Important Notice
By applying for, activating or using the Fizen Card, you confirm that you have read, understood and agreed to these Fizen Card Terms (the “Card Terms”), the Fizen Master Terms of Use, the Fizen Privacy Policy, and the Issuer Cardholder Agreement.1. Parties and Structure
The Fizen Card is provided through the following structure:- You — the natural person who applies for and uses the Card (the “Cardholder” or “you”).
- Fizen Limited — Fizen Limited, a company incorporated in Hong Kong (together with its Affiliates, “Fizen”, “we”, “us”, “our”). Fizen is the Program Manager. Fizen operates the Fizen Platform, processes your application, performs Know-Your-Customer (KYC) verification, receives and pools your USDT deposits, maintains your Card balance in an internal database, and manages the prefund relationship with the Card partner.
- Issuer — the regulated financial institution that issues the Card under licence from Visa. The Issuer maintains the underlying USD card account, settles card transactions through the Visa network, and complies with the rules of Visa and Applicable Law in its jurisdiction.
- Settlement partners — StraitsX (a Major Payment Institution licensed by the Monetary Authority of Singapore under the Payment Services Act 2019) and DBS Bank Ltd (a licensed bank in Singapore) provide the licensed infrastructure between Fizen and the Visa scheme.
2. Definitions
- Available Balance — the balance, expressed in USD-equivalent of USDT, available for spending on your Card at any given time.
- Card Balance Wallet — the on-chain wallet operated by Fizen into which Cardholder deposits of USDT are received and pooled.
- Database Balance — your individual entitlement to USDT in the Card Balance Wallet, as tracked by Fizen’s internal accounting system.
- Deposit — an on-chain transfer of USDT from your own Wallet (or another source you control) to the Card Balance Wallet.
- Issuer — the regulated financial institution that issues the Card, identified in the Issuer Cardholder Agreement.
- Prefund — USDT that Fizen has transferred to or held with the Card partner to enable the partner to settle Card transactions on Fizen’s behalf.
- Settlement Partner — StraitsX, DBS Bank or any other licensed institution Fizen uses for the conversion and fiat-settlement leg of the Card program.
3. Eligibility and Application
To apply for and hold a Fizen Card you must, on a continuing basis:- satisfy all eligibility requirements in the Fizen Master Terms of Use;
- be a natural person (the Card is not currently offered to legal entities);
- be habitually resident in a jurisdiction in which the Card is offered, as listed in the Fizen app from time to time, and not be habitually resident in any Restricted Jurisdiction;
- have an active Fizen account in good standing with completed KYC at the level required for the Card; and
- accept these Card Terms, the Fizen Master Terms of Use, the Fizen Privacy Policy and the Issuer Cardholder Agreement.
4. The Custodial Nature of the Card Balance
This clause describes how your Card balance is actually held and the consequences of that arrangement for you. It is important. Please read it in full before depositing any USDT to the Card.
4.1 Pooled custody by Fizen
When you deposit USDT to fund your Card, the USDT moves from your own Wallet to the Card Balance Wallet, which is controlled by Fizen. Once that on-chain transfer is confirmed, you no longer have direct cryptographic control over the USDT. Fizen controls the Card Balance Wallet, can move USDT in and out of it, and uses the pooled USDT to prefund the Card partner so that the partner can settle your Card transactions. USDT in the Card Balance Wallet is pooled — Fizen holds USDT belonging beneficially to all Cardholders together in the same wallet or set of wallets, not in separate sub-wallets per Cardholder.4.2 Your Database Balance is your claim against Fizen
Your individual entitlement to USDT in the Card Balance Wallet is recorded in Fizen’s internal accounting database (your Database Balance). The Database Balance is the source of truth for the amount of USDT Fizen owes you in respect of the Card. Your relationship with Fizen in respect of the Card balance is the relationship of a creditor to a debtor.4.3 No deposit insurance, no statutory protection
Your Card balance is not a bank deposit. It is not an e-money balance issued by a regulated e-money institution. It is not insured by any governmental deposit-protection or compensation scheme.4.4 Reserves and proof of reserves
Fizen aims to maintain USDT in the Card Balance Wallet plus prefund positions with Settlement Partners that, in aggregate, are sufficient to honour all Database Balances. Fizen reserves the right to manage the allocation of USDT between the Card Balance Wallet and prefund positions in the ordinary course of operating the Card program. Fizen does not, as at the date of these Card Terms, publish a periodic proof-of-reserves attestation.4.5 Fizen-counterparty risk
Because your Card balance is a personal claim against Fizen and not a self-custodied asset, you are exposed to Fizen as your counterparty. If Fizen becomes insolvent, is the subject of an enforcement action that freezes its assets, has its wallets hacked, loses access to its wallet Private Keys, is materially defrauded, or is otherwise unable to honour its obligations to Cardholders, you may lose some or all of your Card balance. In any insolvency or winding-up of Fizen, your claim ranks as a general unsecured claim.4.6 Operational and security risk on the pool
Because USDT is pooled in the Card Balance Wallet, security incidents affecting that wallet (including theft of Private Keys, smart-contract exploits, insider misappropriation, mistaken transactions) affect all Cardholders. Fizen implements technical and organisational measures designed to protect the Card Balance Wallet, but no system is completely secure.4.7 Withdrawal of your balance
You may request a Withdrawal of all or part of your Database Balance at any time through the Fizen app. Fizen will process Withdrawals in the ordinary course, subject to AML and sanctions clearance, verification of the destination address, availability of USDT, holds or reserves, and limits in the Fee Schedule. Withdrawals are normally processed within twenty-four (24) hours.5. How Card Transactions Work
5.1 Funding
To enable the Card to be used, you Deposit USDT to your Card Balance. Once Fizen has confirmed the on-chain deposit, Fizen credits your Database Balance with the deposited USDT amount, expressed in USD at 1:1.5.2 USDT/USD at 1:1 for program purposes
Although USDT is a separate Digital Asset issued by Tether and its market value may diverge from USD, Fizen treats USDT as equivalent to USD at a 1:1 ratio for the purpose of crediting your Database Balance and authorising Card transactions. Fizen does not represent that USDT is, or will continue to be, redeemable at 1:1 by Tether or any other party. If USDT de-pegs from USD, the consequences for the Card program may be material.5.3 Card transaction flow
When you initiate a Card transaction at a Merchant or ATM: the Merchant or ATM requests authorisation through the Visa network; the Issuer checks, with reference to Fizen’s records, whether your Available Balance is sufficient; if it is, the Issuer authorises the transaction, the Settlement Partner debits the USD-equivalent from Fizen’s prefund position, and the Issuer settles to the Merchant or ATM through the Visa network; Fizen debits the USD-equivalent amount of USDT from your Database Balance.5.4 Foreign-currency transactions
The Card is denominated in USD. If you transact in a currency other than USD, the Visa network or its acquirer converts the transaction to USD at the rate applied by Visa or the acquirer, and an additional foreign-currency fee may apply.5.5 Pre-authorisations, holds and reserves
Some Merchants may obtain a pre-authorisation or place a hold on your Card that exceeds the final transaction amount. The hold reduces your Available Balance until released.5.6 No interest, no overdraft
Your Card balance does not earn interest. The Card cannot be overdrawn.6. Limits, Restrictions and Geographic Coverage
Fizen and the Issuer set and may change limits on the Card at any time, including daily, monthly and per-transaction spending limits. Limits vary by KYC level, jurisdiction, transaction risk, AML/sanctions screening, and other factors and are displayed in the Fizen app.7. Lost, Stolen, Compromised or Unauthorised Use
You must notify Fizen immediately, and in any event within twenty-four (24) hours of becoming aware, if your Card is lost, stolen, damaged, compromised, copied, or used without your authorisation. You can notify Fizen by freezing the Card in the Fizen app, emailing legal@fizen.io, or using the in-app live chat.8. Statutory and Network Consumer Rights
This clause sets out the principal statutory and Visa-network protections that may apply to your Card. The application of each depends on your jurisdiction, the Issuer’s jurisdiction, the type of transaction and Applicable Law at the time. Nothing in these Card Terms reduces or excludes any non-waivable statutory protection.
9. Fees
Fees applicable to the Card are set out in the Fee Schedule published in the Fizen app. Fizen may change the Fee Schedule with at least thirty (30) days’ prior notice for any change that increases a fee.10. Suspension, Closure and Return of Balance
10.1 By Fizen or the Issuer
Fizen or the Issuer may, at any time and without prior notice where notice is impracticable, suspend, restrict or terminate your Card if you breach these Card Terms or related agreements; if fraud, AML or sanctions concerns arise; if required by a court or regulator; if the Card has been inactive for a prolonged period; or if the Issuer or a Settlement Partner ceases to support the program.10.2 By you
You may close your Card at any time through the Fizen app.10.3 Return of remaining balance
Upon closure of your Card, your Database Balance will be returned to you by on-chain transfer of USDT to a destination address you nominate, less any applicable fees and any amounts retained pursuant to clause 10.4. Return is normally completed within thirty (30) days.10.4 Set-off, holds and clawback
Fizen, the Issuer or the Settlement Partners may set off, hold or claw back amounts from your Database Balance in respect of unpaid fees, chargebacks, refunds, reversals, disputed transactions, AML/sanctions investigations, amounts required to be retained under Applicable Law, and any amount you owe Fizen, the Issuer or a Settlement Partner.11. Compliance, AML and Sanctions
Because Fizen pools and custodies USDT in the Card Balance Wallet, Fizen has the technical and operational ability to (and where required by Applicable Law must) freeze, block or refuse to process Deposits, Withdrawals or Card transactions in response to AML, sanctions, fraud or court orders. Fizen reserves the right to refuse to credit your Database Balance with an inbound Deposit it considers high-risk, block or reverse Withdrawals, freeze your Database Balance pending investigation, close your Card, and report to law enforcement.12. Issuer Cardholder Agreement and Visa Network Rules
The Card is also governed by (a) the Issuer Cardholder Agreement, which is provided to you at the time of application, and (b) the Visa Network Rules. In the event of conflict between these Card Terms and the Issuer Cardholder Agreement on matters of card issuance, settlement and statutory consumer-rights notices, the Issuer Cardholder Agreement prevails. In the event of conflict between either and the Visa Network Rules, the Visa Network Rules prevail in respect of the operation of the Visa scheme.13. Privacy and Data Sharing
To operate the Card program, Fizen shares Personal Data with the Issuer, StraitsX, DBS Bank, processors, KYC and sanctions-screening providers, fraud-detection providers, and Visa and the relevant acquirers, as described in the Fizen Privacy Policy.14. Card-Specific Risk Disclosures
In addition to the Risk Disclosures in the Fizen Master Terms of Use, the following risks are specific to the Card:- Custody and counterparty risk — Your Card balance is a claim against Fizen (clause 4). You bear Fizen’s counterparty risk in full.
- Stablecoin issuer and depeg risk — USDT is issued by Tether, an independent third party. If USDT loses some or all of its peg, the value of your Card balance in USD terms may be materially impaired.
- Pool and security risk — USDT is pooled in the Card Balance Wallet. A security incident may result in partial or total loss.
- Settlement Partner risk — The Card program depends on the continued participation of the Issuer, StraitsX, DBS Bank and any other Settlement Partner.
- Network and operational risk — On-chain Deposits and Withdrawals depend on Blockchain protocols. Card transactions depend on the Visa network.
- Regulatory risk — The legal characterisation of pooled crypto-funded card programs is uncertain and changing.
- No deposit insurance, no investment — The Card balance is not a bank deposit, not an e-money balance, not an insured product, not an investment.
15. Disclaimers
16. Limitation of Liability
To the maximum extent permitted by Applicable Law, Fizen and its Affiliates shall not be liable to you for any indirect, incidental, special, consequential, exemplary or punitive damages; loss of profits, revenue, business, savings, opportunity, data, goodwill or use; loss arising from a stablecoin depeg, blockchain failure, smart-contract defect, security incident affecting the Card Balance Wallet or any other pooled custody arrangement (other than to the extent caused by Fizen’s gross negligence or wilful misconduct); loss arising from a Merchant’s refusal to accept the Card; loss arising from acts or omissions of the Issuer, StraitsX, DBS Bank or any other third party; or loss arising from any cause beyond Fizen’s reasonable control. Subject to the carve-outs below, Fizen’s aggregate liability to you arising out of or relating to the Card and the Card program, in any twelve-month period, shall not exceed the greater of (i) the total fees you paid Fizen in respect of the Card in that period and (ii) USD 500. Nothing limits liability for fraud, fraudulent misrepresentation, death or personal injury caused by negligence, gross negligence, wilful misconduct, or any non-waivable statutory consumer or payment-services right.17. Indemnification
To the maximum extent permitted by Applicable Law, you agree to defend, indemnify and hold harmless Fizen, the Issuer, StraitsX, DBS Bank and their respective Affiliates from claims arising from your use of the Card, your breach of these Card Terms or the Issuer Cardholder Agreement, your violation of Applicable Law, your infringement of third-party rights, any dispute with a Merchant, any chargeback or fraud arising from your conduct, or tax liability arising from your use of the Card.18. Order of Precedence
In the event of conflict the order of precedence (highest first) is:- The Visa Network Rules in respect of the operation of the Visa scheme;
- The Issuer Cardholder Agreement in respect of card issuance, settlement and statutory consumer-rights matters that the Issuer is required to address;
- These Card Terms in respect of all other matters relating to the Card; and
- The Fizen Master Terms of Use in respect of matters not addressed in (1)–(3).
19. Customer Support
- Legal (including card-related disputes, chargebacks, lost/stolen/compromised reports and legal notices): legal@fizen.io
- General support: in-app live chat (available 24/7) — or freeze the Card immediately in the Fizen app