1. General Information
This website is operated by Moneybees Forex Corporation, a corporation duly organized and existing under and by virtue of the laws of the Republic of the Philippines, with office address at 4th Floor, Unit C and D Commerce and Industry Plaza Building, 1030 Campus Avenue, McKinley Hill, Taguig City, Philippines (hereinafter referred to as “Moneybees”, “us” or “we”). Moneybees is your complete and reliable solution for buying and selling Virtual Assets, over-the-counter through its BSP Supervised Financial Institution partner outlets or at online trading desks, for deposit to a virtual asset wallet or transmittal of virtual assets to a designated virtual wallet.
Moneybees operates on a strictly non-custodial, over-the-counter basis. Moneybees does not provide, operate, or maintain any electronic wallet, stored value facility, deposit account, or custody service for clients, and does not hold, store, or maintain client funds or Virtual Assets before or after the completion of a Transaction. Every Transaction is settled on the spot: fiat currency and Virtual Assets are exchanged and delivered at the time of the Transaction, and no client balance of any kind remains with Moneybees.
Moneybees is regulated by the Bangko Sentral ng Pilipinas (“BSP”). You may reach the BSP through the following points of contact:
Address: A. Mabini Street cor. P. Ocampo Street, Malate, Manila, Philippines 1004
Tel. No.: (+632) 8811-1277 (8811-1BSP)
Website: www.bsp.gov.ph
BSP Consumer Assistance Mechanism points of contact:
Tel. No.: (+632) 5306-2584, (+632) 8708-7087, (+632) 8708-7701 loc. 2584
E-Mail: [email protected]
Chatbot: Access BSP Online Buddy (BOB) application through the BSP’s website
2. Terms and Conditions
These Terms & Conditions, which include the Privacy Policy (the “Terms”), contain the terms and conditions on which we supply content, products or services listed on www.moneybees.ph (the “Website”), through our applications (the “Apps”) or via other delivery methods to you (the Website and such content, products, services, and the Apps are collectively referred to herein as the “Service” or “Services”).
Please read these Terms carefully before signing the e-KYC form. By using the Services (as defined below), you agree that you have read and understood the terms in these Terms which are applicable to you. The word “you” refers to the client of Moneybees. Your acceptance and continued use of the Services means that you agree to be bound by these Terms and all applicable laws, rules and regulations and you warrant to be fully and wholly bound by these Terms in your own free will and deed; and that you fully understand and acknowledge the contents, meaning, implications and effects of these Terms.
We reserve the right to suspend or terminate the Services and any contractual relations with you upon notice. In case you have breached any term or condition herein, we may suspend, terminate or in any way modify our Services and our contractual relations without notice, provided that, where not prohibited by law or by directive of a competent authority, we shall inform you of such action and the reason therefor as soon as practicable. These actions are without prejudice to our rights and remedies under these Terms, in law or in equity.
You shall be liable for some or all loss from unauthorized transactions if, and to the extent that, such loss is attributable to your fraud, willful misconduct, or gross negligence, or to your breach of these Terms, consistent with applicable law, including Republic Act No. 11765 (the “Financial Products and Services Consumer Protection Act”) and its implementing rules and regulations. You agree to hold us, our stockholders, directors, officers, employees and representatives free and harmless, as well as indemnify them, from any and all liabilities, claims, damages, suits of whatever nature, arising out of or in connection with the Services, including any and all errors inadvertently committed, and any computer-related errors resulting in your failure to observe these Terms, except to the extent such liabilities, claims, damages or suits arise from the fraud, willful misconduct, or gross negligence of Moneybees or its Related Parties.
3. Changes to Terms
You agree to be bound by these Terms and its subsequent updates, revisions or modifications. Any such changes will be effective as may be specified in the notice, which in any case shall not be less than sixty (60) days from notice, unless the amendments are directed by the BSP to take effect immediately or unless otherwise provided by law, rules and regulations. We shall post such changes publicly on our Website. You may choose to decline changes by discontinuing the Services. Your continued use of the Services constitutes your agreement to abide by the Terms as revised. Under certain circumstances, we may also elect to notify you of changes or updates to our Terms by additional means, such as email, text messages or through other electronic means of communication.
4. Definition of Terms
1. “Account” refers to an account owned by a business (“Corporate Account”) or an individual (“Individual Account”). For the avoidance of doubt, an Account is a client registration and transaction record only; it is not, and shall not be construed as, a deposit account, e-money account, wallet, or store of value of any kind.
2. “Authorized Person” refers to an individual that is authorized by a Corporate Client to bind the corporation, partnership, or other juridical entity to any and all Transactions that may be done by such Authorized Person.
3. “Currency” refers to any Fiat Currency or Virtual Asset supported by Moneybees from time to time.
4. “Daily Transaction Limit” refers to the maximum amount a user may buy and sell from any Moneybees partner outlet or through the online trading desk in a given day.
5. “Exchange Rate” is the price of a Virtual Asset in terms of FC posted on the Website or the Apps.
6. “Fiat Currency” or “FC” refers to government-issued currency that is designated as legal tender in its country of issuance through government decree, regulation, or law, i.e., the Philippine Peso;
7. “Know-Your-Customer” or “KYC” refers to procedures undertaken by Moneybees to identify and verify the identity of its customers. KYC may be done electronically (“e-KYC”).
8. “Money Service Business” or “MSB” refers to financial services that involve the acceptance of cash, checks, other monetary instruments or other stores of value, and the payment of a corresponding sum in cash or other form to a beneficiary by means of a communication, message, transfer, or through a clearing network to which the service provider belongs.
9. “Partner” refers to BSP-licensed MSBs that have existing business partnerships with Moneybees.
10. “Partner Branches” refer to physical business outlets of a Partner.
11. “Related Parties” refer to subsidiaries, affiliates, related parties, and their respective directors, shareholders, officers, employees, consultants, agents and assignees.
12. “Services” refers to the buying and selling of Virtual Assets over-the-counter through Partner Branches or through Moneybees’ online trading desk, together with the Website, the Apps, and such other content, products and services supplied by Moneybees as described in Section 2.
13. “Transaction” refers to any and all business that may be conducted by an Account owner within the Services including, but not limited to registration or opening of an Account, conversion from Fiat Currency to Virtual Asset and vice versa, and sending and receiving of Fiat Currency or Virtual Asset in settlement of a purchase or sale.
14. “Teller” refers to the employee of the Partner that conducts business within a Partner Branch.
15. “Virtual Asset” or “VA” refers to any type of digital unit that can be digitally traded, or transferred, and can be used for payment or investment purposes. It is used as a medium of exchange or a form of digitally stored value created by agreement within the community of VA users. VAs shall be broadly construed to include digital units of exchange that (1) have a centralized repository or administrator; (2) are decentralized and have no centralized repository or administrator; or (3) may be created or obtained by computing or manufacturing effort. VAs are not issued nor guaranteed by any jurisdiction and do not have legal tender status. For the purposes of these Terms, digital units of exchange that are used for (i) the payment of goods and services solely provided by its issuer or a limited set of merchants specified by its issuer (e.g., gift checks); or (ii) the payment of virtual goods and services within an online game (e.g., gaming tokens) shall not be considered as VAs.
16. “Wallet” refers to a virtual asset wallet owned, held, and controlled by you or by your designated recipient (or, where the context requires, a virtual asset wallet owned and controlled by Moneybees for its own account), which is external to, and not provided, operated, hosted, or maintained by, Moneybees. You are solely responsible for the security, custody, and control of your own Wallet, including its addresses and private keys.
17. “You” (including “you,” “your,” or the “Owner”, or “Client”) refers to an entity that uses the Services.
5. Acceptable Use Policy
1. You agree to use and transact with Moneybees in accordance with all applicable and current laws, regulations and other guidelines issued by government agencies.
2. You understand and agree that Moneybees may require you to divulge the nature of the transaction being facilitated by you with Moneybees and any of its partners if we determine that it is necessary to comply with any applicable law, rules or regulation.
3. You agree not to use or transact with us for any illegal or prohibited purposes, including but not limited to the following:
1. To violate any law, regulation, or issuance by any competent legal authority;
2. To directly or indirectly cause loss or damage to Moneybees or any entity;
3. To facilitate transactions involving illegal drugs, drug paraphernalia and other controlled substances in accordance with applicable law;
4. To facilitate transactions involving the sale of products which endanger the safety, health, and well-being of individuals;
5. To facilitate transactions that encourage or incentivize illegal activities;
6. To facilitate transactions involving stolen, smuggled, or otherwise illegally acquired goods and/or services;
7. To facilitate transactions involving firearms, explosives, ammunition and any other weapon or accessories of the aforementioned items that are prohibited under applicable law;
8. To facilitate the infringement of any intellectual property right;
9. To facilitate cybercrimes as defined in R.A. 10175 and other applicable laws;
10. To facilitate money-laundering as defined in R.A. 9160, as amended;
11. To facilitate transactions relating to pornography, prostitution and other sexually-oriented services;
12. To facilitate “get rich quick” schemes such as pyramid schemes, or Ponzi schemes;
13. To facilitate bribery or corruption of public officers;
14. To facilitate any form of ethical, legal, or illegal hacking; or
15. To facilitate any form of larceny, theft, robbery, or embezzlement.
4. To facilitate the financing of terrorism or of the proliferation of weapons of mass destruction as defined in R.A. 10168 (the Terrorism Financing Prevention and Suppression Act) and R.A. 11479, or any dealing with individuals or entities designated under United Nations Security Council resolutions or by the Anti-Money Laundering Council (“AMLC”) or the Anti-Terrorism Council.
If you have any doubts as to the nature or compliance of any transaction you wish to conduct using any of our Services, you may contact us at [email protected]. We strongly advise you to report any and all violations, even perceived violations, of this Acceptable Use Policy to Moneybees at the soonest possible time. To report a violation, please contact us at [email protected].
5-A. Sanctions and Financial Crime Compliance
1. You represent and warrant, on a continuing basis, that neither you, nor any Authorized Person, ultimate beneficial owner, or counterparty to your Transactions, is: (a) designated under any resolution of the United Nations Security Council or its sanctions committees; (b) designated by the Anti-Terrorism Council or the AMLC; or (c) otherwise subject to targeted financial sanctions under applicable law.
2. You acknowledge that Moneybees screens clients and Transactions against applicable sanctions lists and conducts anti-money laundering and counter-terrorism financing monitoring in accordance with R.A. 9160, as amended, R.A. 10168, BSP regulations, and AMLC issuances. Moneybees may, without liability and without prior notice where required by law, delay, decline, block, or freeze any Transaction, and file such reports with the AMLC and other authorities as may be required, in connection with such screening and monitoring.
3. You agree to provide, upon request, such information and documents as Moneybees may reasonably require to comply with its obligations under applicable anti-money laundering, counter-terrorism financing, and sanctions laws.
6. General Provisions
1. You are required to accomplish the KYC form if you want to use or transact any of the Services.
2. By completing the KYC form, you warrant that you have the capacity to enter into valid contracts under Philippine law.
3. If you are a corporate client, you warrant that any person you authorize to access and transact using your Account is fully clothed with authority to bind your corporation, partnership or other juridical entity, as the case may be, under applicable law to whatever transaction.
4. The authority to access and transact a Corporate Account is deemed given at the moment you share your Credentials to another entity or individual.
5. You are bound by these Terms at the moment you affix your signature in the KYC form as a client of Moneybees, or by acceptance of these Terms, if made via e-KYC.
6. Moneybees may amend, change, or delete any part of these Terms only in accordance with Section 3 (Changes to Terms), i.e., upon not less than sixty (60) days’ prior notice, unless the amendments are directed by the BSP to take effect immediately or unless otherwise provided by law, rules and regulations. Your continued use of the Services after the effectivity of duly noticed changes constitutes your acceptance of such changes.
7. Moneybees reserves the right to accept and/or use additional types of VAs at its sole discretion.
7. Cancellation of Account and Site Banning
1. Moneybees reserves the right to cancel, suspend, limit or modify in any respect your Account, which in its sole discretion, is found to be in violation of these Terms, or the Privacy Policy of Moneybees, or whenever made in compliance with any law, rule, regulation, or issuance from a competent legal authority without need of any prior notice, provided that, where such action is not directed by law or by a competent authority and prior notice is not prohibited, Moneybees shall notify you of the action taken and the reason therefor as soon as practicable.
2. Moneybees reserves the right to ban certain individuals, businesses, or entities, which in its sole discretion, is found to be in violation of these Terms, Privacy Policy of Moneybees, or whenever made in compliance with any law, rule, regulation, or issuance from a competent legal authority without need of any prior notice.
3. You may voluntarily cancel your Account or discontinue your use of the services at any time. However, you grant Moneybees the right to retain any or all of your information and transactional records, without prejudice to the Privacy Policy of Moneybees and your rights under the Data Privacy Act of 2012, its implementing rules and regulations, and issuances by the National Privacy Commission of the Philippines, and subject to the record-retention requirements of R.A. 9160, as amended, and BSP regulations. For any issues regarding the closing of an Account, please email us at [email protected].
4. In all cases of cancellation, suspension, limitation and modification of your Account, you undertake to continue to be fully liable for any and all outstanding obligations to Moneybees including all obligations accessory thereto such as interests, fees and damages.
8. Assumption of Risk
1. You accept the risks associated with the use of the Website, software, or Services such as, but not limited to:
1. Failure of software;
2. Hacking of servers;
3. Failure or interruption of internet connection;
4. The introduction of malicious software;
5. Failure of security of your own Wallet address and private keys;
6. Exchange Rate fluctuations;
7. Failure of communication; and
8. Service disruptions.
2. To mitigate these risks, Moneybees will exert reasonable efforts to secure its system and to verify the accuracy of the information on its Website or the use of services.
3. You also recognize and accept the inherent risks when transacting Virtual Assets.
4. You acknowledge and accept all the risks of acquiring, holding, dealing, trading, processing, or otherwise transacting VAs, including the risks of losing VAs and fiat currency due to the volatile nature of Virtual Assets.
9. The Individual Account
1. You must accomplish the KYC forms before you proceed in transacting or using the services.
2. You are required to register using your actual legal name, surname, address, phone number, mobile number, email address, date of birth and all other information required by the KYC form. Moneybees reserves the right to require more information from you as it deems necessary.
3. You cannot transact or use the services on behalf of another person, except when you are specifically authorized by an entity or any other individual acting as a principal to the transaction. You are liable for any and all obligations arising from your Account and those that are related to your Account.
4. By completing the KYC form, you warrant that the information you provide are true, correct, up to date, and that you have not provided any information for the purpose of evasion or concealing or committing a crime or any fraudulent scheme.
5. If you have entered any incorrect information in the KYC form, you undertake to correct the errors immediately after its discovery.
6. You agree that Moneybees shall not be liable for any injury or damage caused by incorrect information that you provided. You understand that Tellers are employees of Moneybees’ Partners and are not employees or officers of Moneybees. However, consistent with R.A. No. 11765 and applicable BSP regulations on the accountability of BSP-supervised institutions for their third-party agents and service providers, Moneybees remains responsible, to the extent provided by law, for the conduct of its Partners and their personnel in the delivery of the Services, without prejudice to Moneybees’ right of recourse against the Partner or Teller at fault. Moneybees shall not be liable for loss or damage to the extent caused by your own fraud, willful misconduct, or gross negligence.
7. The security of your Account is equally your concern and responsibility as it is ours. You are hereby bound to protect and keep confidential your credentials.
8. You understand that any contract you enter into with accredited third-party merchants and accredited banks and remittance centers is between you and them alone.
10. The Corporate Account
1. You must register in order to be given a Corporate Account.
2. You are required to accomplish the KYC form using your corporation, partnership, or other juridical entity’s actual legal name, address, phone number, mobile number, email address, date of incorporation as registered in the appropriate government agency and all other information required by the KYC form. Moneybees reserves the right to require more information from you as it deems necessary.
3. You may be required to submit any or all of the following documents:
1. Certificate of Incorporation issued by the Securities and Exchange Commission (“SEC”) for Corporations and Partnerships, or Certificate of Registration issued by the Department of Trade and Industry (“DTI”) for Sole Proprietorships;
2. Latest Articles of Incorporation;
3. Latest By-Laws;
4. Latest General Information Sheet;
5. Latest Beneficial Ownership Declaration filed through the Hierarchical and Applicable Relations and Beneficial Ownership Registry (“HARBOR”) of the SEC;
6. Audited Annual Financial Statement for the preceding year;
7. Relevant Board Resolution/Secretary’s Certificates on the authorization to open an account with Moneybees and designating authorized representative to do the business on behalf of the company;
8. List of Authorized Signatories to transact with Moneybees and their valid government-issued IDs and their contact details, i.e., e-mail address and mobile number;
9. Name and valid government-issued ID of the ultimate beneficial owner (“UBO”);
10. Valid Business Permit;
11. Video Call for liveness verification (via Google Meet or similar means);
12. Accomplished KYC Form;
13. Secondary license or certificate of authority issued by the supervising authority or other government agency (i.e., BSP Certificate of Authority for BSFI; AMLC Certificate of Registration for covered persons; PAGCOR License for Gaming Companies); and
14. Other documents as may be deemed necessary by Moneybees.
4. You may only have one Account.
5. By completing the KYC form, you warrant that the information you provide are true, correct, and up to date, and that you have not provided any information for the purpose of evasion or concealing or committing a crime or any fraudulent scheme.
6. If you have entered any incorrect information in the KYC form, you undertake to correct the errors immediately after its discovery.
7. You agree that Moneybees will not be liable for any injury or damage caused by incorrect information that you provided.
8. The security of your account is equally your concern and responsibility as it is ours. You are hereby bound to protect and keep it confidential.
9. You understand that any contract you enter into with accredited third-party merchants and accredited banks and remittance centers is between you and them alone.
11. The Transaction Limit
1. Moneybees limits the client to transact or use of the Services per day:
1. LEVEL 1: Up to PHP 200,000.00
2. LEVEL 2: Up to PHP 1,000,000.00
3. LEVEL 3: Up to PHP 5,000,000.00
4. LEVEL 4: Above PHP 5,000,000.00, subject to submission of Additional Proof of Source of Funds
Moneybees will notify the client if the Account has already reached its Daily Transaction Limit. On the next day, the transaction count will reset so the account can start transacting again.
12. Identity Verification and Know-Your-Customer (KYC) Requirements
1. Moneybees requires the following information to verify the identity of its customers depending on the Transaction Limit:
1. LEVEL 1: Up to PHP 200,000.00 or its equivalent in VA
1. For Local Resident – One (1) Primary Identification Document (PhilSys (National ID); Passport; Driver’s License; PRC ID; NBI Clearance; GSIS e-Card; Unified ID (UMID); SSS ID; IBP ID; OFW ID Card; Alien Certificate of Registration) or Two (2) Secondary Identification Documents (Police Clearance; Postal ID; Voter’s ID; TIN; Senior Citizen Card; OWWA ID; Seaman’s Book/Certificate; DSWD Certification; Gov’t Office / GOCC ID (e.g. DOLE Employment Permit, AFP, Firearms License, Pag-ibig, HDMF); Company ID; Student’s ID; Philhealth ID; Certification from National Council for the Welfare of Disabled Persons (NCWDP))
2. For Foreigners – Alien Registration Card or Passport
3. For Corporate Client – Proof of corporate identity (Certificate of Incorporation issued by the SEC for Corporations and Partnerships, or Certificate of Registration issued by the DTI for Sole Proprietorships); Articles of Incorporation and By-Laws; Relevant Authorization (board resolution/Secretary’s Certificate) on behalf of the corporation to transact with Moneybees; and One (1) Primary Identification or Two (2) Secondary Identifications of the Authorized Representative (individual) transacting on behalf of the corporate client.
2. LEVEL 2: More than PHP 200,000.00 or its equivalent in VA but not more than PHP 1,000,000.00 – Level 1 requirements; Proof of Billing Address (e.g. Latest Utility bills within 3 months); Local Government Issued Documents (i.e., NBI Clearance, Police Clearance, Barangay Clearance) or Business Permit
3. LEVEL 3: More than PHP 1,000,000.00 or its equivalent in VA but not more than PHP 5,000,000.00 – Level 2 requirements; Proof of Funds (e.g. Latest Bank Statement within 3 months); Employment Certificate; Income Tax Return
4. LEVEL 4: More than PHP 5,000,000.00 or its equivalent in VA – Level 3 requirements; Additional Proof of Source of Funds
2. Moneybees has the discretion to require you additional documents as needed in using and transacting the services.
3. Failure to provide authentic documents listed above may result in delays or outright denial of your transaction. Moneybees reserves the right to exercise its own discretion in determining the authenticity of your documents required under this section. Moneybees further reserves its right to delay or deny any desired transaction if it determines that the identity or authority of the person processing any transaction has not been duly verified.
4. These limits are applicable to any and all transactions.
5. Nothing herein shall be construed as limiting the authority to upgrade the customer’s Level based on the desired amount of transaction and compliance with due diligence requirements for such tier.
6. Any request for downgrading of customer’s Level shall be coursed through [email protected] or [email protected].
7. Moneybees may use automated and artificial intelligence (“AI”)-assisted tools — including facial matching, liveness detection, and document authentication technologies — to verify your identity and conduct due diligence under this Section. These tools have limitations and may occasionally produce false matches or false rejections. No decision to decline your onboarding, restrict your Account, or refuse a Transaction will be made solely on the basis of an automated result: adverse automated outcomes are reviewed by authorized Moneybees personnel before any final decision, and you may question or seek review of any such outcome through the Financial Consumer Protection Assistance Mechanism described in Section 15.
13. Over-The-Counter (OTC) and Online Transactions
1. SENDING/RECEIVING VA
1. All transactions which you may enter with Moneybees may be made through Over-the-Counter transactions with any of the BSP supervised financial institution-accredited partners of Moneybees, or online through its online trading desk.
2. The Client must provide the Wallet where the transacted VA will be deposited. The corresponding amount thereto must be paid to Moneybees.
3. The Client must provide the Wallet/QR code from which the VA will be sent by the Client. The corresponding amount must be paid by Moneybees to the Client.
4. You are responsible to ensure that the Wallet where you shall transmit the VA which you have sold truly and actually belongs to Moneybees or that in the event that you buy VA from Moneybees, the Wallet which you submit to the teller is your intended Wallet where the VA shall be credited.
5. Moneybees has no obligation to refund you with the corresponding amount if the VA is deposited to the wrong Wallet due to an error or inaccuracy in the Wallet details you provided for a specific transaction. For the avoidance of doubt, this paragraph does not apply to crediting errors solely attributable to Moneybees, which shall be handled in accordance with Section 15 (Financial Consumer Protection).
6. For Sell Transactions, you understand that Moneybees shall only consider as subject of the transaction, the actual amount of VA that was received by Moneybees in its Wallet. In the event that the VA received by Moneybees in its Wallet is not equal to the intended amount of the subject transaction, Moneybees shall only compute the total amount of the subject transaction on the basis of the amount of VA actually received by Moneybees in its Wallet.
2. THIRD-PARTY TRANSACTIONS AND PAYMENTS
1. For Payments flagged as third-party transactions, Moneybees will conduct additional verification of the transaction made that may cause delays in processing, or loss of funds, and/or suspension of account, subject to existing rules and regulations.
3. TRAVEL RULE COMPLIANCE
1. In accordance with BSP Circular No. 1108, applicable AMLC guidelines, and international standards on virtual asset transfers (the “Travel Rule”), Moneybees may require, obtain, and transmit originator and beneficiary information for Virtual Asset transfers, including names, Account or Wallet identifiers, and such other information as may be required by law or regulation, before processing a Transaction.
2. Moneybees may delay, decline, return, or restrict any Virtual Asset transfer that lacks required originator or beneficiary information, or that originates from or is destined for a wallet, platform, or counterparty that Moneybees determines, in accordance with its risk-based policies, to present unacceptable money laundering, terrorism financing, or sanctions risk.
14. Terms of the Exchange Rate
1. All transactions and services with Moneybees are based on the current Exchange Rate posted on the Website, or on Hive via https://hive.moneybees.ph/rates?ccy=php.
2. Moneybees is committed to present the best possible pricing to its customers and towards this end, Moneybees implements a pricing policy to ensure compliance with the market movements, laws, rules and regulations. While Moneybees does not charge any transaction fees, Moneybees charges a margin between the market price and the Exchange Rate, and such margin accounts for the costs rendered to provide the Services. Such margin is already implicit in the published buy and sell rates of VAs to the customers.
3. Moneybees reserves the right to change the Exchange Rate at any time without prior notice.
4. Changes to the Exchange Rate are effective upon posting.
5. The Exchange Rate so posted shall be locked in favor of the Client for a maximum period of fifteen (15) minutes from the start of the transaction. In the event that there is a need to reset the transaction, Moneybees has the right to reject the ongoing transaction to create a new transaction.
15. Financial Consumer Protection
Moneybees adheres to the standards of conduct required of BSP-supervised institutions under Republic Act No. 11765 (the Financial Products and Services Consumer Protection Act), its Implementing Rules and Regulations, and BSP Circular No. 1160, s. 2022, including the principles of disclosure and transparency, fair treatment, protection of client data, effective recourse, and protection of client assets against fraud and misuse.
1. Disclosure and Transparency
1. Following any product launch, Moneybees periodically reviews its product design and related disclosure materials. Moneybees’ product development, review, evaluation, distribution, and after sales process take into account possible risks to its customers, evolving and sophisticated technology platforms and delivery channels.
2. Procedures in handling your personal information will be periodically evaluated. This review is an end-to-end process that covers an array of information that will be pre-identified and collected, the purpose and manner of gathering each information, and the information technology (IT)-security infrastructure of Moneybees. Protocols for processing and disclosure are strictly observed and implemented in accordance with the Data Privacy Act, its implementing rules and other applicable issuances on data privacy. The criteria for lawful processing of information and protocol for storage, destruction, disclosure are in accordance with the Data Privacy Act and other applicable laws, rules and regulations.
3. You will be provided with sufficient product disclosure before you avail of the financial product or service of Moneybees to give you enough basis and time for review. At the pre-contractual stage, information on the type and amount of fees, charges and interests, as well as the standard terms and conditions, will be made available to you through various kinds of communication channels, including all digital channels. Disclosure of information on financial products or services should be available to the public through printed materials, mass media, websites or digital platforms. For digital financial products and services, the manner of disclosure should be easily accessible, especially where the terms and conditions tend to be deeply embedded and hard to access without scrolling or clicking through multiple screens.
4. Information will be disclosed and properly documented before and during a sale of a financial product or service and during key stages of our contractual relationship. Moneybees will provide updated information at the stages that information will be most useful for you. This requirement includes information provided in advertisements during the pre-contractual stage, at the point of entering a contract and during the term of the contract. The terms and conditions will clearly state whether interest, fees, charges, and penalties can change over time. Concomitant with our commitment to ensure transparency, we recognize your right to information. As such, you will be notified of any changes or amendments to these Terms at least sixty (60) days prior to such amendments by public notice, unless the amendments are directed by the BSP to take effect immediately, or otherwise provided in existing laws, rules and regulations.
5. Complementary individual notices will also be sent to you if the amendments pertain to or will result in fees to be paid or charged on your account. The method for computing said interest, fees, charges, and penalties will be disclosed to you consistent with existing laws, rules and regulations. You may be allowed to pre-terminate the contract on the financial products or services you availed if you do not agree with the significant amendments to the terms and conditions as initiated by Moneybees, or if you fail to receive any proper notice on the changes in terms and conditions.
2. Fair Treatment
1. The onboarding of clients is subject to Moneybees’ KYC procedure, due diligence review, and risk assessment relative to a specific product or service. But we will not discriminate against you on the basis of race, age, financial capacity, ethnicity, origin, gender, disability, health condition, sexual orientation, religious affiliation and practice, or political affiliation.
2. Moneybees will treat you fairly, honestly, and professionally at all stages of our contractual relationship. Moneybees will safeguard your interest by providing appropriate rules and policies regarding ethical staff behavior, acceptable selling practices, fair and equitable terms and conditions, provision of products and services appropriate to your capacity and risk appetite. The fair treatment of clients is incorporated in our standard operating policies and procedures, control functions and agreements with outsourced third parties.
3. Privacy and Protection of Client Data
1. Moneybees adheres to the general data privacy principles of transparency, legitimate purpose and proportionality under Republic Act No. 10173 otherwise known as the Data Privacy Act of 2012, its implementing rules, and relevant issuances of the National Privacy Commission. Our privacy notices and policies specify and declare the purposes for processing and the criteria being relied on as the lawful basis for processing your data, ensuring that the processing is necessary and not excessive in relation to the purpose, and implementing reasonable and appropriate information security measures and well-defined protocols for upholding data subject rights. All relevant personal information you have lawfully disclosed in the course of a transaction, are kept confidential and are secured.
2. As data subject, you may exercise your data privacy rights, which include the right to be informed, right to access your personal information, right to object, right to rectification or to challenge the inaccuracy and completeness of the information, and right to have the information amended or corrected as appropriate, right to request for deletion or blocking, right to file a complaint, and right to data portability. You have the right to review your own data to ensure that inaccuracies or deficiencies are corrected or amended, refuse the sharing of your information with a third party, and request the removal of your data from the Moneybees’ system if you wish to be excluded from receiving advertisements and other notifications, or if you no longer wish to use the Moneybees’ services, subject to certain limitations, but without prejudice to compliance with existing laws, rules and regulations on data retention. Please refer to Moneybees’ privacy notice or policy for more information on how you can request to be deleted from our database, or to be excluded from receiving advertisements and other notifications.
3. Please refer to our Data Privacy Policy for information about how we collect, use, and share your information.
4. Effective Recourse
1. We provide you with accessible, independent, fair, accountable, timely, and efficient means for resolving concerns, inquiries and requests about your financial transactions.
2. The Financial Consumer Protection Assistance Mechanism (FCPAM) of Moneybees is a first-level recourse mechanism that you can employ if you are dissatisfied with our financial product or service or our third-party agent or representative. You must first report your complaints, inquiries or requests, through the FCPAM. Moneybees will also provide you with information on the status and final resolution of your complaints, inquiries or requests.
3. If you are dissatisfied with how Moneybees handled your complaints, inquiries or requests, you may escalate your concerns with the BSP Consumer Assistance Mechanism (CAM) through their contact number (+632) 8708-7087 or by email at [email protected].
5. Procedures on Customer Complaints Handling and Resolution
1. Customer service channel. In accordance with the FCPAM of Moneybees, you may send your queries or complaints by email at [email protected].
2. Major activity and timeline. Moneybees will endeavor to address consumer concerns in accordance with the following timelines for customer complaints handling and resolution: (a) Acknowledgment of Receipt – within two (2) business days from receipt of the complaint, inquiry or request, for all issue types; (b) Resolution – for simple or minor issues, within seven (7) business days from receipt; for complex or critical issues, within forty-five (45) business days from receipt; or, in each case, within such other periods as may be prescribed under BSP Circular No. 1160 and other applicable BSP regulations, which shall prevail in case of conflict. Moneybees shall keep you informed of the status of your complaint, inquiry or request throughout the handling period.
3. End-to-end FCPAM complaints-handling procedure. The customer support will initially receive customer queries or complaints via email. The customer support will also perform initial validation of the queries or complaints, and send acknowledgement reply and feedback to customer. If the queries or complaints can be addressed or resolved immediately, the customer support will send feedback with specific answers to queries or resolution of the issues. If the queries or complaint cannot be addressed or resolved immediately, the customer support will send feedback with the estimated timeline of resolution based on the timelines above. The customer support will then refer the queries or complaint to the concerned operations or technical unit or department. The customer support will send updates to the customer on the resolutions of the complaints based on the resolutions done by the concerned operations or technical unit or department.
4. Protection of Assets Against Fraud and Misuse
1. In case of fraud or misuse of your assets, Moneybees will provide you the necessary assistance consistent with the FCPAM procedure outlined above, including the provision of relevant information relating to fraudulent or unauthorized transactions. Moneybees will promptly provide you clear information on the actions taken or to be taken on your complaint, inquiry or request concerning the fraudulent or unauthorized transactions.
2. In case of unauthorized transactions, concerns or disputes about fund transfers or alleged unauthorized transactions must be filed with Moneybees if it is the originating financial institution (OFI). Upon receipt of fund transfer disputes or alleged unauthorized transactions, Moneybees will immediately inform and provide you the relevant details to the receiving financial institution (RFI) in accordance with the FCPAM procedure outlined above. Moneybees, along with the RFI must implement the following steps while the result of the investigation of the dispute or allegation is still pending: (a) Suspend the imposition of interest, fees or charges, if applicable; (b) Hold the disputed funds, if still intact, in compliance with Moneybees policies, existing BSP rules and regulations, or industry best practices; (c) Provide reasonable accommodations to you, such as a non-withdrawable provisional credit of the disputed amount or temporary hold of the disputed amount within a given period as may be determined by Moneybees; and (d) Perform such other necessary actions to protect your interest and/or assets, such as but not limited to, account blocking or freezing of funds.
3. Within three (3) banking days from the conclusion of the investigation, Moneybees will inform you formally of the result. The information will include, among others, a notification of debiting the credited amount if there is sufficient proof that no unauthorized or erroneous transaction occurred.
4. If after the investigation, the disputed transaction is found to be an unauthorized or fraudulent transaction, Moneybees will immediately: (a) Correct or reverse the transaction found to be unauthorized or fraudulent, including any related interest, charges and fees imposed thereon; and/or (b) Make permanent the provisionally-credited amount, if any.
Should you need further assistance, you may contact us through the following email: [email protected]. If your concern requires an investigation, you agree to provide us with relevant and material information needed. You expressly consent to the use and processing of the information you provide, to enable us to expediently address your query. You also allow us to disclose information you may have provided, to third parties if necessary for the purpose of addressing or resolving your concern.
15-A. Use of Artificial Intelligence and Automated Tools
1. Notice of AI use. Moneybees uses automated and AI-assisted tools in the delivery of the Services, guided by the principles of sustainability, transparency, accountability, responsibility, and security under BSP Memorandum No. M-2026-031 (Governance Principles for Artificial Intelligence in Financial Services), applied proportionately to the nature and scale of Moneybees’ operations. These tools currently include, as applicable: (a) identity verification and liveness detection during KYC and e-KYC; (b) screening and monitoring of Transactions for anti-money laundering, counter-terrorism financing, sanctions, and fraud purposes; and (c) automated or AI-assisted responses in certain customer service and chat channels.
2. Limitations. AI-assisted outputs are probabilistic and may contain errors, including false positives and false negatives. Outputs of AI-assisted customer service channels are for general assistance only, may be inaccurate or incomplete, and do not constitute financial, legal, or tax advice; official rates, receipts, and records prevail over any chat output.
3. Human accountability. AI-assisted outputs support, and do not replace, human judgment. Moneybees personnel remain ultimately accountable for decisions affecting you, and no adverse decision — including declining onboarding, restricting or terminating your Account, or refusing a Transaction — is made solely on the basis of an automated output without human review, except where immediate automated action is required by law, regulation, or sanctions obligations, in which case the action is subject to prompt human review thereafter.
4. Your right to question outcomes. You may inquire about, question, or seek review of any outcome that you believe resulted from an automated or AI-assisted process, free of charge, through the Financial Consumer Protection Assistance Mechanism in Section 15, and Moneybees will explain the general basis of the outcome to the extent permitted by law (including laws restricting the disclosure of AML/CFT screening information).
5. Third-party AI providers. Where AI-assisted tools are supplied by third-party service providers, Moneybees remains responsible for the risks of such outsourced systems under a shared-responsibility model consistent with BSP regulations, and requires such providers to meet appropriate performance, security, and data protection standards. The processing of personal data by these tools is governed by our Data Privacy Policy.
16. Intellectual Property Rights
1. You acknowledge and agree that the materials of the Services, including without limitation, the text, software, scripts, graphics, photos, and the like (“Materials”) and the trademarks, service marks and logos contained therein (“Marks”), are owned by or licensed to Moneybees, and are subject to copyright and other intellectual property rights under Philippine laws, foreign laws and international treaties and/or conventions.
2. The Service may display certain trademarks belonging to third parties. Use of these trademarks may be subject to licenses granted to us by third parties. You shall not reverse engineer, decompile, or disassemble such trademarks and nothing herein shall be construed to grant you any right in relation to such trademarks. Materials are provided to you “as is” for your information and personal viewing only and may not be used, copied, reproduced, distributed, transmitted, broadcast, displayed, sold, licensed, or otherwise exploited for any other purposes whatsoever without the prior written consent of the respective owners.
3. We reserve all rights not expressly granted herein to the service and the Materials. You agree to not engage in the use, copying, or distribution of any of the Materials other than as expressly permitted herein, including any use, copying, or distribution of Materials of third parties obtained through the service for any commercial purposes. If you download or print a copy of the Materials for personal use, you must retain all copyright and other proprietary notices contained therein.
4. You agree not to circumvent, disable or otherwise interfere with security related features of the service or features that prevent or restrict use or copying of any Materials or enforce limitations on use of the service or the Materials therein. The service offered is protected to the maximum extent permitted by copyright laws, other laws, and international treaties and/or conventions. Content displayed on or through the Website or platform is protected by copyright as a collective work and/or compilation pursuant to copyright laws, other laws, and international conventions. Any reproduction, modification, creation of derivative works from or redistribution of the service, the Materials, or the collective work or compilation is expressly prohibited. Copying or reproducing the Materials, or any portion thereof to any other server or location for further reproduction or redistribution is expressly prohibited.
5. You further agree not to reproduce, duplicate or copy content or Materials and agree to abide by any and all copyright notices and other notices displayed in the Service. You may not decompile or disassemble, reverse engineer or otherwise attempt to discover any source code contained in the Website or platform. Without limiting the foregoing, you agree not to reproduce, duplicate, copy, sell, resell or exploit for any commercial purposes, any aspect of the service offered by Moneybees.
6. Our intellectual property rights to our resources in any of its forms (Desktop site, Mobile Site or Mobile Applications), including the Moneybees logo, belong to us and may not be used without our express written consent.
17. Warranties and Limitations
1. We warrant to you that any service directly and exclusively obtained from us will reasonably conform with its description and will be of reasonable quality.
2. We warrant that we will use reasonable skill and care in making the services available to you.
3. The services and their content are provided on an “as is” basis and we make no representations nor warranties of any kind with respect to them, including as to the accuracy or completeness of the services or their content. We assume no liability or responsibility for any errors or omissions in the content of the services, or any failures, delays, or interruptions in the provision of the services. We disclaim and exclude any express or implied warranties or representations, including any warranties as to merchantability or fitness for a particular purpose of the services to the extent permitted by law. We make no warranties or representations, express or implied, as to the timeliness, accuracy, quality, completeness or existence of the content and information posted on the Website or platform. We make no warranties or representations, express or implied, for technical accessibility, fitness or flawlessness of the services. We make no warranties or representations that your use of content and information posted on the Website or platform will not infringe the rights of third parties.
4. Nothing in these Terms excludes, restricts, or modifies any right, warranty, guarantee, or remedy which you may have under Republic Act No. 11765, the Consumer Act, the Civil Code, or any other applicable law, rule, or regulation, to the extent such right, warranty, guarantee, or remedy cannot lawfully be excluded, restricted, or modified.
18. Your Warranties
1. By using our services, you wilfully warrant that:
1. If you are a natural person, by accessing or using our Services, you represent and warrant that you are at least 18 years old and legally allowed to use the Services. If you are accessing or using our Services on behalf of a legal entity (e.g. corporate customers), you represent and warrant that: (i) such legal entity is duly organized and validly existing under the applicable laws of the jurisdiction of its organization; (ii) you are duly authorized by such legal entity to act on its behalf; (iii) such legal entity agrees to be responsible to us if you violate these Terms; and (iv) you have not previously been suspended or removed from the Moneybees’ Services.
2. You unconditionally undertake to defend in all kinds of proceedings, hold free and harmless, and fully indemnify Moneybees and its Related Parties from any and all claims, suits, actions, liabilities, losses, damages, fees, taxes, penalties, charges and expenses related to or arising from your relationship or engagement with Moneybees, including the use or access of the Services as well as these Terms and future revisions thereof, except to the extent such claims, suits, actions, liabilities, losses, damages, fees, taxes, penalties, charges or expenses arise from the fraud, willful misconduct, or gross negligence of Moneybees or its Related Parties.
3. You agree that all amounts due and payable by you to Moneybees in connection with a Transaction shall be paid and settled in full at the time of the Transaction.
4. You understand and agree that Moneybees makes no warranties with respect to the accuracy, adequacy, reliability and completeness of any information and materials found in our MSB Partners’ social media platform and expressly disclaims liability for errors or omissions therein.
5. You understand and agree that Moneybees makes no warranties with respect to the accuracy, adequacy, reliability and completeness of any instructions received from our MSB Partner’s personnel, without prejudice to Section 9(6) above.
19. No Waiver
1. If we delay exercising or fail to exercise or enforce any right or interest available to us under these Terms, such delay or failure shall not constitute a waiver of that right or any other rights under these Terms.
20. Force Majeure
1. We will not be liable to you for any lack of performance, or the unavailability or failure, of the Services, or for any failure or delay by us to comply with these Terms, where such lack, unavailability or failure arises from any cause beyond our reasonable control.
21. Interpretation
1. In these Terms, unless the context requires otherwise: (i) any phrase introduced by the words “including”, “include”, “in particular”, “for example” or any similar expression shall be construed as illustrative only and shall not be construed as limiting the generality of any preceding words; and (ii) references to the singular include the plural and to the masculine include the feminine, and in each case vice-versa.
22. Electronic Communications
1. Applicable laws require that some of the information or communications we send to you should be in writing. When using the services, you agree to transact with us electronically, and that communication with us will be primarily and mainly electronic. We may contact you by email or provide you with information by posting notices on the Website. You agree to this electronic means of communication and you acknowledge that all contracts, notices, information and other communications that we provide to you electronically comply with any legal requirement that such communications be in writing.
2. We reserve the right, in our sole discretion, to discontinue the provision of your electronic communications, or to terminate or change the terms and conditions on which we provide electronic communications, subject in all cases to Section 3 (Changes to Terms) and applicable disclosure requirements.
3. Some of our electronic communication channels, including chat, may be operated in whole or in part by automated or AI-assisted systems. Where practicable, such channels will be identified as automated. You may request that your concern be handled by a human representative at any time, and any complaint raised through an automated channel will be handled by Moneybees personnel in accordance with Section 15.
23. Notices
1. Unless otherwise specifically indicated, all notices given by you to us must be sent to [email protected]. We may give notice to you at the email address you provide to us when you register. Notice will be deemed received and properly served immediately when posted on the Website or platform or when an email or other electronic communication is sent including SMS to the phone number you registered in the KYC form. In proving the service of any notice via email, it will be sufficient to prove that such email was sent to the specified email address of the addressee.
24. Exclusive Venue and Choice of Law
1. These Terms shall be exclusively governed and interpreted under the laws of the Republic of the Philippines without regard to its conflict of laws provisions.
2. Subject to the mandatory consumer-assistance and dispute-resolution mechanisms under R.A. No. 11765, BSP regulations, and Section 15 (Financial Consumer Protection) of these Terms, any action or proceeding arising out of or relating to these Terms or the Services shall be brought exclusively before the proper courts of Taguig City, Philippines, to the exclusion of all other venues.
25. Severability
1. If any of these Terms is declared or found to be unenforceable, illegal, void, or otherwise ineffectual, then that provision shall be deemed removed from these Terms without affecting the validity, efficacy, and enforceability of all other provisions.
