. Cancellation of the PassTo Card under any circumstances shall incur a charge of HK$20,000. 10% Service charge of the remaining balance or a minimum of HK$20,000 shall be incurred for any balance refund after Card cancellation. Additional copies of statements shall be charged at HK$200 per document. Card not present transactions below HK$11 shall be charged HK$1 per transaction. Cross-border fee shall be applied if it is an overseas refund transaction. 20% APR shall be applied to the overdue payment.

4. PassTo shall maintain an account in respect of the Card ("Card Account") for each Cardholder to which the values of all Transactions, charges, fees and Fee Schedule (which may be revised from time to time at PassTo’s absolute discretion ) are being shown. Such Card Account’s information is accessible at PassTo Portal.

5. The Cardholder agrees to pay to PassTo an annual fee (as per the above Clause 3) for the Card at the rate as determined by PassTo from time to time. The annual fee shall be debited to the Card Account when due and it is non-refundable in any circumstance.

6. PassTo shall provide to the Cardholder a transaction history of the Card Account setting out details of the total amount of all Charges. The Cardholder shall pay the full amount of such Charges showing as the Account Balance in the PassTo Portal immediately. Failing that the Cardholder shall pay to PassTo an additional 20% APR, the sum which shall be shown in the PassTo Portal.

7. Cash advances shall be subject to a cash advance handling fee (as per the above Clause 3) on each cash advance made. The amount of the cash advance handling fee shall be determined by PassTo from time to time. Such handling fee shall be shown in the PassTo Portal.

8. No service fee shall be charged if the full amount of Credit Purchase is paid to and received by PassTo prior to an applicable due day. Should the Cardholder choose not to settle the amount in full, a service fee of 20% APR shall be charged on the outstanding balance including new Transactions entered into by the Cardholder retrospective from the date of such Transactions until payment is paid in full at the rate determined by PassTo from time to time and notified to the Cardholder in any way as PassTo sees fit.

9. Transactions which are affected in currencies other than Hong Kong dollars shall be debited to the Card Account after conversion into Hong Kong dollars at a rate of exchange determined by reference to the exchange rate adopted by Mastercard on the date of conversion plus any transaction fee imposed by Mastercard on PassTo, if applicable. PassTo shall also impose a cross-border fee (as per the above Clause 3) for such transactions.

10. PassTo’s records and transaction history on the Charges shall be conclusive and binding on the Cardholder for all purposes except PassTo may at its discretion adjust any entries mistakenly or erroneously made by it.

11. The Cardholder should notify PassTo’s Client Service of any Transactions which was not authorized by the Cardholder within 60 days from the date of the Transactions. If the Cardholder fails to report within the said period, the Transactions shown on the transaction history shall be considered true, complete and accurate.

12. Payments to PassTo shall only be deemed to be received by PassTo and credited to the Card Account when received in good and cleared funds and without any set off, claim, condition, restriction, deduction or withholding whatsoever.

13. Payments and credit to the Card Account shall be applied in the following order: firstly, legal and collection fees, annual fees, all other fees and charges, interest, and lastly, the outstanding principal amount of the Transactions; or in any other order as PassTo considers appropriate without reference to the Cardholder.

14a. The loss or theft of the Card or disclosure of the PIN or to any person should be reported immediately to PassTo Client Service via the provided communication channels. The Cardholder shall be fully liable for all Transactions (whether or not authorized by the Cardholder) affected by the use of the Card prior to PassTo being notified of the loss or theft or disclosure. The Cardholder shall be fully liable for any unauthorized cash advances.

14b. The Cardholder shall be liable fully for all amounts, without limit, debited to the Card Account if the Cardholder has acted fraudulently or with gross negligence including failure to inform PassTo promptly of his loss or theft of the Card and disclosure of his PIN. The Cardholder's failure to observe and comply with any of the provisions of clause 2.5 or to follow any other recommendation(s) of PassTo from time to time regarding the safety and secrecy of the Card and the PIN, including without limitation the disclosure, whether voluntary or otherwise, of the PIN to any person, shall be treated as gross negligence on the part of the Cardholder for the purpose of this clause. Authorizing any third party to use the Card by the Cardholder shall also be treated as gross negligence on the part of the Cardholder for the purpose of this clause. For avoidance of doubt, the above quoted scenarios of Cardholder’s negligence shall not be exhaustive.

14c. Following receipt by PassTo of a report from a Cardholder pursuant to clause 14a in the current transaction history recording the Charges arising from any Transactions alleged to have been unauthorized, the Cardholder may withhold payment of such Charges pending completion of PassTo’s investigation into the same. In the event the investigation results (which shall be binding on the Cardholder) show that the report made by the Cardholder was unfounded, the Cardholder shall forthwith pay all Charges withheld, and PassTo reserves the right to re-impose any late charge and finance charge on these Charges over the entire period (including the investigation period) as if no withholding had occurred. The Cardholder acknowledges this.

15. PassTo shall not be obliged to replace a Card to the Cardholder if his Card is lost or stolen. Any replacement of Card shall be subject to a handling fee at the rate or in the amount as determined by PassTo from time to time and any further Card(s) (if issued) use shall be subject to the Terms and Conditions hereunder.

16a. The Cardholder acknowledges and agrees that any personal data provided by the Cardholder or which is collected in the course of any continued relationship with PassTo may be used and retained by PassTo and persons or corporations listed below for the following purposes and for other purposes as may be agreed between the Cardholder and PassTo or such persons or corporations (as the case may be) or required by law from time to time:

i. the processing of applications for credit and/or other financial services and facilities;

ii. the daily operation of the services and credit facilities provided to the Cardholder;

iii. designing credit and financial services or related products for the Cardholder's use;

iv. marketing services, products and other subjects in respect of which PassTo may or may not be remunerated (please see further details in clause 16c below);

v. determining the amount of indebtedness owed to or by the Cardholder;

vi. collection of amounts outstanding from the Cardholder and those providing security for the Cardholder’s obligations;

vii. complying with the obligations, requirements, or arrangements for disclosing and using data that apply to PassTo or any of PassTo Group Companies or that it is expected to comply according to:

a) any law binding or applying to it within or outside the Hong Kong Special Administrative Region (“Hong Kong”) existing currently and in the future;

b) any guidelines or guidance given or issued by any legal, regulatory, governmental, tax, law enforcement or other authorities, or self-regulatory or industry bodies or associations of financial Trust and Company Service Provider (“TCSP”) licensees within or outside Hong Kong existing currently and in the future; and

c) any present or future contractual or other commitment with local or foreign legal, regulatory, governmental, tax, law enforcement or other authorities, or self-regulatory or industry bodies or associations of TCSP licensees that is assumed by or imposed on PassTo or any of PassTo by reason of its financial, commercial, business or other interests or activities in or related to the jurisdiction of the relevant local or foreign legal, regulatory, governmental, tax, law enforcement or other authority, or self-regulatory or industry bodies or associations;

xiii. complying with any obligations, requirements, policies, procedures, measures or arrangements for sharing data and information within PassTo and/or any other use of data and information in accordance with any group-wide programs for compliance with sanctions or prevention or detection of money laundering, terrorist financing or other unlawful activities;

xiv. enabling an actual proposed assignee of PassTo, or participant or sub-participant of PassTo’s rights in respect of the Cardholder to evaluate the transaction intended to be the subject of the assignment, participation or sub participation;

xv. exchanging information with merchants, merchants acquirers and/or other necessary party(ies) for the processing of Card Transactions;

xvi. compiling statistical information and Cardholder profiles;

xvii. comparing data of the Cardholder and other persons for credit checking, data verification or otherwise producing or verifying data, whether or not for the purpose of taking adverse action against the Cardholder;

xviii. maintaining a credit history of the Cardholder (whether or not there exists any relationship between the Cardholder and PassTo) for present and future reference;

xix. assisting in the prevention, detection and investigation of crime; and

xx. purposes relating thereto.

16b. The Cardholder agrees that PassTo may disclose and transfer his/her personal data to the following persons or corporations (whether within or outside Hong Kong) for the purposes set out in clause 16a:

i. any agent, contractor or third party service provider who provides administrative, telecommunications, computer, payment, securities clearing, data processing, insurance, professional or other services to PassTo in connection with the operation of its business;

ii. any of the subsidiaries, holding companies, associated companies or affiliates of PassTo;

iii. any other person under a duty of confidentiality to PassTo including a member of PassTo which has undertaken to keep such information confidential;

iv. any financial institution, charge or credit card issuing companies, merchants, merchants acquirer, insurance, securities and investment company with which the Cardholder has or proposes to have dealings;

v. any actual or proposed assignee of PassTo or participant or sub-participant or transferee of PassTo’s rights in respect of the Cardholder;

vi. any party giving or proposing to give a guarantee or third party security to guarantee or secure the Cardholder's obligations;

vii. any person to whom PassTo or any of PassTo is under an obligation or otherwise required to make disclosure under the requirements of any law binding on or applying to PassTo, or any disclosure under and for the purposes of any guidelines or guidance given or issued by any legal, regulatory, governmental, tax, law enforcement or other authorities, or self-regulatory or industry bodies or associations of TCSP licensees with which PassTo is expected to comply, or any disclosure pursuant to any contractual or other commitment of PassTo with local or foreign legal, regulatory, governmental, tax, law enforcement or other authorities, or self-regulatory or industry bodies or associations of TCSP licensees , all of which may be within or outside Hong Kong and may be existing currently and in the future;

viii. third party financial institutions, insurers, credit card companies, securities and investment service providers;

ix. charitable and non-profit making organizations;

x. any third party involved in the liquidation of assets held with PassTo (if there is default by the Cardholder) and the provision of the Cardholder’s personal data is necessary to effect such liquidation; and

xi. external service providers (including but not limited to mailing houses, telecommunication companies, telemarketing and direct sales agents, call centers, gift redemption centers, data processing companies and information technology companies) that PassTo engages for the purposes set out in clause 16(a). Such information may be transferred to a place outside Hong Kong. If a client does not wish PassTo to use or provide to other persons his/her data for use in direct marketing as described above, the client may exercise his opt-out right by notifying PassTo.

16c. Data of the Cardholder may be processed, kept, transferred or disclosed in and to any country as PassTo or any person who has obtained such data from PassTo referred to in clause 16b considers appropriate. Such data may also be processed, kept, transferred or disclosed in accordance with the applicable local practices, laws, rules and regulations in such country. Such Data shall be so processed, kept, transferred or disclosed when and where it is necessary.

16d. The Cardholder may, at any time and without charge, choose not to receive any direct marketing material or message from PassTo and/or PassTo associated party in writing.

17. PassTo only recognizes assets injected through the official website https://PassTocredit.io/.

18. PassTo only recognizes credit cards applied through the official website https://PassTocredit.io/.

19. PassTo hereby reserves the right at any time to amend this Terms and Conditions and/or the Fee Schedule including, without limitation, the applicable spending limit, payment terms, the rates of any charges or fees and method of payment, without any notification to the Cardholder. Such amendments shall become effective and binding on the Cardholder on the effective date specified by PassTo. Retention or use of the Card after the effective date shall constitute the Cardholder's acceptance of such amendments without reservation irrespective of whether the Cardholder has actual notice or knowledge thereof.

20. The Cardholder shall, if he/she decides to cease using the Card, notify PassTo by giving written notice accompanying the return of the Card and any additional card(s) all cut in halves. The termination of any Card shall be effective upon PassTo actually receiving such notice and Card. The Cardholder shall be fully liable for all losses arising from any Transactions effected by the use of the Card under the Card Account (whether or not authorized by the Cardholder) as a result of the failure of the Cardholder to return the Card(s) cut into two halves upon termination in accordance with the provisions of this clause. For the avoidance of doubt, PassTo may at any time terminate any Card (including any additional card) at the written request of the Cardholder.

21. Each Cardholder shall be liable for all Charges incurred by him/her and the Charges incurred by any additional card(s).

22. The Cardholder shall directly settle disputes between merchant establishments and the Cardholder for goods and services purchased. PassTo shall not be responsible for goods and services supplied by merchant establishments or for refusal of any merchant establishment to accept or honor the Card. No claim against any merchant establishment may be set off or counter claimed against PassTo.

23. PassTo may (with or without having suspended or reduced the credit extended, withdrew the Card), at its sole discretion and without disclosing reason(s) to the Cardholder, require the Cardholder to immediately pay the entire outstanding balance under the Card Account. The whole of the outstanding balance on the Card Account together with the amount of any outstanding Transactions effected but not yet charged to the Card Account shall become immediate due and be payable in full to PassTo or on the Cardholder's bankruptcy or death.

24. PassTo may at any time transfer, assign, delegate or sub-contract any or all of its rights or obligations hereunder to any person without prior notice or consent of the cardholder.

25. All notices, transaction history or correspondence sent by PassTo may be in the form of written notice, email message or through any other appropriate form determined by PassTo and may be sent by pre-paid post, facsimile transmission, short message service (SMS), or any other electronic communication such as electronic mail, or email notification of posting of a notice on the PassTo Portal. All such notices, transaction history or correspondence to be given by PassTo shall be validly given if dispatched to the Cardholder's address or facsimile or contact number last registered with PassTo and shall be deemed to have been received by the Cardholder 48 hours after posting if sent by pre-paid post and at the time of dispatch if sent by facsimile or other electronic communication.

26. The Cardholder agrees that PassTo may record any telephone conversation between them and all such recordings shall remain the property of PassTo and may be used as conclusive evidence in any dispute that may arise on any matters relating to this Terms and Conditions and the Card.

27. The Cardholder agrees that no relaxation forbearance delay or indulgence by PassTo in enforcing any of this Terms or Conditions or the granting of time hereunder shall prejudice affect or restrict any of the rights and powers of PassTo under this Terms and Conditions.

28. This Terms and Conditions shall be binding on the estate of the Cardholder and on his/her personal representative.

29. If any provision of this Terms and Conditions shall be held to be invalid or unenforceable the validity and enforceability of the remaining provisions shall not in any way be affected or impaired thereby.

30. Unless the context otherwise requires, all expressions herein in the singular shall include the plural and vice versa and all expressions in the masculine gender shall include the feminine gender.

31. PassTo shall not be liable for any delay, failure or computer processing error in providing any of the equipment or other facilities or services to the Cardholder including any equipment malfunction or failure and under no circumstances shall PassTo be responsible to the Cardholder or any third party for any loss arising out of or in connection with such delay, failure or computer processing error. In particular, but without prejudice to the generality of the foregoing, PassTo shall incur no liability as a result of any act or omission of any third party through which any facilities or services to the Cardholder may be made available.

32. If there is any dispute over this Terms and Conditions, it shall be governed by and construed in accordance with the laws of Hong Kong and the Cardholder irrevocably submits to the exclusive jurisdiction of the courts of Hong Kong.

33. If there is any inconsistency between the English version of this Terms and Conditions and its Chinese version, the English version shall prevail.

Updated on 1 June 2023