Terms of Use

1. General

These Terms of Use are the legal terms between you and us for the use of MALY services. There can be additional terms to agree if you request any special services.

2. Your MALY Account

Your MALY Account is a mobile money account used to make and receive electronic payments.

We are a financial technology and digital service provider, not a bank. Your MALY account is not a bank account.

We store your money loaded in the App via direct funding, authorized by you, from your connected bank accounts and cards, and make electronic payments authorized by you using the balance on your MALY Account.

The mobile money on your MALY Account is always handled by MALY and/or MALY Authorized Partners strictly in accordance with any applicable mobile card payment law(s) which ensure the safety and availability of balance stored in Your MALY Account.

You can use the balance in your MALY Account at any time. The balance on your MALY Account must always be enough to cover any transaction including the fees. The mobile money on a MALY Account is yours. Nobody else has any rights to the balance you have in your MALY Account(s).

A bonus of monetary value might be given to a) new customers signing up to new MALY account and/or b) customers referring other customers to signup to MALY account. Bonus is valid for eligible MALY Payment Cards only. Bonus is subject to complying with Cardholder Terms and Conditions. No bonus will be given in case:

a) a customer signing up with the same Emirates ID avails the new signup bonus more than One (1) time ;or

b) in case invited / referred customer doesn’t fully sign up to MALY account and issue a Payment Card ; or

c) If MALY has a reasonable doubt of fraud, or attempted fraud from the customer side

Notwithstanding all above, granting any bonus or welcome gift to any customer is strictly at MALY’s discretion.

3. Opening Your MALY Account

You will need to confirm your identity at the time of opening your MALY Account.

You must provide an active UAE mobile number to open your MALY account and you must connect at least one bank account and/or card to have the account activated.

You may be required to provide confirmation of your age and provide of consent of a parent or legal guardian, if you are under legally permitted age, as may be required by law.

You must tell us if you are aware of any legal restrictions that may prohibit you opening or using a MALY Account.

All information you provide during the sign-up process, and at all times afterwards, must be correct, up to date and truthful.

4. Closing Your MALY Account

You can close your MALY Account at any time by notifying us.

We recommend that you use up your remaining balance before you close your account. Account monies do not earn any interest in your MALY Account.

We will not return any fees for transactions done prior to closing your MALY Account.

5. Using Your MALY Account

The law requires us to check the validity and adequacy of your identification information regularly. We will ask you to check and update your identification records periodically.

If we are unable to comply the customer identification requirements required by law, then we may have to terminate your account to you and will notify you.

All transactions are recorded and displayed in your online balance together with the fees charged. You must regularly check your MALY Account balance and usage history and personal profile. You need to report any transaction or profile errors or other account problems immediately to MALY customer care via your MALY App immediately.

6. Loading Money into Your MALY Account

You can load money into your MALY Account by instructions provided on our App and Website.

Balance loading might be done by our partners (not our products or part of our services). We do not guarantee the use of any particular loading method used, and we may alter the availability of any particular loading methods at any time.

You may be asked to answer security questions, enter bank OTP or to complete other activities that we, or our loading partners require for proper authorization of any loading transaction.

Money will be credited to your MALY Account after the money has been received by us. We will not be responsible for any money loaded until the money is received by us.

Some transactions, such as credit or debit card or direct banking, will be credited to your MALY Account immediately but are subject to reversal in case the money does not reach us within a reasonable time in which case we will remove such reversed transaction from the balance of your MALY Account. If your MALY Account balance is insufficient, we reserve the right to require repayment from you.

Maximum account balance may be limited due to security and legal requirements.  Loading is subject to fees and currency conversion fees upon which fund loading or payment method is chosen.

7. Making Payments Using your Payment Card and/or MALY Account

Goods or service(s) paid for using your MALY Payment Card and/or MALY Account is a matter between you and the relevant Merchant. We are not an agent or representative of any MALY Account user or Merchant. Any claims you may have relating to your payments that are not directly related to the payment process must be directed to the relevant Merchant.

If you have not immediately notified us of any fraudulent use of your MALY Account, you cannot dispute any transactions that you have made to your MALY Account that has been correctly recorded to your account.

You agree not to revoke an order given through your MALY Account and/or Payment Card.

8. Chargebacks (Reverse Payments)

If any transaction is subject to chargeback (reverse payment) rights, you will not exercise such chargeback right other than for unauthorized use of your MALY Payment Card which would entitle you to a refund of the amount pursuant to Section 19 (Liability) below.

9. Withdrawing Money

Subject to the Cardholder Terms and Conditions, found on our website, you may withdraw all or part of the balance in your MALY Account at any time. If the withdrawal payment involves a bank or payment service provider, we will not be responsible for the withdrawal payment once the money has left your account.

Where a MALY Payment Card is associated with a MALY Account, withdrawals may be made through a particular ATM or e-Kiosk.

Withdrawals may be subject to withdrawal fees and currency conversion fees.

We will inform you of any withdrawal or spending limits set by law. We may impose limits that are lower than your legal limits which will inform you about.

10. Receiving money

We will notify you when you receive money into your MALY Account, and it will be added to the balance. You should regularly check received money with your own records.

The receipt of receiving money may be subject to fees and/or currency fees.

11. Money Transfers

To send money you will be required to authorize the payment with your security information. We can ask you additional security questions relating to you or your MALY Account.

People receiving payments from your MALY Account may also have to provide personal ID information to be associated with your MALY Account.

The recipient of a payment may also be subject to separate monetary receipt and disclosure limits. This may affect the recipient’s access to the money you intend to send.

Sending money is subject to fees and currency conversion fees.

12. Keeping Your MALY Account and Payment Card Safe

Upon establishing your MALY Account, we will provide you with default user identification information. Once your account is active, you will be provided guidance on how to change your own secure account identifiers (username and passwords) which will be known only to you.

You may also be offered a physical MALY Payment Card that will allow you to access your mobile money at our participating cash dispensing machines, or ATMs. We will provide your PIN with the MALY Payment Card. We will not reveal your PIN to anyone else. All MALY Payment Cards remains our property and you must return it immediately upon our request.

It is your responsibility to ensure the security and safe keeping of your personal security information at all times and to never disclose it to anyone. We will never ask you to provide your security information to us or to a third party. Any message you receive or website you visit that asks for your security information should be reported to us.

You must contact MALY immediately on becoming aware of any loss, misappropriation or unauthorized use of your MALY Payment Card or security information, MALY Account, login details, password or other security features. Any undue delay in notifying us may result in you being liable for any losses as a result.

If you suspect that your MALY Account or your MALY Payment Card was accessed by someone else, you should also contact the police and report the incident.

We may suspend your MALY Account or MALY Payment Card or otherwise restrict their use if we reasonably suspect that an unauthorized or fraudulent use has occurred or that any of your security features have been compromised. We will immediately notify you of any suspension or restriction imposed, unless notifying you may compromise our reasonable security interests. We will lift the suspension and/or the restriction as soon as practicable after the reasons causing suspension and/or restriction have ceased to exist.

Additional products or services you use may have additional security requirements.

13. Prohibited Transactions

It is strictly forbidden to use your MALY Payment Card or MALY Account to commit fraud or any form of trickery. Fraud or trickery includes knowingly depriving MALY of the usual revenues it receives for providing the services by manipulating or “gaming” bonus or other reward schemes or prizes etc. to secure a personal financial benefit wrongly or unjustly. Any use of our services for illegal purposes is also strictly prohibited, including money laundering, payments supporting or associated with terrorism or other criminal activities and making or receiving payments as consideration for the sale or supply of illegal or prohibited goods or services. Illegal or prohibited goods or services may include:

  1. pornography, material which incites violence, hatred, racism or which is considered obscene, immoral or repugnant to cultural norms.
  2. counterfeit products or goods or services that infringe the intellectual property rights of a third party.
  3. unlicensed or illegal lotteries or gambling services (including without limitation the use, support of, or participation in, illegal gambling venues or web portals).
  4. unregistered charity services.
  5. items which encourage or facilitate illegal activities.
  6. multi-level marketing, pyramid selling or ponzi schemes, matrix programmes or other “get rich quick” schemes or high yield investment programme.
  7. military type arms, explosives, or equipment.
  8. support of terrorism.

We will endeavor to remind you of the specific categories of prohibited transactions on our website which will form part of these Terms of Use.

Regardless of any notification from us, it is your responsibility to know what transactions and activities may be prohibited or determined illegal in the countries in which you transact.

We may suspend or terminate your MALY Payment Card and/or MALY Account at any time, or refuse to execute or reverse a transaction, if:

  1. we believe that you directly or indirectly use or have used your MALY Payment Card or MALY Account in breach of this term.
  2. your usage causes unusual and harmful interference with the normal operation of our systems; or
  3. we are directed to do so by any law enforcement authority or official.

We may place on hold any money we reasonably suspect may be from or intended for use for some unlawful and prohibited transaction.

We must, and will, report any suspicious or seemingly unlawful activity to the relevant law enforcement agency.

You may only transact for certain categories of goods or services in a manner consistent with these Terms of Use.

If you conduct or attempt to conduct any transaction in breach of this section, we reserve the right to:

  1. reverse the transaction;
  2. close or suspend your MALY Account;
  3. report the transaction to the relevant law enforcement agency; and/or
  4. claim compensation from you.

14. Fees

Transaction fees can be displayed on our App. These fees are subject to change without prior notice.

Your transactions may be subject to currency conversions. If you make a payment from your MALY Account denominated in one currency to another MALY Account denominated in another currency, you will be asked to either make the payment in the currency of your MALY Account or in another currency. If you choose the currency of your MALY Account, then the recipient will pay the fee for the conversion into the currency of his or her MALY Account. If you choose the currency of the recipient’s MALY Account, you will pay the fee for the currency conversion into the currency of the payment. If you choose a currency that is neither the currency of your MALY Account nor the currency of the recipient’s MALY Account then you will pay the fee for the conversion into the currency of the payment, and the recipient will pay the fee for the conversion of the payment currency into the currency of his or her MALY Account.

For every currency conversion, we will apply our then current exchange rates which are applied by our processors. Changes in these exchange rates may be applied immediately and without notice. In addition, we will apply a foreign exchange fee, which is expressed as a percentage applicable in addition to the transaction fee.

Our Fees are either expressed as a percentage of the transaction or as a fixed amount in your MALY Account currency, or a combination of the two..

Fees payable by you will be deducted from your MALY Account balance. Any transaction fees will be charged when the transaction is executed. If your MALY Account balance is insufficient to cover the fees, we may refuse to execute the payment. Reversal or chargeback fees will be deducted when incurred.

If the deduction of fees results in a negative MALY Account balance, you will be required to repay such negative balance by sufficiently funding your MALY Account. Repayment of the negative balance is due immediately without notice. However, we may at any time to send you reminders that you need to top up money. If necessary, we reserve the right to take other debt collection measures that we consider appropriate. We reserve the right to charge you expenses we have reasonably incurred in connection with any debt collection or enforcement efforts.

15. Protecting Your Data and Privacy

MALY complies with all official data protection and privacy laws, offering the protection you expect.

You will receive Push notifications, e-mails, SMS or WhatsApp from us informing you about new product features, events, promotions, special deals etc. automatically upon activating your account. If you do not wish to receive our promotional e-mails you can change the settings in your MALY Account profile.

Other countries may implement their own global tax and other financial regulations which require us to report to their relevant authorities, nationals who retain MALY Accounts with us (regardless of where your account is established) and, when also obligated, to disclose certain prescribed information relating to your MALY Account. We will notify you in the event this is relevant to you.

16. Our Privacy Policy

The processing of your data is governed by our Privacy Policy. By accepting these Terms of Use, you also agree to the terms of our Privacy Policy.

Please review MALY’s Privacy Policy which can be found here.

17. De-activation and suspension

You can (close) your MALY Account with us at any time (see Section 4 Closing Your MALY Account)

Following a continuous period of six (6) months of no usage activity on your account we have the right to de-active your MALY Account and any services part of it. We will give you notice before deactivation so that you have time to use the balance in your account. We advise you to use all the money in the account to avoid losing the remaining balance.  See closing the account terms.

We can at any time suspend or terminate your MALY Account without notice in case:

  1. you breach any condition of these Terms of Use or any other condition applicable to specific services covered by separate terms;
  2. you refuse to accept any amendments to these Terms of Use as notified to you in advance
  3. you violate, or we have reason to believe that you are in violation of any law or regulation that is applicable to your use of our services; or
  4. we have reason to believe that you are in any way involved in any fraudulent activity, money laundering, terrorism financing or other criminal activity.

We can suspend your MALY Account immediately if:

  1. we reasonably believe that your MALY Account has been compromised or for other security reasons; or
  2. we reasonably suspect your MALY Account to have been used or is being used without your authorization or fraudulently. We will notify you of the suspension unless we are prohibited by law or by official direction from notifying you.

18. Force Majeure

We have no liability to you if we are prevented from performing our obligations by any Force Majeure events or default of suppliers or sub-contractors, provided that you are notified of such an event.

If any Force Majeure occurs and its effect lasts for a continual period of ten (10) days, we will have the right to give you a notice of termination without liability to us. This does not affect your right to any money on your MALY Account.

19. Liability

In event of an unauthorized payment or a payment that was incorrectly executed due to an error by us, we will at your request immediately refund the payment amount including all fees deducted. This will not apply:

  1. where the unauthorized payment arises from your failure to keep MALY Account or Payment Card secure and safe in accordance with these terms;
  2. if you fail to notify us without undue delay of any loss of your security information or Payment Card or other event that could have compromised the security of your MALY Account or Payment Card, immediately after you have gained knowledge of such event; or
  3. where you fail to dispute and bring any unauthorized or incorrectly executed transaction(s) as recorded in your MALY Account to our attention within 6 months from the date of the transaction.

You must review the payments history of your MALY Account regularly and frequently and contact us immediately in case you have any questions or concerns about any transaction or account usage.

In case of any incorrect or misdirected payment, we will take reasonable measures to assist you with tracing and recovering such payments.

We will not be liable for any indirect or consequential losses including but not limited to loss of profit, loss of business and loss of reputation. We will not be liable for any losses arising from our compliance with legal and regulatory requirements.

Our obligation under these Terms of Use is limited to providing you with an electronic money account and related payment services, except for liability that cannot be excluded by operation of the law.

We make no representations as to the quality, safety or fitness of any products or services provided.

We will not be liable for the assessment or payment of any taxes, duties or other charges that arise from the underlying commercial transaction between you and another person.

You agree to defend, reimburse or compensate us and hold us and our other companies in our corporate group harmless from any claim, demand, expenses or costs (including legal fees, fines or penalties) that we incur or suffer due to or arising out of your (or your agents’) breach of these Terms of Use, breach of any applicable law or regulation and/or use of the services. This provision will survive termination of your MALY Account.

20. Changes to these Terms of Use

These Terms of Use (and any related additional terms that may apply) are subject to change.

We will notify you of any proposed change via the App, e-mail or other channels recorded with your MALY Account, as follows:

  1. changes that make these Terms of Use more favorable to you will come into effect immediately if so stated in the change notice.
  2. changes to exchange rates will come into effect immediately without notice.
  3. If you refuse to accept the changes, they will not apply to you, however, refusal will constitute a notice by you to terminate and to close your MALY Account as described elsewhere in these terms.

A copy of the most current Terms of Use is always accessible on our App and Website.

21. Communication

We usually communicate to you via SMS, WhatsApp or our App. For this you must at all times have up to date mobile number in your MALY App profile. You should check for incoming messages regularly. You should also enable App notifications for MALY App.

We advise you to keep copies of all communications we send or make available to you. If you are unsure whether a communication is originating from us, please contact us.

We will communicate to you in English and will always accept communications made to us in English or your preferred language chosen with the language options in your MALY App.

You can contact us at any time via your MALY App or WhatsApp if you need further assistance.

22. Complaints

If you have any complaints, please contact us asap. Please send the complaint via our website, the App or other available digital channels. We will acknowledge your complaint via live chat or email. We will always try to answer your complaint as quickly as possible. If there is some delay due to unforeseen circumstances or lack of clarity or sufficient information, we will contact you.

23. Cookies

Cookies are bits of electronic information used to allow us to recognize your device so that we can provide our service to you, for example, to identify the language you have selected and the relevant service that you use. Our cookies are stored on your device and ‎allows your preferences to be remembered each time you return to the website of your product of choice. You may choose to ‎disable the cookies, however if you do so it may impact the speed of our services.

24. Governing Law

These Terms of Use and all rights and obligations hereunder will be governed by and construed and given effect to in accordance with the applicable laws and regulations in force in the Dubai International Financial Center (DIFC).

25. Dispute Resolution

If a dispute arises in relation to any matter under these Terms of Use relating to its validity, construction or performance, the parties will meet and negotiate in good faith to resolve the issues before commencing any action or proceeding in any court or other tribunal.

Any dispute that is not resolved in accordance the preceding clause within ten (10) business days shall be referred to arbitration and finally settled under the rules of the London Court of International Arbitration (LCIA) from time to time in force (the “Rules”) which Rules are deemed to be incorporated by reference into this Clause. The number of arbitrators shall be one who shall be selected in accordance with the Rules. The seat or legal place of arbitration shall be the Dubai International Financial Centre, Dubai UAE. The language of the arbitration shall be English. The arbitral award shall be binding upon the parties and the parties hereby waive their respective right to claim the revision of the arbitral award, except as otherwise permitted under the Rules.

26. Miscellaneous

No person other than you has any rights under these Terms of Use. Your MALY Account is personal to you, and you may not assign any rights under the Terms of Use to anyone else.

27. Definitions

Various capitalized terms in these Terms of Use mean:

“App” means a digital MALY mobile phone application that acts as a mobile money tool for loading and holding your money and facilitating electronic payments, transfers and withdrawals from your MALY Account.

“Fees” means the charges payable by you to us for using our services.

“Force Majeure” means acts, events, omissions or accidents beyond our reasonable control including, without limitation, strikes labor or industrial disputes, failure of a utility service or transport or telecommunications network, act of God, war, riot, civil commotion, malicious damage, compliance with any law or governmental order, rule, regulation or direction, accident, fire, flood and storm.

“Merchant” means an establishment that is authorized to accept or allow the MALY Payment Card as a means of payment in exchange for the purchase of goods and services by you, whether such purchase takes place in a face-to-face environment or in an on-line environment.

“Mobile Number” means the UAE mobile number you provide to us.

“PIN” means your Personal Identification Number.

“Privacy Policy” is the policy of MALY published on the MALY website and on the App, governing the processing of personal data as may be amended from time to time.

“MALY” is a product of Maly Tech Limited, Reg No. CL5594 by Dubai International Financial Center (DIFC) located at Unit 702, Level 7 Innovation One Building, DIFC, Dubai, UAE.

“MALY Authorized Partners” means private or public companies in UAE, having the necessary license and authorization to carry on any technical, financial or business service in UAE.

“MALY Account” means the electronic money account you open and maintain with MALY through the App.

“MALY Payment Card” means a virtual and/ or physical payment card.

“Terms of Use” will mean these MALY Account Terms of Use, published on our website, as may be amended from time.

“We”, “us”, “our” means MALY.

“Website” means the MALY public customer web portal available at www.maly.ai  

“You”, “your” means you, the natural person in whose name the MALY Account is opened and maintained.

© MALY Tech Limited – Last revised: November 2023

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