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Terms of Use

These Terms were updated on 1 December 2023 and apply to ORO Bank customers who signed up to receive our services on or after 1 December 2023.

These Terms of Use and any terms expressly incorporated in these Terms of Use (“Terms”) apply to your access to and use of the Services made available by ORO Bank, a division of DK Limited (“ORO Bank”), through ORO Bank’s websites, mobile applications, APIs or developer tools, and any other related services provided by ORO Bank. DK Limited, a private limited company organized under the laws of Bhutan with Company Registration No: L20211025BHU635, incorporated in Bhutan, and licensed to operate as a Digital Bank by the Royal Monetary Authority of Bhutan, with Certificate of License No: DB-001.

These Terms are a binding agreement between you and ORO Bank, a division of DK Limited. By clicking “I Agree” when these Terms are presented to you or, if earlier, by accessing or using any Services, you agree to be bound by these Terms.

The Privacy and Cookies Policies forms a part of and are hereby incorporated in their entirety into these Terms. All other ORO Bank Materials and oral/written statements provided or made by ORO Bank or its affiliates are excluded from these Terms and do not constitute a legal agreement between the parties unless explicitly stated otherwise in writing.

Please review these Terms periodically to ensure that you understand all the terms and conditions that apply to your access to and use of the Services. ORO Bank may modify these Terms in accordance with Section 24.1 below. Certain capitalized words and phrases used in these Terms are defined in Section 2.

If you have any question regarding the use of the Site or Services, please contact our support team at our Help Center.

1. Overview

1.1 General

ORO Bank’s Services relate to its provision of a digital banking platform for the acquisition of a full reserve savings account, term deposits, and other services that may be offered in the future or from time to time. The Services are described in further detail in these Terms and other ORO Bank Materials.

Only those users who have an approved ORO Bank Account may use the Services. You may only access the Services through the means provided by ORO Bank. ORO Bank also may provide other products and services that are subject to separate terms and conditions.

Please note that the availability of the Services is subject to jurisdictional limitations. ORO Bank may only be able to offer certain products, features and/or services due to potential or actual regulatory restrictions.

1.2 Pricing and Fees

You agree to pay ORO Bank all fees described in the Terms or otherwise posted on the Site or in the mobile application, as may be updated by ORO Bank at ORO Bank’s discretion from time to time. Any updates to fees will apply prospectively to any transactions that take place following the effective date of such updates. You authorise ORO Bank to deduct Funds from your ORO Bank Account to satisfy any applicable fees or balances owed by you.

You are solely responsible for any fees charged by third parties in connection with your use of the Services, including, for example, fees charged by financial institutions in connection with your transfer of Fiat Currency to or from an External Account or by your service provider in respect of payment card transactions.

2. Definitions

The following definitions apply throughout these Terms:

  • “Beneficial Owner” means any natural person who ultimately owns or controls the Corporate User or the natural person on whose behalf a Transaction is conducted, or business relations are established, and includes any person who exercises ultimate effective control over the Corporate User.
  • “Currencies” has the meaning given in Section 7.1.
  • “Corporate User” has the meaning given in Section 4.2.
  • “Developer Tools” has the meaning given in Section 12.1.
  • “Digital Asset” means any digital representation of value that (a) is expressed as a unit, (b) is not denominated in any currency, and is not pegged by its issuer to any currency; (c) is, or is intended to be, a medium of exchange accepted by the public, or a section of the public, as payment for goods or services or for the discharge of a debt; and (d) can be transferred, stored or traded electronically.
  • “External Bank Account” means an account in your name at a financial institution from or to which you intend to transfer Fiat Currency or a financial institution in another’s name for or to which you intend to transfer Fiat Currency, as the context requires.
  • “Fiat Currency” means a currency designated as legal tender in a particular country or jurisdiction, such as U.S. dollars.
  • “Funds” means Digital Assets and/or Fiat Currency, as the context requires.
  • “ORO Bank Account” means an individual or corporate account to use the Services.
  • “RMA” means the Royal Monetary Authority of Bhutan.
  • “Order” means an instruction entered by you through the Services to execute a Transaction.
  • “Privacy and Cookies Policies” means the Privacy Policy and the Cookies Policy made available on the Site.
  • “ORO Bank Materials” means the Services, the Site, the Developer Tools, and all other technology, content and other materials used, displayed, or provided in connection with the Services or the Site.
  • “ORO Bank Party” means ORO Bank, a division of DK Limited or any of its affiliated companies, or any of their respective shareholders, members, directors, officers, employees, attorneys, agents, or representatives.
  • “Resident” means an individual who is a resident of, or a Corporate User that is established, incorporated, or domiciled in, a particular country, territory, state or other jurisdiction.
  • “Risk Disclosure Statement” means the Risk Disclosure Statement made available on the Site.
  • “Services” means the services made available from time to time by ORO Bank through the Site and ORO Bank’s mobile applications and any other related services made available to you by ORO Bank at any time before or after the effective date of these Terms, such as the opening of a full reserve savings account, transfer of Funds, acquisition of term deposits, and others, as made available.
  • “Site” means, collectively, the websites operated by ORO Bank with the domain names “oro.bank” and including all subdomains and variations, and any other domains through which ORO Bank offers or offered the Services at any time.
  • “Transaction” means your deposit of funds into your ORO Bank account, transfer of funds to another financial institution, or purchase of any term deposit products available through the Services.

3. Eligibility

3.1 Individual Users

If you are an individual, you represent and warrant that: (1) You are at least 18 years of age and are of legal age under applicable law to form a binding contract; (2) You are not listed on the Consolidated UN Security Council Sanctions List or the U.S. Treasury Office of Foreign Assets Control’s (“OFAC”) Specially Designated Nationals and Blocked Persons List; (3) You are not a Resident of a Prohibited Location; and (4) You have not previously been suspended or prohibited from using the Services. You may only use the Services and your ORO Bank Account for your own account and not on behalf of or for the account of any third party, except as expressly permitted in writing by ORO Bank.

3.2 Corporate Users

If you represent a user that is a person, entity, or a business apart from yourself as an individual (a “Corporate User”), then by accepting these Terms you are agreeing to these Terms on such Corporate User’s behalf. In these Terms “you” and ”yourself” include both you and such Corporate User.

On behalf of yourself and/or the Corporate User, as applicable, you represent and warrant that: (1) you as an individual are an authorized representative of the Corporate User with the authority to bind the Corporate User to these Terms; (2) the Corporate User has full power and authority to enter into these Terms; (3) neither you as an individual, the Corporate User, nor any of its Beneficial Owners are listed on the Consolidated UN Security Council Sanctions List or OFAC’s Specially Designated Nationals and Blocked Persons List; (4) neither you nor the Corporate User are a Resident of a Prohibited Location; and (5) neither you as an individual, the Corporate User, nor any of its Beneficial Owners have previously been suspended or prohibited from using the Services.

You may only use the Services and your ORO Bank Account for the account of the Corporate User approved by ORO Bank to use such ORO Bank Account and not on behalf of, or for the account of, any third party, except as expressly permitted in writing by ORO Bank.

3.3 Prohibited Locations

You may not use the Services if you are in or are a Resident of a Prohibited Location, and for as long as you maintain an ORO Bank Account you represent and warrant that you are not located in or a Resident of a Prohibited Location. A current non-exhaustive list of Prohibited Locations can be found on the Site.

For purposes of these Terms, a “Prohibited Location” means any state, country, territory or other jurisdiction:

  • that at any given time is subject to broad-based, geographically oriented sanctions by the United Nations, the Royal Monetary Authority of Bhutan’s Financial Intelligence Department, or OFAC, or is identified as a “call to action” jurisdiction on the Financial Action Task Force’s list of “high-risk and other monitored jurisdictions”;
  • where your use of the Services would be illegal or otherwise violate any applicable law; or
  • that ORO Bank determines in its sole discretion is ineligible for access to and use of the Services. Without limiting the generality of the previous paragraph, the following are Prohibited Locations:
    • Iran
    • Republic of North Korea

ORO Bank may implement controls to restrict access to the Services from any Prohibited Location. You must comply with the restrictions in this section even if ORO Bank’s methods to prevent use of the Services are not effective or can be bypassed.

3.4 Politically Exposed Persons

You must promptly notify ORO Bank if you or any of your Beneficial Owners are or become a Politically Exposed Person or if you are a Relative or Close Associate of someone that is or becomes a Politically Exposed Person, or you are otherwise connected to a party that is or becomes a Politically Exposed Person.

For purposes of these Terms, a “Politically Exposed Person” means an individual who is or has been entrusted with a prominent public function, such as a head of state, a senior politician, a senior government, judicial, or military official, a senior executive of a state-owned corporation, or an important political party official.

“Relative” means a parent, step-parent, child, step-child, adopted child, spouse, sibling, step-sibling and adopted sibling (whether legal or de facto) of a Politically Exposed Person.

“Close Associate” means a natural person who is closely connected to a Politically Exposed Person, either socially or professionally.

3.5 Organized Crime and Coercive Activities

You represent and warrant that you are not an Organized Crime Affiliate and you are not directly or indirectly engaged in Coercive Activities. You may not use the Services if you are an Organized Crime Affiliate or are directly or indirectly engaged in Coercive Activities. If you are a Corporate User, then this paragraph also applies with respect to your Beneficial Owners, employees, directors, representatives, executive officers, and other individuals with comparable functions.

For purposes of these Terms, “Organized Crime Affiliate” means any current or former member of an organized or specialized crime group, extortionist or racketeer group, radical political group, or similar group, or any person or entity that is influenced by, funds, assists, or otherwise has a material relationship with any such member (known as “antisocial forces” in Japan). “Coercive Activities” means any activities that employ threats, violence, fraud or other comparable actions for the purposes of coercion, reputational damage or other malicious purposes (known as “antisocial activities” in Japan).

4. ORO Bank Accounts

4.1 ORO Bank Accounts

You must create an individual or corporate ORO Bank Account to use the Services. ORO Bank may from time to time offer various categories of ORO Bank Accounts with different eligibility criteria and different features, restrictions, and fees. The categories of ORO Bank Accounts available at any given time will be displayed on the Site and in the mobile applications.

To create an ORO Bank Account or enable certain available features and functions, you will be required to complete the registration procedures specified through the Services and to provide ORO Bank with supporting information and documentation. ORO Bank in its sole discretion may refuse your registration for any reason.

All information that you provide to ORO Bank must be complete and accurate, and you must promptly update any information you have provided so that it remains complete and accurate at all times. You can update your contact information by accessing your account settings on the Site or mobile applications.

4.2 Account Security

ORO Bank may establish various security procedures from time to time for the creation and maintenance of an ORO Bank Account and for use of the Services. For example, these procedures may include the creation of a unique password and the use of enhanced security features such as two-factor authentication. Certain security features may be mandatory, and others may be optional. You are solely responsible for any harm to you that relates to or arises out of your decision not to enable optional security features.

You must maintain the security of your ORO Bank Account by protecting your login and security credentials from unauthorized access or use. It is your responsibility to ensure the security of, and your continuous control over, any device or account that may be associated with enhanced security features.

You must promptly notify ORO Bank if you discover or suspect any unauthorized access or use of your ORO Bank Account, or any security breaches related to your ORO Bank Account. Upon receipt of written notice from you that the security of your ORO Bank Account has been compromised, ORO Bank may in its discretion take measures designed to protect your ORO Bank Account.

4.3 Responsibility for Account Activities; Third Party Applications

You are responsible for all activities that occur under your ORO Bank Account, and by agreeing to these Terms you accept all risks of any authorized or unauthorized access to your ORO Bank Account. You will be bound by, and you hereby authorize ORO Bank to accept and rely on, any agreements, instructions, orders, authorizations and any other actions made, provided or taken by anyone who has accessed or used your ORO Bank Account regardless of whether the access is authorized or unauthorized by you. If you grant express permission to a third party to connect to your ORO Bank Account, such permission does not relieve you of any of your responsibilities under these Terms. ORO Bank will not be responsible for, and you must indemnify DK Limited and its ORO Bank division from, any liability arising from the actions or inactions of such third party in connection with the permissions you grant.

4.4 Number of ORO Bank Accounts

ORO Bank may, in its sole discretion, limit the number of ORO Bank Accounts that you may acquire, hold, or maintain.

4.5 Identity Verification and Transaction Monitoring

ORO Bank maintains identity verification and transaction monitoring policies to verify the identities of users, to identify and report suspicious transactions, to protect against money-laundering and fraud, and to satisfy other obligations to which ORO Bank may be subject under applicable anti-money laundering, countering the financing of terrorism, and other related laws and regulations (“Screening Procedures”).

For these purposes, when you register for an ORO Bank Account, or at any other time, ORO Bank may require you to provide certain personal information, such as your name, address, telephone number, email address, date of birth, taxpayer identification number, government identification number, photograph of your government- issued ID or other photographic proof of your identity, and information regarding your other bank account(s). You hereby consent to ORO Bank collecting and using such personal information as part of its Screening Procedures.

ORO Bank reserves the right to deny or set limits on your access to some or all the Services and your ability to transfer Funds to or from your ORO Bank Account until ORO Bank is satisfied with the results of its Screening Procedures. You agree that ORO Bank may suspend or terminate your access to the Services at any time without notice because of any Screening Procedures, and ORO Bank will have no liability or responsibility for your inability to transfer Funds or Assets, execute Transactions, or otherwise access the Services as a result of such suspension.

You hereby authorize ORO Bank, directly or through a third party, to make any inquiries ORO Bank considers necessary or prudent for purposes of its Screening Procedures. Such inquires may include, but are not limited to, (1) querying identity information contained in public reports (such as your name, address, past addresses, or date of birth), (2) querying account information associated with your External Bank Account(s) (such as your name or account balance), and (3) querying information related to transactions associated with your ORO Bank Account.

You further authorize (1) each third party to which such inquiries or requests are directed to fully respond to such inquiries or requests and (2) ORO Bank, directly or through a third party, to report suspicious activities and transactions to the applicable regulatory authorities and to take any other action ORO Bank reasonably deems necessary to comply with applicable legal and regulatory obligations based on the results of such inquiries and reports or other Screening Procedures.

For the avoidance of doubt, ORO Bank owes no duty to you to monitor your ORO Bank Account for fraud or other suspicious activity above those imposed under applicable laws.

5. Personal Data and Cookies

It is important that you read the Privacy and Cookies Policies to understand how ORO Bank collects, uses, and shares your personal data (also referred to as personally identifiable information) and how ORO Bank makes use of cookies in its provision of the Services.

6. Currency Support and Entitlement

6.1 Currency Support

ORO Bank in its sole discretion will determine which types of Fiat Currency (collectively, “Currencies”) will be supported for deposit, transfer, term deposits, or other applicable activity through the Services. Support for any Currency may be partially or fully discontinued or terminated at any time for any or no reason. In such case, you authorize ORO Bank to convert the currency of the credit or debit of the product in a currency in which a withdrawal or deposit is allowed (at then-current rates on the ORO Bank platform).

6.2 Currency Entitlement

Among the Currencies supported through the Services, the specific Currencies that you are permitted to transfer, lend, trade, or otherwise interact with through the Services are referred to as “Your Permitted Currencies”. When you access the Services, only transactions involving Your Permitted Currencies will be available to you.

Your Permitted Currencies available to you may be based on the jurisdiction of which you are a Resident and any other factors determined by ORO Bank in its sole discretion. Your Permitted Currencies may differ from the Currencies permitted for other users.

6.3 Suspension or Termination of Support or Entitlement

Without notice and for any reason, ORO Bank may terminate support for a Currency within the Services generally, remove a Currency from the list of Your Permitted Currencies, or otherwise suspend or terminate your ability to deposit, withdraw, transfer, or otherwise access any of Your Permitted Currencies.

However, ORO Bank will use commercially reasonable efforts to notify you at least 14 days prior to taking any action that permanently would prevent you from withdrawing a particular Currency from your ORO Bank Account. If you do not transfer the affected Funds from your ORO Bank Account before your access to an applicable Currency through the Services is terminated, then you may irrevocably lose your ability to access, transfer or otherwise control the affected Funds. ORO Bank will not be liable to you for any losses, liability or expenses related to its decision to terminate your ability to transfer, trade or store any Currency.

7. Fiat Deposits and Withdrawals

7.1 External Bank Accounts

When you transfer or receive Fiat Currency into or from your ORO Bank Account, your transactions will be required to undergo Screening Procedures. ORO Bank may block or prevent transactions that do not pass its screening procedures, if required to do so by law or at its sole discretion.

ORO Bank is not responsible for (1) the management and security of any External Bank Account or (2) the failure of any transfer of Fiat Currency between your ORO Bank Account and an External Bank Account if such transaction is not supported by the External Bank Account. You are solely responsible for your use of any External Bank Account, and you represent, warrant, and undertake that you will comply with all terms and conditions applicable to any External Bank Account that you use to transfer Fiat Currency to or from your ORO Bank Account.

7.2 Deposits

Subject to the availability of the Services and any other limitations described in these Terms, you may initiate a transfer of Fiat Currency from an External Bank Account to your ORO Bank Account at any time or receive deposits into your ORO Bank Account from third parties. All deposits are subject to Screening Procedures and ORO Bank may request additional information or documentation related to the purpose or source of the deposit. Deposits and other services may be blocked if you do not provide requested information or documentation, if ORO Bank is required to do so by law, or at ORO Bank’s sole discretion.

Any deposit made to your ORO Bank Account shall be in the manner or in the currency permitted by us and commission or other charges may be imposed.

If any funds deposited, transferred, or remitted to your ORO Bank Account is of a currency other than the currency in which your Account is denominated, such funds will be converted to the currency in which your ORO Bank Account is denominated without notice to you.

7.3 Withdrawals

Subject to the availability of the Services and any other limitations described in these Terms, you may initiate a transfer of Fiat Currency from your ORO Bank Account to an External Bank Account belonging to you or a third party at any time. ORO Bank will deduct any fees applicable to such transfer that are charged by ORO Bank or by ORO Bank’s third-party service providers from such transferred amount.

You will not be permitted to withdraw a particular type of Fiat Currency if the withdrawal would cause the balance of that Fiat Currency in your ORO Bank Account to fall below your Minimum Required Balance (as defined in Section X) for that Fiat Currency. ORO Bank does not offer overdraft credit on its full reserve accounts.

Even if there are sufficient funds in your ORO Bank account, ORO Bank will not be obliged to act on any instructions relating to your payment or withdrawal request if:

  • The financial instrument is presented after more than 6 months, or the period specified on the financial instrument has elapsed from the date of the financial instrument;
  • We have received or we are obliged to comply with any regulatory, judicial, or statutory requirement or request (i) not to proceed with the payment or withdrawal request; or (ii) to effect a payment to any government body or agency;
  • Funds in your ORO Bank Account have been earmarked for any reason; or
  • ORO Bank in good faith deems ii reasonable or necessary not to proceed with such payment or withdrawal request.

ORO Bank does not have an obligation to call or notify you of the occurrence of any of the events (a) – (d) or when your ORO Bank account becomes overdrawn.

7.4 Processing Time

The amount of time required to process a transfer of Fiat Currency to or from your ORO Bank Account may depend on Screening Procedures, the performance of third parties responsible for maintaining the applicable External Bank Account and other factors.

ORO Bank has a right to process payment and withdrawals in any order of priority determined by us.

Subject to any withdrawal/transfer restrictions described under these Terms, ORO Bank will use commercially reasonable efforts to process a transfer of Fiat Currency to an External Bank Account that is located outside of Bhutan within seven Business Days. You agree to notify ORO Bank immediately if you do not receive the Fiat Currency from such foregoing withdrawals/transfers by the date seven Business Days from the day you initiated the transfer from your ORO Bank Account to such External Bank Account you designated.

Notwithstanding anything in this section, ORO Bank makes no guarantee as to when transferred Fiat Currency will become available in your ORO Bank Account or your External Bank Account or a Third-Party Bank Account, as applicable, and shall not be liable if the withdrawal/ transfer takes more than 7 Business Days.

For the purposes of this section, “Business Day” means a day (other than Saturday, Sunday, or public holidays) in Bhutan on which commercial banks and foreign exchange markets are open for general business in Bhutan, and where the External Bank Account you designated your Fiat Currency be withdrawn or transferred to is located.

7.5 Interest

We will pay interest (or charge negative interest, where applicable), at our prevailing interest rate for interest bearing accounts calculated on daily balances (excluding late deposits) based on wither a 360 or 365/366-day year, which shall be determined in ORO Bank sole discretion depending on the currency involved.

  • Where interest is payable to you, such interest will be credited to your account monthly or yearly, depending on the account type or the day the account is closed. No interest will be paid if the daily balance falls below the prevailing prescribed minimum for the account.
  • Where negative interest is chargeable on your account, such interest will be debited from your account at regular intervals determined in ORO Bank’s sole discretion.

Interest (including negative interest, where applicable) will only accrue on funds including inward remittances which have been successfully credited for value to an account. All deposit interest rates and exchange rates for currency conversion transaction shall be at rates determined by ORO Bank from time to time.

Notwithstanding any term to the contrary, ORO Bank reserves the right to do any of the following from time to time and under any circumstances as ORO Bank may reasonably deem fit (including but not limited to, where market rates (based on the currency in which your deposit is denominated) fall below zero):

  • reduce, suspend or stop the payment of interest on any credit balance in your account;
  • impose zero or negative interest rates on your Account, and relevant charges (including negative interest rate charges) shall be debited from your Account directly, or shall remain payable by you in the event of insufficient funds in your Account; and/or
  • charge a service fee and debit this fee from your Account.

9. Our relationship with you

9.1 No Fiduciary Relationship or Trust

ORO Bank is not your broker, trustee, intermediary, agent, or advisor and has no trust, fiduciary relationship or obligation to you in connection with any transactions, decisions, or activities carried out by you using the Services and regardless of whether ORO Bank holds your Fiat Currencies or other property separately from its own or not. The use of terms such as “account”, “account balance”, “deposit”, “withdraw”, or “your Fiat Currencies” and similar does not imply or establish, and shall not be taken to suggest, any form of custody relationship, and such language is used herein or in any ORO Bank materials as terms of convenience only in referring to, for example, users’ transfer of assets to and from ORO Bank and amounts standing to the credit of users’ ORO Bank Accounts.

9.2 No Expert Advice

ORO Bank does not provide legal, financial, trading, tax, or any other kind of specialized or expert advice in connection with the Services, any Assets, or any other transactions, decisions, or activities carried out by you using the Services. No communication or information provided to you by ORO Bank is intended as, or may be considered or construed as, advice. You understand that any recommendations or commentary made by ORO Bank or its employees or representatives or other users should be considered generalized in nature and that you must use your own judgment or seek the advice of an expert before taking any action notwithstanding any recommendation or commentary made by ORO Bank. ORO Bank gives no assurances as to the accuracy or completeness of any such recommendation or commentary.

10. General Service Terms

10.1 Transactions Final; Exceptions

Unless otherwise determined by ORO Bank in its sole discretion, all deposits, withdrawals, transfers, and other transactions carried out via the Services are final and non-refundable.

However, without limitation to any other provision of these Terms, ORO Bank may endeavor, but is not obligated, to refuse, block, correct, reverse or cancel any Order, transfer, or other transaction or activity with respect to which ORO Bank has determined in its discretion there are reasons to do so, including without limitation:

  • where it discovers that there was an error or abnormality (for example, with respect to price, quantity or other parameters), whether such error or abnormality was caused by you, ORO Bank or a third party;

  • where it believes such action should be taken for legal, regulatory or compliance reasons (such as compliance with its anti-money laundering/countering financing of terrorism policies and obligations);

  • where it has detected the occurrence of technical, system or system design issues, operational issues, software failure or similar issues;

  • where an Order or Transaction is placed or executed at a price that ORO Bank, in its sole discretion, determines is off-market in that it is significantly different from prices that could reasonably be expected from an orderly market at the relevant time; or

  • where it suspects or has determined that you have, whether intentionally or unintentionally, used the Services for an Unlawful Purpose or otherwise violated these Terms.

In the event of an attempted correction due to an error or abnormality, ORO Bank provides no guarantee or warranty that any such attempt will be successful and will have no responsibility or liability for such error(s) or any correction attempt(s).

10.2 Conditions and Restrictions

ORO Bank may, in its sole discretion and without prior notice, refuse, cancel, block, or reverse any transfer request, Order or other transaction request you submit or authorize via the Services, impose limits on the amounts of deposits, withdrawals, transfers, or other transactions involving Fiat Currency that you may complete on a daily or other periodic basis, or impose any other conditions or restrictions upon your use of the Services.

For example and without limitation, ORO Bank may: (1) limit the number of Standing Orders that you can establish via the Services; (2) restrict transaction requests from certain locations; (3) limit the amount of Fiat Currency you may transfer out of your ORO Bank Account based on various criteria, such as the type of your ORO Bank Account; or (4) restrict withdrawals or transactions if ORO Bank has a reasonable suspicion of fraud, diminished capacity, inappropriate activity, or if ORO Bank has a reasonable basis to believe that your ownership of some or all of the Assets in your ORO Bank Account is in dispute.

10.3 Compliance with Law; Taxes

You are solely responsible for complying with all laws applicable to your activities and other use of the Services. You are solely responsible for determining what taxes, if any, apply to the transactions you complete via the Services and for reporting and remitting the correct taxes to the appropriate tax authority or authorities. ORO Bank does not provide any tax advice in relation to your use of the Services and is not responsible for determining whether taxes apply to your transactions or for collecting, reporting, withholding, or remitting any taxes arising from any Transactions. Notwithstanding the foregoing, ORO Bank shall be entitled to withhold any amount in its sole discretion (whether by preventing your withdrawal of Funds, deducting from the balance of Funds in your ORO Bank Account, placing an administrative hold on the Funds or otherwise) in compliance applicable tax laws and regulations.

10.4 Loss of Data

You acknowledge that your user data may be lost permanently or corrupted or temporarily unavailable due to software failures, viruses or other harmful materials, protocol changes by third party providers, internet outages, force majeure events or other disasters, scheduled or unscheduled maintenance, or other causes either within or outside ORO Bank’s control. You are solely responsible for backing up and maintaining copies of any information you store or transfer through the Services, and ORO Bank will not be liable for any loss of data.

10.5 Force Majeure

ORO Bank will have no responsibility or liability for any failure or delay in performance of any Services, or any loss or damage that you may incur, that is due to any circumstance or event beyond the control of ORO Bank, including without limitation any flood, extraordinary weather conditions, earthquake, fire, or other act of God, war, insurrection, riot, labor dispute, accident, action of government, communications interruption, power failure, equipment, server, internet, or software malfunction, security breach or cyberattack, failure of interconnecting and operating systems, criminal acts, market movement, shift, or volatility.

10.6 Unlawful Possession

If ORO Bank receives credible notice (credibility to be determined in ORO Bank’s sole discretion) alleging that any Funds held in your ORO Bank Account were not lawfully possessed by you at the time you deposited such Funds to your ORO Bank Account, ORO Bank may, but has no obligation to, place an administrative hold on the affected Funds or your ORO Bank Account. ORO Bank may continue such hold until the dispute has been resolved and evidence of the resolution has been provided to ORO Bank to ORO Bank’s satisfaction. ORO Bank will not become involved in any such dispute or the resolution of the dispute. You agree that ORO Bank will have no liability or responsibility for your inability to withdraw Funds, execute Transactions, or otherwise use the Services while such hold is in place or for any other consequences of implementing such hold.

10.7 Third-Party Content

Content, websites, services, features, functionalities and other materials provided by third parties (“Third-Party Content”) may be displayed, linked to, or otherwise made available through the Services. ORO Bank does not control, endorse, or adopt any Third-Party Content and will have no responsibility for any Third-Party Content and the availability thereof, even if incorporated into the Services. ORO Bank is not responsible or liable for any loss or damage of any sort incurred as the result of any correspondence or business dealings between you and any third party. Your use of Third-Party Content, and your interactions with third parties, is at your own risk.

10.8 Prohibited Activities

You may not use the Site, the mobile applications, the Services, or any other ORO Bank Materials to engage in any of the activities set forth in this section.

  • Unlawful activity: Violate, or assist in the violation of, any law, statute, ordinance, or regulation; or pay for, support, facilitate, abet or engage in any illegal activities or services including (without limitation):

    • human trafficking
    • child pornography
    • violence
    • financial and white-collar crime
    • contraband
    • cybercrime
    • fraud
    • money-laundering
    • terrorist activities
    • tax evasion
    • corruption
    • illegal gambling

  • Improper purposes: Support, facilitate or engage in any activities and services which may or may not, be illegal in some jurisdictions but which are still considered improper by ORO Bank including (without limitation) activities or services related to:

    • the violation or infringement of registered copyrights, trademarks, or other violation of intellectual property rights
    • inappropriate content (e.g. goods or services that promote, cause or further hate, violence, racism or religious persecution)
    • the sale of dangerous or hazardous goods
    • the sale of products or services identified by government agencies to have a high likelihood of being fraudulent
    • offering or receiving payments for the purpose of bribery or corruption
    • any form of high yield financial investments (get rich quick schemes)
    • cigarettes
    • weapons, firearms, and ammunitions
    • drugs and other illicit substances, steroids and certain controlled substances or other products that present a risk to consumer safety
    • drug paraphernalia
    • items that encourage, promote, facilitate or instruct others to engage in illegal activity
    • stolen goods, including stolen digital and virtual goods
    • PC support solve via outbound telemarketing
    • penny and reverse auctions
    • calling cards
    • high risk file hosting/sharing and cyberlockers
    • pyramid or ponzi schemes, matrix programs
    • transactions involving fraudulent or deceptive marketing practices
    • sale of government ID’s or documents

  • Relationship with other users: Engage in activity that could interfere with, disrupt, disadvantage, violate or infringe on the legal rights of, or inhibit other users from fully enjoying the Services; or use or attempt to use another user’s ORO Bank Account without authorization.

  • Third-party information: Harvest or otherwise collect any contact or other information about other users or third parties without proper consent or post or distribute content containing private or personal information of any third-party.

  • Inappropriate content: Post content or communications that in ORO Bank’s sole discretion are libelous, defamatory, profane, obscene, pornographic, sexually explicit, indecent, lewd, vulgar, harassing, hateful, threatening, offensive, discriminatory, bigoted, abusive, inflammatory, fraudulent, or deceptive; contain unsolicited promotions, political campaigning, or commercial messages; or otherwise are inappropriate.

  • Impairment of the services; malware: Engage in activity that could damage, disable, overburden, or impair the functioning of the Services in any manner; or introduce to the Services any malware, virus, trojan worms, logic bombs, or other harmful material.

  • Data extraction: Use any robot, spider, crawler, scraper, or other automated means or interface not provided by ORO Bank to access the Services or to extract data.

  • Circumvention: Attempt to circumvent any content filtering techniques ORO Bank employs or attempt to access any service or area of the Services that you are not authorized to access, including, for example, through the use of a virtual private network, proxy service, or any other third party service, network, or product with the effect of disguising your IP address or location.

  • Inaccurate information: Provide misleading or inaccurate information requested by ORO Bank.

  • Third-party use: Transfer, sublicense, resell, lease, lend, share, distribute or otherwise permit any third party to use the ORO Bank Materials or use the ORO Bank Materials in any service bureau environment.

  • Modifications; reverse engineering: Modify, tamper, reproduce, copy, emulate, distribute, republish or create derivative works of the ORO Bank Materials, or any portion thereof; decompile, disassemble, reverse engineer or attempt to discover the source code of the ORO Bank Materials.

  • Relationship with ORO Bank. Display any part of the ORO Bank Materials in a manner that could reasonably imply an endorsement, relationship, or affiliation with or sponsorship between you or a third party and ORO Bank, other than as expressly permitted in writing by ORO Bank.

  • Competition; commercial use: Design, develop or create any competing product or service; or engage in any commercial or noncommercial purpose other than the intended purposes of the Site, the Services, or the ORO Bank Materials determined at ORO Bank’s discretion.

  • Use of data: Store, transfer, or otherwise use pricing or historical pricing or trading data made available through the Services for any purpose other than your personal non-commercial use, or sell any such data for any purpose, except as expressly permitted in writing by ORO Bank.

  • Detrimental activity. Engage in any other conduct that is detrimental to ORO Bank or any third party, or cause injury to, or attempt to harm ORO Bank or any third party.

  • Violation of Terms: Engage in any other prohibited activities set forth in, or otherwise violate or cause a violation of, these Terms, or any other rules or policies posted on the Site or in the mobile applications.

10.8 Approval Required

You are required to inform and obtain prior written consent from ORO Bank for the use of the Site, the Services, or any other ORO Bank Materials to engage in any of the activities below:

  • Any form of debt and loan related businesses
  • Internet pharmacies (including referral sites) or prescription drugs/devices
  • Dealing in jewels, precious metals, and stones
  • Acting as a money transmitter or selling stored value cards; selling stocks, bond, securities, options, futures (forex) or an investment interest in any entity or property or providing escrow services
  • Selling alcoholic beverages, e-cigarette devices and non-cigarette tobacco products, food supplements
  • Activities involving gambling, gaming and/or any other activity with an entry free and a prize, including, but not limited to casino games, sports betting, horse or greyhound racing, fantasy sports, lottery tickets, other ventures that facilitate gambling, games of skill (whether or not legally defined as gambling) and sweepstakes, if the operator and customers are located exclusively in jurisdictions where such activities are permitted by law

You are further required to inform and obtain prior written consent from ORO Bank before initiating any credit or debit card transactions on the Site or the Services for the following services, activities, and purposes:

  • Delivery of future services including airlines, travel agencies and hotel bookings and event ticketing
  • Collecting donations as a charity or non-profit organization
  • Voice over Internet Protocol (VOIP) and airtime sales
  • Any product or services sold through negative option marketing
  • Any product or services sold through outbound telemarketing

If you are uncertain whether pre-approval is necessary due to the particular nature of your transaction, kindly contact ORO Bank before proceeding with your transaction.

10.9 Accuracy of Information

ORO Bank is entitled to rely on any instructions submitted by you via the ORO Bank Materials or otherwise using the Services and to undertake any action that is designed to execute such instructions or the intended purpose of the Services. You are responsible for verifying all information prior to submitting any instructions for a deposit, withdrawal, Order, or other transaction or activity through the Services. ORO Bank is not responsible for ensuring that any information provided by you is accurate and complete. ORO Bank accepts no liability for losses incurred from your failure to ensure the foregoing and you shall indemnify ORO Bank for such losses.

10.10 No Liability

ORO Bank will not be liable for any losses suffered by you resulting from any modification of any Services, from any suspension or termination of your access to all or a portion of any Services, from interruptions due to scheduled or unscheduled maintenance, or from any error, malfunction, or failure of the Services (including any corrective actions taken by ORO Bank in connection with such error or malfunction). You acknowledge that if Services resume, Currency valuations and exchange rates, as applicable, may differ significantly from the valuations and rates prior to such event.

10.11 Remedies

ORO Bank may delete information transmitted by you, suspend or cancel your ORO Bank Account, or confiscate Assets owned by you, without any prior notice to you, if ORO Bank determines any such action is reasonably necessary to remedy or mitigate a violation of these Terms by you. ORO Bank will not be responsible or liable for any loss or damage you incur as a result of an action taken by ORO Bank pursuant to this paragraph.

Each of ORO Bank’s rights and remedies set forth in these Terms is in addition to, and not in lieu of, any other rights or remedies available to ORO Bank under these Terms, under statute, at law, or in equity.

10.12 Dormant Accounts

If your ORO Bank Account has zero balance and ORO Bank has no record of your use of Services for three years, your ORO Bank Account will be terminated without notice. If there are Funds in your ORO Bank Account and ORO Bank has no record of your use of the Services for three years, your ORO Bank Account will be terminated [12] months after our notice of termination and the funds will be sent to the RMA in accordance with the RMA’s Abandoned Property Rules and Regulations. We reserve the right to deduct a dormancy fee or other administrative charges in respect of unclaimed Funds, as permitted by applicable laws and regulations.

11. Suspension; Termination; Dormant AccountsSUSPENSION; TERMINATION; DORMANT ACCOUNTS

11.1 Generally

You may request to deactivate your ORO Bank Account at any time.

ORO Bank may, at its sole discretion, refuse to open an ORO Bank Account for you, or suspend or terminate any ORO Bank Accounts (including but not limited to duplicate accounts) or temporarily or permanently modify, suspend, or discontinue all or any portion of any Services to you at any time, with or without prior notice, for any reason, including, for example, as a result of (a) your having engaged in any of the prohibited activities or restricted activities set forth in these Terms of Use, (b) any breach in a representation or warranty made by you in these Terms, or (c) your having become a Resident of a Prohibited Location or a jurisdiction identified as an “other monitored jurisdiction” in the Financial Action Task Force’s list of “high-risk and other monitored jurisdictions”.

11.2 Effect of Termination

If ORO Bank discontinues all the Services or terminates your right to access all the Services, or if you or ORO Bank deactivates your ORO Bank Account:

(a) ORO Bank may delete or deactivate your ORO Bank Account immediately and any or all related information and files in such account without liability to you; and (b) ORO Bank may cancel any open Standing Orders or other transaction requests that are pending at the time of discontinuation or termination. ORO Bank will use commercially reasonable efforts to provide you with a period of 30 days to remove Funds from your ORO Bank Account, unless prohibited from doing so by applicable laws or regulations or by order of law enforcement or other governmental authority. At our discretion, we may liquidate the Funds standing to the credit of your ORO Bank Account or otherwise held by us together with any property as may from time to time continue to accrue to those monies and property (whether by way of interest, or otherwise, to the extent supported by the Services) upon termination of your ORO Bank Account. We will hold such Funds, or the proceeds from such liquidation (after setting off any applicable administrative costs), for your benefit for a period of one year from the date your ORO Bank Account is terminated.

If any of such amounts remain unclaimed by you after such period, you thereafter will have no right whatsoever to claim such amounts from us, and you are deemed to have waived and abandoned all your rights to such amounts (and any other monies or property as may accrue to it), and we may take any actions in accordance with our discretion, including without limitation to transfer such unclaimed amount to the RMA if required by law.

11.3 Survival

The terms of Sections 2, 5, and 14 through 21 will survive any termination of your access to the Services and remain in full force and effect.

12. Electronic Notices

You consent to receive electronically all communications, agreements, documents, receipts, notices, and disclosures (collectively, “Communications”) that ORO Bank provides in connection with these Terms, your ORO Bank Account, or any Services. You agree that ORO Bank may provide these Communications to you by posting them via the Services, by emailing them to you at the email address you provide, by sending them using a communications application or other messaging service to your ORO Bank Account on such application or messaging service, and/or by sending an SMS or text message to a mobile phone number that you provide. Your carrier’s normal messaging, data, and other rates and fees may apply to mobile Communications. You should maintain copies of electronic Communications by printing a paper copy or saving an electronic copy.

You understand and agree that if ORO Bank sends you a Communication electronically but you do not receive it because your contact information on file is incorrect or out of date, the Communication is blocked or flagged as spam by your service provider, or you are otherwise unable to receive electronic Communications, ORO Bank will be deemed to have provided the Communication to you. You can update your contact information by accessing your ORO Bank Account settings.

You may withdraw your consent to receive Communications electronically by contacting us through our site’s Help Center. If you decline or withdraw consent to receive electronic Communications, ORO Bank reserves the right to suspend or terminate your use of the Services immediately or charge you additional fees for paper copies of Communications.

13. Proprietary Rights

13.1 Ownership of Services

Title, interests and all rights (including intellectual property rights) in all ORO Bank Materials, are owned by DK Limited, ORO Bank Division and/ or its licensors.

13.2 License Grant

ORO Bank grants you a limited, revocable, non-exclusive, non-transferable, and non-sublicensable license, subject to these Terms, to access and use the Services, the Site and the ORO Bank Materials solely as authorized by ORO Bank in connection with your use of the Services for as long as ORO Bank permits you to continue to access the Services. Any other use of the Services, the Site, and the ORO Bank Materials is expressly prohibited, and all other right, title, and interest in the ORO Bank Materials is exclusively the property of ORO Bank and its licensors. You shall not exploit for any commercial purposes any use of or access to the ORO Bank Materials, or create a database by systematically downloading, forwarding or storing all or any of the data generated from the Services without ORO Bank’s prior written consent.

Except as otherwise expressly stated herein, the copyright and all other intellectual property in the contents of this website (including, but not limited to, all design, text, sound recordings, images or links) are the property of DK Limited, ORO Bank Division. As such, they may not be reproduced, transmitted, published, performed, broadcast, stored, adapted, distributed, displayed, licensed, altered, hyperlinked or otherwise used in whole or in part in any manner without the prior written consent of the DK Limited, ORO Bank Division. Save and except with the DK Limited, ORO Bank Division ‘s prior written consent, you may not insert a hyperlink to this website or any part thereof on any other website or “mirror” or frame this website, any part thereof, or any information or materials contained in this website on any other server, website, or webpage.

All trade marks, service marks and logos, including but not limited to “ORO Bank”, oro.bank”, used on the Site or ORO Bank Materials, or otherwise in connection with the Services, are the property owned by DK Limited, ORO Bank Division or its licensors, whether or not registered. You may not copy, imitate, appropriate, display or otherwise use any such trademarks without ORO Bank’s prior written consent. No license or right is granted and your access to this website and/or use of the online services should not be construed as granting, by implication, estoppel or otherwise, any license or right to use any trade marks, service marks or logos appearing on the website without the prior written consent of DK Limited, ORO Bank Division or the relevant third party proprietor thereof. Save and except with DK Limited, ORO Bank Division ‘s prior written consent, no such trade mark, service mark or logo may be used as a hyperlink or to mark any hyperlink to any DK Limited, ORO Bank Division member’s site or any other site.

13.4 Feedback

ORO Bank will own any feedback, suggestions, ideas, or other information or materials regarding ORO Bank, the Services, or the Site that you provide, whether by email, through the Services, through any social media network, or otherwise (“Feedback”). You hereby assign to ORO Bank all rights, title, and interest in and to Feedback together with all associated intellectual property rights. You will not be entitled to, and you hereby waive any moral rights, claim for, acknowledgment or compensation based on any Feedback or any modifications made based on any Feedback.

13.5 User Content

You hereby grant to ORO Bank a sublicensable, transferable, perpetual, irrevocable, worldwide license to use, copy, modify, create derivative works of, display, perform, publish and distribute, in any form, medium or manner, any text, information, data, materials, images, or other content that you provide to ORO Bank using the Services or submit or post to the Site and that is not Feedback owned by ORO Bank (“Your Content”). You represent and warrant that: (a) you own Your Content or have the right to grant the rights and licenses specified in these Terms, and (b) Your Content and ORO Bank’s use of Your Content as licensed herein does not and will not violate, misappropriate, or infringe on the rights of any third party. ORO Bank at its discretion may remove any of Your Content from the Site for any reason.

For your convenience, the ORO Bank may include hyperlinks to websites on the Internet that are owned or operated by third parties. Such linked websites are not under the control of DK Limited, ORO Bank Division, and ORO Bank, and DK Limited, ORO Bank Division, and ORO Bank cannot accept responsibility for the contents of or the consequences of accessing any linked website or any link contained in a linked website. Furthermore, the hyperlinks provided in this website shall not be considered or construed as an endorsement or verification of such linked websites or the contents therein by DK Limited, ORO Bank Division, and ORO Bank. You agree that your access to and/or use of such linked websites is entirely at your own risk and subject to the terms and conditions of access and/or use contained therein.

14. Lien and Set-off

Without prejudice and in addition to any general lien, right to set-off or other similar rights which ORO Bank may be entitled to exercise over the Funds or other property held in your ORO Bank Account, for so long as you owe Funds or obligations (of whatsoever nature and howsoever arising) to ORO Bank, you may not withdraw any Funds or other property from ORO Bank and/or your ORO Bank Account without ORO Bank’s prior consent. Such Funds or other property shall be subject to a general lien for the discharge of any and all obligations due from you and ORO Bank may at any time withhold them pending full settlement of all such Funds or obligations of yours.

You further authorize ORO Bank, without prior notice, to debit your ORO Bank Account and to set-off against any Funds therein, all amounts or obligations due or which may become owing by yourself to ORO Bank whether hereunder or in connection to any Service, together with any applicable goods and services tax or other relevant tax. If ORO Bank has to sell any Funds or property on your behalf to meet your obligations, ORO Bank will charge you all applicable charges, fees and taxes in doing so including an administration charge. You will continue to be responsible to ORO Bank for any outstanding balance due after such Funds or property has been sold and the difference in value will be payable to ORO Bank immediately.

15. Disclaimer of Warranties

To the maximum extent permitted under applicable law, the Site, the Services, the ORO Bank Materials and any product, service or other item provided by or on behalf of ORO Bank are provided on an “as is” and “as available” basis.

ORO Bank expressly disclaims, and you waive, any and all other warranties of any kind, whether express or implied, including, without limitation, implied warranties of merchantability, fitness for a particular purpose, title or non-infringement or warranties arising from course of performance, course of dealing or usage in trade. No oral or written advice or consultation by ORO Bank, its agents or employees will in any way give rise to a warranty. The entire risk arising out of the use or performance of the Services remains with you.

*Without limiting the general nature of the previous paragraphs, for the avoidance of doubt, ORO Bank does not represent or warrant that:

  • the Site, the Services or ORO Bank materials are or will be accurate, complete, reliable, uninterrupted, current, error-free, or free of viruses or other harmful components;
  • historical price data of Assets available through the Services are or will be accurate or complete; or
  • requests for transfers of Funds to and from your ORO Bank Account will be processed within any particular amount of time.*

16. Limitations os Liability

16.1 Liability Cap

The ORO Bank Parties will not be liable in aggregate for more than the aggregate amount of fees paid by you to ORO Bank in the 12-month period immediately preceding an event giving rise to a claim arising out of or relating to the Services or these Terms prior to, on, or after the effective date of these Terms, except as explicitly stated otherwise in the Terms or other posted Rules with respect to any particular Service.

16.2 Disclaimer of Damages.

Except to the extent required by applicable law, in no event will any ORO Bank Party be liable for any of the following types of loss or damage relating to a claim arising out of or relating to the Services or these Terms prior to, on, or after the effective date of these Terms, even if such party has been advised of or knew or should have known of the possibility of such loss or damage:

  • loss of anticipated profits, actual or hypothetical losses, or any other loss of expected revenue or gains;
  • loss of or damage to reputation, goodwill, business opportunities, customers, contracts, or any other loss of revenue or actual or anticipated savings;
  • loss of use of hardware, software or data or corruption of data;
  • loss or damage arising out of or relating to any inaccuracy, defect or omission in price data for Assets, any error or delay in the transmission of such data, or any interruption in such data;
  • loss or damage that is not a direct result of, or is incidental to, ORO Bank’s breach of these Terms;
  • loss or damage that ORO Bank could not reasonably have foreseen at the time of your agreement to these Terms; and
  • loss or damage that is punitive or exemplary.

17. Indemnification

You will defend, indemnify, and hold harmless the ORO Bank Parties from any claim, demand, lawsuit, action, proceeding, investigation, liability, damage, loss, cost or expense (including reasonable attorneys’ fees) arising out of or relating to (a) your use of, or conduct in connection with, the Services; (b) the use of your ORO Bank Account by any third party, whether or not such third party is authorized by you to access your ORO Bank Account; (c) Your Content; (d) your violation of these Terms; (e) your failure to secure your ORO Bank Account login and security credentials or your sharing of your ORO Bank Account login and security credentials with any Third Party; or (f) your violation of any applicable law or the intellectual property, privacy, or other rights of any other person or entity; or (g) your failure to comply with your Notification Undertaking (as defined under Section x below). If you are obligated to indemnify any DK Limited Party, ORO Bank Party, ORO Bank (or, at ORO Bank’s discretion, the applicable ORO Bank Party) will have the right, in its sole discretion, to control any action or proceeding and to determine whether ORO Bank wishes to settle, and if so, on what terms.

18. Dispute Resolution; Arbitration; Waiver of Class Action

Please read this section carefully. Both you and ORO Bank are giving up the right to litigate disputes and to participate in litigation as a party or a class member before a judge or jury.

18.1 Arbitration

You undertake to notify ORO Bank in writing of any dispute arising out of or related to these Terms or the Services within 30 days from the date upon which you became or should have become aware of any event or occurrence that may give rise to any dispute (“Notification Undertaking”).

Except with respect to disputes related to the enforcement or validity of DK Limited, ORO Bank Division’s intellectual property rights, all disputes, controversies or claims arising out of or relating to the Services or these Terms prior to, on, or after the effective date of these Terms, including any question regarding the existence, validity or termination of these Terms, shall be referred to and finally resolved by arbitration administered by the Singapore International Arbitration Centre (“SIAC”) in accordance with the Arbitration Rules of the Singapore International Arbitration Centre (the “Rules”), which rules are deemed to be incorporated by reference in this section. The seat of the arbitration will be Singapore. The Tribunal will consist of one arbitrator. The language of the arbitration will be English.

If any action at law or in equity (including arbitration) is necessary to enforce or interpret the terms of this Agreement, the prevailing party will be entitled to reasonable attorney’s fees, costs and necessary disbursements in addition to any other relief to which such party may be entitled.

You agree that any dispute arising out of or related to these Terms or the Services is personal to you and ORO Bank and that any such dispute will be resolved solely through individual arbitration and will not be brought as a class arbitration, class action or any other type of representative proceeding.

The arbitrator will have exclusive authority to make all procedural and substantive decisions regarding any dispute and to grant any remedy that would otherwise be available in court. However, the arbitrator shall not have the authority to conduct a class arbitration or a representative action, which is prohibited by these Terms.

You agree that for any arbitration, the party filing the claim will pay the filing fee and the parties will split the remaining arbitration fees and costs. Judgment upon any arbitration award may be entered and enforced in any court of competent jurisdiction.

18.2 Intellectual Property

For the avoidance of doubt, you agree that ORO Bank may initiate a proceeding related to the enforcement or validity of ORO Bank’s intellectual property rights in any court having jurisdiction.

19. Governing Law; Language

19.1 Governing Law

The validity, interpretation and construction of these Terms, and all acts and transactions contemplated by or arising out of these Terms, and the rights and obligations of you and ORO Bank under these Terms, are and shall be governed, construed and interpreted in accordance with the laws of Bhutan, without giving effect to principles of conflicts of law.

19.2 Governing Language

The governing language of these Terms is English.

20. Modification and Interpretation

20.1 Modification of Terms

ORO Bank may modify these Terms from time to time at its sole discretion. ORO Bank will notify you of any significant modifications to these Terms in accordance with these Terms. The effective date of the modification will be indicated at the top of these Terms.

By clicking a checkbox or a button indicating your acceptance of the modified Terms, or by continuing to access or use the Services after the effective date of the modification, you confirm your agreement to the modified Terms. If you do not agree to any modification to these Terms, you must stop using the Services.

20.2 Non-waiver

ORO Bank’s failure or delay in exercising any right, power, or privilege under these Terms is not a waiver of such right, power or privilege.

20.3 Severability

If any provision of these Terms is held invalid or unenforceable, it will be replaced with the valid provision that most closely reflects the intent of the Parties and the remaining provisions of the Terms will remain in full force and effect.

20.4 Assignment

You may not assign or transfer any right to use the Services or any of your rights or obligations under these Terms without prior written consent from ORO Bank, including by operation of law or in connection with any change of control. ORO Bank may assign or transfer any or all of its rights or obligations under these Terms, in whole or in part, without notice or obtaining your consent or approval.

20.5 Headings

Headings of sections are for convenience only and are not intended to be used to limit or construe such sections.

20.6 Entire Agreement; Order of Precedence

These Terms contain the entire agreement, and supersede all prior and contemporaneous understandings, between ORO Bank and you regarding the Services or any similar services provided by ORO Bank to you at any time prior to or after the effective date of these Terms. If there is a conflict between these Terms and any other agreement you may have with ORO Bank, these Terms will govern unless the other agreement specifically identifies these Terms and declares that the other agreement supersedes these Terms.

20.7 Rights of Third Parties

Apart from ORO Bank Parties, a person who is not a party to these Terms has no rights under the Contracts (Right of Third Parties) Act 2001 to enforce any Terms.