Online Demo User Agreement

‍Last Updated on October 13, 2022

Terms and definitions

This User Agreement (hereinafter referred to as the "Agreement") regulates the relations between CredoLab Pte. Ltd., a legal entity registered in Singapore (hereinafter referred to as "CredoLab", or we, us as appropriate), and You, the end-User of the Online Demo on www.credolab.com (hereinafter referred to as the "Web Application"), each individually referred to as a "Party", and jointly as the "Parties".

By using the Web Application on Your web device ("Web Device") and starting using the Web Application, You confirm that You have fully read, understood the Agreement below, agree and unconditionally accept all of the terms and conditions of this Agreement, undertake to comply with it and be responsible for its violation.

The right to use the Web Application is provided to You only after You have read and unconditionally accepted the terms of this Agreement and the Related Documents. Annexes to the Agreement that may supplement its provisions and our Privacy Notice which can be found at www.credolab.com constitute the "Related Documents".

You cannot start or continue to use the Web Application in case of Your disagreement or refusal to accept any of the terms of the Agreement or one of the Related Documents.

The beginning of Your use of the Web Application on Your Web Device means the acceptance by You of the Agreement and Related Documents and acceptance of their terms. Similarly, the continued use of the Web Application on Your Web Device after any updating of the terms of this Agreement and/or the Related Documents means that You have accepted the updated version of the Agreement and the Related Documents.

If You do not agree to any of the terms or updated terms of the Agreement and or Related Documents, (as appropriate), or if You decide in the future that You do not wish to abide by any of the terms in the Agreement and or in the Related Documents, then You may choose not to use the Web Application.

Terms used in this Agreement have the following meaning:

"You" or "User" means an individual acting in his own interest and possessing the necessary legal capacity to use the Web Application and to conclude and execute this Agreement.

“User’s Data” means certain data provided by You or located on the Web Device, including Your personal data.

"Territory" means the territory set out in Part 1(a) of the Annex 1.

"Financial Institution" means a legal entity providing financial services in accordance with the legislation in force in the Territory, as well as intermediaries in the financial services market in the Territory, including without loss of generality banks, other credit institutions, microfinance institutions, credit brokers, and other similar entities.

Subject of the Agreement

2.1. In accordance with this Agreement, CredoLab gives You, the User, the right to use the Web Application on Your Web Device on the following terms:

a) a simple (non-exclusive) license for use, provided the User meets the conditions in this Agreement and Related Documents;

b) only on one Web device having the necessary technical characteristics and the right to use the Web Application installed in this way in accordance with its functionality defined in Clause 3 of the Agreement;

c) the non-exclusive license granted to You to use the Web Application is to be used solely for personal purposes. The User is not entitled to use the Web Application for commercial purposes, including but not limited to, providing services to third parties;

d) by using the Web Application on Your Web Device, You agree and acknowledge that the Web Device is owned by You and used by You solely for personal purposes and is not used for storing and transferring information that belongs to Your employer or other legal entity and that can constitute limited access information, including the trade secret of Your employer or other legal entity, respectively;

e) You have no right to assign Your rights and / or obligations under the Agreement to third parties and you can use the Web Application installed on your Web Device only in person;

f) the User does not have the right to perform actions that may lead to the violation or malfunction of the Web Application, nor may he investigate the object or program code, decompile, disassemble the Web Application in order to gain access to information about the algorithms and methods used by CredoLab and its constituent commercial secret. The User also has no right to modify the Web Application or create derivative products based on the Web Application or its parts;

g) In the case of using the Web Application in any way not provided for or expressly prohibited by this Agreement or the applicable Appendices thereto, the User undertakes to reimburse CredoLab, to other Users and other third parties any losses incurred regarding the User's actions, including from for violation of this Agreement, intellectual property rights and other rights. THE SAID ACTIONS ARE THE UNCONDITIONAL BASIS FOR THE IMMEDIATE TERMINATION OF THIS AGREEMENT.

2.2. The Agreement establishes general conditions for the use of the Web Application. The Related Documents together with the Agreement form the entire agreement between the User and CredoLab, the terms of which are legally binding on the User, and are obligatory for acceptance and execution by the User for the commencement and continued use of the Web Application.

2.3. Unless otherwise provided by the Agreement or the applicable Annex thereto, the right to use the Web Application is granted to the User free of charge.

2.4. CredoLab agrees to be bound by applicable data protection laws as set out in Part 1(b) of the Annex 1.

Data Collection and Processing

3.1. You agree that the Web Application may access and process information provided by You (the “User’s Data”) that can effectively be used by CredoLab in showcasing the analytical capabilities of CredoLab via the Web Application.

3.2. You agree that the information collected and processed in accordance with Clause 3.1 will be used only for demo purposes and will not be shared with any third party. The categories of information that the Web Application may process in accordance with clause 3.1 above include but are not limited to Your name, gender, address, phone number, email address, device ID numbers, and similar.

3.3. You acknowledge that the User’s Data may be stored at the servers of CredoLab. For the avoidance of any doubt, CredoLab will not sell User’s Data to any third party.

3.4. CredoLab in good faith may use User’s Data to assess Your solvency (in accordance with its proprietary methodology) for an imaginary financial product. In no circumstance, CredoLab will use User’s Data with a real Financial Institution.

Protection Measures

4.1. CredoLab shall access User’s Data and protect the said data and personal information in accordance with any protection measures set out in the Privacy Policy.

Limitation of liability

5.1. CredoLab is not liable for illegal and other actions of the User or third parties, if as a result, there is unauthorized access to the said anonymized data and information about the User contained in his Web Device.

5.2. The User acknowledges and agrees that the use of the Web Application is not linked and does not guarantee the User the conclusion of contracts for the provision of financial services with a Financial Institution, nor does it guarantee the provision to the User of improved or special conditions for the conclusion of such contracts.

5.3. The use of the Web Application is fully automatic. CredoLab is not responsible for the result obtained at any time during or after the use of the Web Application.

5.4. The User understands and agrees that the Web Application is provided on an "as is" basis. CredoLab does not guarantee the results of its use, except as expressly provided for in this Agreement. CredoLab also does not guarantee that the Web Application will work continuously, without technical failures and errors, and the results of the work will fully meet the subjective expectations of the User.

5.5. CredoLab is not liable for the direct or indirect consequences of using or inability to use the Web Application, as well as the damage caused to the User or third parties as a result of the use, non-use or inability to use the Web Application or its individual functions, including due to possible errors or failures in the work of the Web Application. CredoLab is in no event responsible for consequential damages, such as lost profits or other indirect damages in connection with the User's use of the Web Application.

5.6. The parties are exempted from liability for full or partial non-fulfillment of obligations under the Agreement, where such failure is a consequence of force majeure circumstances beyond the reasonable control of the Parties (force majeure), including prohibitive actions by the authorities, malfunctions in telecommunication and electrical networks, programs, as well as unfair acts of third parties aimed at obtaining unauthorized access or disabling software and / or software equipment CredoLab or User.

Notifications and notices

6.1. You agree and accepts that CredoLab sends to the User all material notices and notices in the execution of this Agreement in electronic form, including but not limited to in the form of push – notifications on the Web Device.

6.2. Unless otherwise provided by this Agreement, all legally significant events or actions are notified to the User at least 10 days before the date of the occurrence of the relevant legal event or the commission of an action.

Term, Amendment and Termination of the Agreement.

7.1. CredoLab has the right at any time to make changes or additions to the Agreement or Related Documents about which CredoLab must notify the User at least 10 (ten) days before such changes or additions come into force.

7.2. The User may terminate this Agreement at any time by closing the Web site and/or removing the Web Application from the Web device whichever the case may be.

7.3. CredoLab has the right to unilaterally refuse to perform any services and terminate the support of the Web Application in cases provided for in Clauses 2.1 or 4.2 of the Agreement. In addition, CredoLab has the right to unilaterally refuse to perform the Agreement and terminate the support of the Web Application in the event of any violation by the User of the terms of this Agreement or Related Documents.

Final Provisions

8.1. If one or more of the provisions of the Agreement are deemed invalid in accordance with the established procedure in accordance with the entered into force judicial act, the remaining provisions of the Agreement remain in force and the Parties will continue to fulfill their obligations in a manner most appropriate to the intentions of the Parties at the time of concluding or amending this Agreement.

8.2. This Agreement shall be governed and construed in accordance with the laws, and the relevant additional provisions set out in Part 1(a) of the Annex 1.

8.3. In the event of any dispute, controversy or claim arising out of or relating to this Agreement, no Party shall proceed to any form of dispute resolution unless the Parties have made reasonable efforts to resolve the same through mediation in good faith in accordance with the rules set out in Part 2 of the Annex 1. If it is not possible to resolve the dispute between the Parties by mediation within sixty (60) calendar days from the receipt of a written claim by one Party from another Party, either Party may commence legal proceedings in the court as set out in Part 3 of the Annex 1.

References to existing Annexes to the Agreement

Regulations on the processing and protection of personal data.

Reference to previous versions of the Agreement and Related Documents.

Annex 1

For users of www.credolab.com

Part 1(a)

The Territory means the Republic of Singapore.

This Agreement shall be governed by and construed in accordance with Singapore Law.

Part 1(b)

The applicable data protection laws shall be the Data Privacy Act of 2012.

Part 2

The User has the right to ask CredoLab about the data CredoLab processes about the User, the purpose and nature of the processing, and to provide information on who we share it with. The User has the right to request that CredoLab update, or delete (assuming that this does not impact the services CredoLab is providing to the User) the User’s data at any time. Please note that CredoLab may reject requests which risk the privacy of others or are unreasonable or repetitive, or would require a disproportionate effort. Unless the User requests us to delete his/her data, please note that CredoLab may keep the User’s data after the User stops being a user (but CredoLab typically keeps the User’s data no longer than is reasonably necessary given the purposes for which the data was collected and in all instances, no more than a period of 3 years. The User has the right to expect CredoLab to protect the User’s data and keep it safe. CredoLab works hard to protect CredoLab and its users from unauthorized access to or unauthorized alteration, disclosure or destruction of the information CredoLab holds. In particular: CredoLab abides by this Agreement and its Privacy Policy at all times with respect to all data that CredoLab collects from the User; CredoLab limits the use and disclosure of User data, and work to ensure that anyone with whom CredoLab shares such information treats that information with the privacy and security it deserves; and CredoLab has put in place industry-accepted physical, technical and administrative practices to safeguard and secure the information it collects.  When appropriate, the User has the right to lodge with the National Privacy Commission a complaint for violation of the Data Privacy Act of 2012 committed by CredoLab.

Part 3

If You have any questions about this Agreement or any of the above, please email us at privacypolicy@credolab.com.

You may contact us by mail at: CredoLab Pte. Ltd, #12-01 Capital Tower, 168 Robinson Road, Singapore 068912.