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	 




 


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



 




    	 



     


    

 


Company Stamp:


 


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