VIRTUALFLEX SDN BHD
(Company No: 201401018233 (1094320-K))
VO1-11-16, VOffice (VO1),
Lingkaran SV, Sunway Velocity,
55100 Kuala Lumpur, Malaysia.
To :
DEWAN PERNIAGAAN PROFESIONAL MALAYSIA (DPPM)
(ASSOCIATION No: PPM-015-14-19042016)
C-21-05 Kompleks Danau Kota,
Taman Zeta @ Zetapark,
67, Jalan Taman Ibu Kota,
53300 Setapak, Wilayah Persekutuan Kuala Lumpur
Attn:
THAIKUN GROUP SDN BHD
(Company No: 202301027150 (1521073-W))
32-1-1, Diamond Square,
Jalan Semarak Api 3, Off Jalan Gombak,
53000 Kuala Lumpur, Malaysia.
Attn:
Date : 09/12/2024
RE: Letter Of Offer
DPPM Fintech Membership Program And Merchant Cashback Program
Note : Strictly Private and Confidential.
In reference to the above-mentioned subject matter, Virtualflex Sdn Bhd (Co. Reg. No. :
201401018233 (1094320-K), here-after referred as VFSB) hereby would like to offer to DEWAN
PERNIAGAAN PROFESIONAL MALAYSIA (ASSOCIATION No: PPM-015-14-19042016), here-after
referred to as DPPM), issuing of KA$Hplus VISA Prepaid Card to members of DPPM Fintech Program
(here-after referred to The Program), with terms (as stipulated in the Terms Sheet) mutually agreed
upon.
Meanwhile, THAIKUN GROUP SDN BHD (Company No: 202301027150 (1521073-W)), here-after
referred to as TGSB), as the DPPM Appointed Program Promoter, to take charge in said program
promotion, marketing and merchant aggregation as per DPPM’s recommendation, with terms (as
stipulated in the Terms Sheet) mutually agreed upon.
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VIRTUALFLEX SDN BHD – VO1-11-16, VOffice (VO1), Lingkaran SV, Sunway Velocity, 55100 Kuala Lumpur, Malaysia.
Upon the mutual acceptance of this Letter of Offer (LoO), all parties agreed to proceed for an official
Collaboration Agreement execution based on the basic terms and conditions declared as per the
attached Terms Sheet.
We sincerely look forward for a fruitful partnership with your esteemed organizations.
Thank You.
Strictly Private & Confidential. Page 2 of 8
VIRTUALFLEX SDN BHD – VO1-11-16, VOffice (VO1), Lingkaran SV, Sunway Velocity, 55100 Kuala Lumpur, Malaysia.
For and on behalf of Witness by,
Signatory & Company Stamp Signatory & Company Stamp
Name Printed : HENG WA SENG Name Printed : CHAN CHEE WOEI
Position : CEO, Director Position : DIRECTOR
Company Name : VIRTUALFLEX SDN Company Name : VIRTUALFLEX SDN BHD
BHD
Accepted by, Witness by,
Signatory & Company Stamp Signatory & Company Stamp
Name Printed : Name Printed :
Position : Position :
Company Name : DEWAN PERNIAGAAN Company Name : DEWAN PERNIAGAAN
PROFESIONAL PROFESIONAL
MALAYSIA (DPPM) MALAYSIA (DPPM)
Accepted by Witness by,
Signatory & Company Stamp Signatory & Company Stamp
Name Printed : Name Printed :
Position : Director Position :
Company Name : THAIKUN GROUP SDN Company Name : THAIKUN GROUP SDN
BHD BHD
Strictly Private & Confidential. Page 3 of 8
VIRTUALFLEX SDN BHD – VO1-11-16, VOffice (VO1), Lingkaran SV, Sunway Velocity, 55100 Kuala Lumpur, Malaysia.
Terms Sheet
Customer
Vendor VirtualFlex Sdn Bhd & Service Providers (VFSB)
Program Promoter THAIKUN GROUP SDN BHD
Collaboration Program 1. KA$Hplus VISA Prepaid Card Issuing
2. KA$Hplus eWallet Merchant Aggregation
Collaboration Type 1. VISA Prepaid Program
2. Merchant Aggregation Program
3. Membership Program
4. Referral Program
5. Cashback Loyalty Program
Roles & Responsibilities
Roles & Responsibilities of Vendor
Inclusion 1. To administrate on behalf of the customer, the card ordering,
delivery, inventory management, storage and issuing of the
proposed KA$Hplus Visa Prepaid card.
2. To assist in merchant aggregation and registration.
3. To assist in membership program sign up.
4. To assist in referral program setup and referral incentives
payout.
5. To assist in cashback merchant registration.
6. To assist in cashback payout operation.
Exclusion of Any hardware or software licenses needed for the deployment.
Deliverables
Roles & Responsibilities of Customer
Inclusion 1. To provide necessary details of the proposed Visa Prepaid Card
program for approval as requested by Vendor in preparation and
submission to respective authorities for prior to card issuing.
2. To provide necessary details or artworks of the proposed Co-
Brand Card in preparation and submission to respective
authorities for the proposed Card design approval prior to card
issuing.
3. To provide necessary personal data of members of Program as
requested by Vendor to facilitate KA$Hplus eWallet and VISA
Prepaid Card registration and activation processes.
4. To provide rights of using logo, brands and relevant marketing
material to Vendor for the purposes of issuing and promoting
the proposed program.
5. To jointly promote, support and administrate onboarding of
cardholders, merchants and promotional offers.
6. To develop, review, administrate content preparation and
publishing of program.
7. To comply to all commercial terms stipulated.
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VIRTUALFLEX SDN BHD – VO1-11-16, VOffice (VO1), Lingkaran SV, Sunway Velocity, 55100 Kuala Lumpur, Malaysia.
Roles & Responsibilities of Program Promoter
Inclusion 1. Provide all the needed information on promoted program and
services to cardholders, corporate clients and merchants.
2. Assist cardholders, corporate clients and merchants to be
onboarded.
3. Provide advice and guidance on program participation to
cardholders, corporate clients and merchants.
4. Build lasting relationships with cardholders, corporate clients
and merchants by contacting them to follow up on purchases,
suggest purchase options and invite them to upcoming events
5. Consistently seek new program knowledge to act as an
coordinator for the cardholders, corporate clients and
merchants.
6. Present program and services using interactive materials such as
videos, charts, slideshows etc.
7. To develop, review, administrate content preparation and
publishing of program.
8. To comply to all commercial terms stipulated.
Commercial Terms
Co-Brand Card
Proposed Designed DPPM Fintech KA$Hplus Visa Prepaid Debit Card
Program Sign Up Fees RM 160.00
Annual Fees RM 24.00 per unit, charged annually to each KA$Hplus Visa Card Account
(Borne by cardholder)
Split of Fees
Revenue to be recognised by parties:
Nos Description Fees Per Remark
Unit
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VIRTUALFLEX SDN BHD – VO1-11-16, VOffice (VO1), Lingkaran SV, Sunway Velocity, 55100 Kuala Lumpur, Malaysia.
1. Program Sign Up Fees RM 160.00 Fees paid by
cardholders
2. Revenue to be RM 57.20 Fees to be received by
Recognized By VFSB For VFSB
Card and Crediting
Service Fees
3. Referral Incentive RM 30.00 Fees to be received by
member upon
successful referral
4. Revenue to be RM 72.80 Fees to be received by
Recognized By Thaikun TGSB
Group Sdn Bhd (Subject to deduction
of any tax imposed by
government of
Malaysia)
5. Revenue to be To be Fees to be received by
recognized by DPPM determined DPPM will be
by TGSB determined and
and DPPM settled by TGSB as the
appointed Program
Promoter of DPPM.
Account Balance
Reload Nos Channel Fees Remark
1 Credit Card (Local) 2% Borne By Cardholder
2 Credit Card (Foreign) 2.5% or Borne By Cardholder
- Subject to above
acceptance
3 FPX (Internet Banking) RM 0.00 No charge
4 Corporate Reload RM 4.00 Borne By Corporate
Merchant Account Aggregation
Merchant Account F.O.C
Setup
Merchant Discount
Rate (MDR) Nos Channel Fees (RM) Remark
1 Face-To-Face (Customer 2.0 % KA$Hplus eWallet QR
Scan) Pay
2 Online / Web (Customer 2.0 % KA$Hplus eWallet QR
Scan) Pay
3 Corporate Billing 2.0 % KA$Hplus eWallet QR
(InApp) Pay
Split of Fees
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VIRTUALFLEX SDN BHD – VO1-11-16, VOffice (VO1), Lingkaran SV, Sunway Velocity, 55100 Kuala Lumpur, Malaysia.
Nos Description Fees Per Remark
Unit
1. Merchant Cashback 10.00% Absorbed by
Offer Merchants.
2. KA$Hplus eWallet 2.00% Fees received by VFSB
Payment Acquiring Fees
and Cashback
Processing Fees
3. Merchant Aggregation 1.00% Cashback to be
Introducer credited to KA$Hplus
Users eWallet
Account
4. Cashback To KA$Hplus 5.00 % Cashback to be
Users credited to KA$Hplus
Users eWallet
Account
5. Cashback Revenue To 2.00% Cashback to be
be recognised by credited to Thaikun
Program Promoter & Group Sdn Bhd
DPPM selected bank account
6. Cashback Revenue To To Be To be determined by
be recognised by DPPM Determined DPPM and DPPM
appointed Program
Promoter.
Payment Terms 1. VFSB to receive payments from end users and service provider
via payment gateway service provider.
2. VFSB to disburse Program Membership Sign Up Referral Fees to
respective KA$Hplus eWallet account on every Monday, subject
to successful payment received and disbursed by payment
gateway service providers.
3. VFSB Program Membership Sign Up Fees, after deduction of
respective fees and incentives, to respective DPPM Appointed
Program Promoter bank account before 7th and 20th of every
month, subject to successful payment received and disbursed by
payment gateway service providers.
4. VFSB to disburse Cashback Incentives to respective KA$Hplus
eWallet account on every Monday, subject to successful
payment received and disbursed by payment gateway service
providers.
5. VFSB to disburse Cashback Introducer Incentives to respective
KA$Hplus eWallet account on every Monday, subject to
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VIRTUALFLEX SDN BHD – VO1-11-16, VOffice (VO1), Lingkaran SV, Sunway Velocity, 55100 Kuala Lumpur, Malaysia.
successful payment received and disbursed by payment gateway
service providers.
6. VFSB to disburse Cashback Program Incentives, after deduction
of respective fees and incentives, to respective DPPM Appointed
Program Promoter bank account before 7th of every month,
subject to successful payment received and disbursed by
payment gateway service providers.
7. VFSB to provide monthly report on membership sign-up.
Other Terms & Conditions
Initial Agreement 12 Months
Tenure
Renewal of Automatic Annual Renewal (AAR) for 12 months.
Subscription
Termination 90 days written notice in advance.
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VIRTUALFLEX SDN BHD – VO1-11-16, VOffice (VO1), Lingkaran SV, Sunway Velocity, 55100 Kuala Lumpur, Malaysia.
