Exhibit
10.6


 


Date:
1 October 2020


 


Paybats
Sdn Bhd


VO2-03-07,
Velocity Office 2


Lingkaran
SV, Sunway Velocity


55100
Kuala Lumpur, Malaysia


 


Attn
: Mr. Choo Keam Hui


 


APPOINTMENT
LETTER


-MERCHANT
RECRUITMENT AND ON-BOARDING (“APPOINTMENT”)


 


We
refer to the above-mentioned subject matter.


 


Upon
review of your company profile, VE Services Sdn Bhd (Company Registration No.: 538199-W) (hereinafter referred as “VE SERVICES”)
formally appoints Paybats Sdn Bhd (Company No.: 1327311-V) (hereinafter referred to as “Agent”) as our Independent
Merchant Recruitment and On-Boarding Agent with immediate effect.


 


As
the Agent, you are required to introduce, recruit and on-board new merchants for VE Services’ payment services. The Appointment
shall be premised upon the terms and conditions as stipulated in the ensuing attachment.


 


Kindly
sign and return to us the duplicate of this appointment letter to indicate your acceptance and we look forward to a fruitful business
relationship with Paybats Sdn Bhd.


 


Thank
You.


 


	For
                                            and on behalf of	 
	VE
    SERVICES SDN BHD	 


 


	/s/
    How Wil Kin	 
	How
    Wil Kin	 
	COO	 


 





 



 


ACKNOWLEDGEMENT
& ACCEPTANCE


 


I,
on behalf of PAYBATS SDN BHD (Company No.: 1327311-V), hereby acknowledge and accept the terms and conditions as stipulated in your Appointment
dated 1 October 2020.


 


For
and on behalf of PAYBATS SDN BHD 


 


	/s/
    Choo Keam Hui	 
	Name:
    Choo Keam Hui	 
	Designation:
    CEO	 
	Date:
    1 Oct 2020	 
	Company
    Stamp:	 


 


VE
Services SDN. BHD. (Company No. 538199-W)


VO2-08-12, Velocity Office 2, Lingkaran SV, Sunway Velocity, 55100 Kuala Lumpur, Malaysia.


Tel: +603- 2781 9066 Website: www.ves.com.my


 




    	 



    	 



    

 


ATTACHMENT


 


This
attachment on the Agent’s Terms & Conditions (“Terms”) forms an integral part of the Appointment.


 


	1)	The
    Appointment is for a period of one (1) year with immediate effect and shall be renewed automatically on a yearly basis unless notified
    otherwise;
	2)	The
    Agent’s appointment is non-exclusive and VE Services reserves its rights to appoint any other party as its Agent;
	3)	The
    Agent shall introduce, recruit and on-board new merchants for VE Services’ payment services (“Applicant”);
	4)	The
    fees/ commission structure to Agent is enclosed as Enclosure 1, and shall be paid on a monthly basis within 30 days and subject
    to full payment of fees and charges by the approved Applicant.
	5)	The
    approval for all newly Applicants (I.e. recruited merchants) with regards to VE Services’ payment services shall be at the
    sole discretion of VE Services;
	6)	All
    charges and payments, which shall include but not limited to on-boarding fee, administrative fees, monthly fees and transaction fees,
    from the Applicants shall be paid directly to VE Services;
	7)	All
    information regarding VE Services provided by us to Agents are to be kept confidential and shall not be disclosed to any third party
    without the prior written consent of VE Services except for the fulfillment of your obligations herein;
	8)	Where
    the Agent received any personal data (as defined by the Personal Data Protection Act 2010) from us or the Applicant, the Agent
    shall ensure full compliance with the provisions of the Personal Data Protection Act 2010 and shall only deal with data to fulfill
    its obligations herein;
	9)	The
    Agent shall comply with all applicable laws, rules or ordinances in the performance of its obligations herein, and warrants that
    no such applicable laws, rules or ordinances will be violated during the Appointment. The Agent shall defend and hold VE Services
    harmless from any losses, cost and/or damages incurred as a result of any such violations;
	10)	The
    Agent is expressly prohibited from using any persons, means, devices or arrangements to commit fraud, violate any applicable law,
    interfere with other affiliates or falsify information in connection with Applicants and VE Services shall make all determinations
    about fraudulent activity in its sole discretion;
	11)	Each
    party is entitled to terminate this Appointment at any time by giving the other party a fourteen (14) days notice in writing;
	12)	Notwithstanding
    VE Services’ rights for termination stated herein, VE Services reserves the rights to withhold payment of your fees/ commission
    in the event of a breach in the Agent’s obligations stated herein;
	13)	The
    Terms stated herein constitutes the entire understanding between VE Services and the Agent with regards to the Appointment and supercedes
    any previous agreements and/or understanding between both parties in relation to such matters.


 
VE
Services SDN. BHD. (Company No. 538199-W)


VO2-08-12, Velocity Office 2, Lingkaran SV, Sunway Velocity, 55100 Kuala Lumpur, Malaysia.


Tel: +603- 2781 9066 Website: www.ves.com.my



 




    	 



    	 



    

 


Enclosure
1: Fee and Commission Structure


 


A.
Merchant Fees


 


	 	 	Normal Package*	 	 	Premium Package*	 
	Monthly Fee	 	RM50.00	 	 	RM50.00	 
	Annual Fee 
(waive if sales above RM240K per year)	 	RM500.00	 	 	RM500.00	 
	Transaction Fee: -	 	 	 	 	 	 
	MDR - Debit/ Credit Card payment	 	 	2.50	%	 	 	1.80	%
	MDR - Alipay	 	 	2.50	%	 	 	2.50	%
	MDR - Touch N Go E-wallet, Boost, Grabpay	 	 	1.50	%	 	 	1.50	%
	Maybank QR Pay	 	 	1.50% or min. RM1.20 whichever is higher	 	 	 	1.50% or min. RM1.20 whichever is higher 	 
	FPX	 	 	RM1.20	 	 	 	RM1.20	 



 


Note:


*
Packages may differ from time to time at the sole discretion of VE Services.


 


B.
    PAYBATS’ Commission:


 	1) Share of Monthly Fee	 	RM25.00 /Account / Month 

(until the termination of the signup merchant)	 
	2) Transaction fee	 	 	 	 	 	 	 	 
	 	 	 	Normal Package	 	 	 	Premium Package	 
	Debit/ Credit Card payment	 	 	0.525	%	 	 	0.175	%
	Alipay	 	 	0.35	%	 	 	0.35	%
	Touch N Go E-wallet, Boost, Grabpay	 	 	0.15	%	 	 	0.15	%
	Maybank QR Pay	 	 	RM0.10	 	 	 	RM0.10	 
	FPX	 	 	RM0.10	 	 	 	RM0.10	 




 
VE
Services SDN. BHD. (Company No. 538199-W)


VO2-08-12, Velocity Office 2, Lingkaran SV, Sunway Velocity, 55100 Kuala Lumpur, Malaysia.


Tel: +603- 2781 9066 Website: www.ves.com.my