as issued on 28 November 2025
as amended on 27 January 2026
as amended on 23 October 2026
You acknowledge and agree that the Global VIBAN Services made available on this Platform are solely provided to you by Keel Money Ltd, a company incorporated in England and Wales (company number: 12231881) with its registered office at Ground Floor, 15 Wellington Road, Eccles, Manchester, England, M30 0DR (hereinafter referred to in this Agreement as "Keel"). Keel is an Electronic Money Institution (EMI) and is authorised by the Financial Conduct Authority (register reference 1020783) and is solely responsible for all regulated activities associated with the issuance of electronic money and provision of virtual IBANs.
Fasset Labuan Limited (“Fasset”) acts only as a distributor of Keel’s product and does not issue electronic money, provide virtual IBANs, or carry out any activity that is regulated as an electronic money or payment service. Fasset does not act as an agent or partner of Frost and does not provide regulated services on Keel’s behalf. Any regulated components of the Global VIBAN Services are provided exclusively by Keel, while any non-regulated services offered by Fasset are separate and do not form part of Keel’s regulated activities.
The Global Virtual IBAN Services are provided subject to Keel’s applicable Terms and Conditions, which consist of:
1.the Frost Terms and Conditions for Consumers (available at https://www.fasset.com/docs/frost-terms-conditions) where you are accessing the Global Virtual IBAN Services in a consumer capacity; or
2.the Frost Terms and Conditions for Business Customers (available at https://www.fasset.com/docs/frost-terms-conditions-for-business) where you are accessing the Global Virtual IBAN Services in a business or commercial capacity,
(collectively, the “Frost Terms”).
By accessing or using the Global VIBAN Services, You agree that Frost Terms shall be read together with, and apply concurrently alongside, Fasset User Agreement (available at https://www.fasset.com/docs/user-agreement-fasset-labuan-limited) and Fasset Privacy Policy (available at https://www.fasset.com/docs/fasset-group-privacy-policy) (collectively “Fasset Terms”). By continuing to use the Global VIBAN Services, you confirm your acceptance of the applicable Frost Terms and the Fasset Terms in their entirety and agree to be bound by both as an integrated and comprehensive set of conditions governing the use of the Global VIBAN Services. You further acknowledge that You have reviewed Frost Terms and Fasset Terms in a language You comprehend and had the opportunity to seek clarification or ask questions if needed. Continued use of the Global VIBAN Services shall constitute a deemed confirmation of such understanding and acceptance.
You are required to check Frost Terms and Fasset Terms frequently. If You do not agree to be bound by these Terms and the Aggregates, do not access or use the Global VIBAN Services.
Fasset Business Supplement
1.This supplement forms part of the Global VIBAN Services Terms and applies only to businesses approved for Fasset Business. References to “you” are to the approved business. The applicable Keel business-customer terms, rather than the consumer terms, apply to that business. References to Frost in these Terms identify the provider or provider terms described above; they do not identify an additional provider.
2.Schedule 4 (Fasset Business) to the Fasset User Agreement governs the business’s relationship with Fasset, including authorised users, notices, liability and dispute resolution. The applicable Keel business terms govern Keel’s service and your rights towards Keel. This supplement prevails over any inconsistency in these Terms for Fasset Business, but does not amend Keel’s terms. We will supply the applicable business terms for acceptance before activation.
3.Only the currencies, payment rails and types of receipt approved for your business may be used. Payments from your customers against your own business receivables are permitted only where the applicable provider terms and account approval allow them. This supplement does not extend the vIBAN service to card issuing, contractor payouts through another provider, treasury or escrow.
4.Before activation, we will identify whether you are Keel’s customer or use a facility held by Fasset, the party against whom you have a claim for the balance, withdrawal or redemption arrangements, and any safeguarding or deposit protection that applies. The introductory description of Keel’s service does not itself establish that you hold an individual account or direct claim against Keel. Receipt reversals and corrections are governed by the applicable payment terms; any amount payable to Fasset is subject to paragraph 5.4 of Schedule.