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11.09.2023

Terms & Conditions

Introduction

This Terms and conditions Policy (“Policy”) outlines the rules and guidelines governing developers' (“you” or “your”) access to and use of the MIS Connect API, websites (“Site”), dashboards, related tools, and other products or services (collectively, the “Services”) provided by MIS Connect and its subsidiaries. Violation of this Policy may result in the suspension or termination of your access to the Services and/or access to end users’ personal and financial information provided by MIS Connect (“End User Data”).
 

By accessing and using the Services, you agree to comply with all the terms of this Policy. This Policy applies each time you access or use the Services. If you accept the terms of this Policy on behalf of an organization or entity, you represent and warrant that you have the authority to
do so. Please read this Policy carefully, as it is important.
 

We reserve the right to update or change this Policy at our discretion. If we make any material changes, we will make reasonable efforts to inform you. If you object to any changes, your sole remedy is to cease using the Services.


MIS Connect is a company incorporated in the Kingdom of Saudi Arabia and is authorized and regulated to develop financial services within its Regulatory Sandbox 

1. Registration

1.1. To access our Services, you must sign a contract with our Sales team. You agree to provide accurate information and keep your account information up to date at all times. You are responsible for maintaining access to your account and must not share your account information, including MIS Connect API authentication credentials (Client Identification Number and secret), with any third party or allow any other application or service to act on your behalf.

2. Compliance with Saudi applicable Law

2.1 When using the Services, you agree to abide by all applicable KSA laws. You also confirm that you, your business, your employees, your service providers, and any others acting on your behalf adhere to all applicable KSA laws, especially those related to financial data, data protection, privacy, and data security. You are solely responsible for ensuring that your use of the Services complies with all applicable KSA laws.

3. Security

3.1. You are responsible for securely maintaining your MIS Connect API authentication credentials. Notify us promptly at Support@misconnect.co in the event of any security breach or unauthorized use of your account or any End User Data.

3.2. You must never publish, distribute, or share your Client ID or secret and must encrypt this information in storage and transit.
 

3.3. Your systems and applications must handle End User Data securely. At a minimum, you must:
 

  • Maintain administrative, technical, and physical safeguards to ensure the security, privacy, and confidentiality of End User Data.

  • Use modern and industry-standard cryptography when storing or transmitting any End User Data.

  • Maintain reasonable access controls to ensure only authorized individuals with a business need have access to any End User Data.

  • Monitor your systems for unauthorized access.

  • Patch vulnerabilities promptly.

  • Log and review any events suggesting unauthorized access.

  • Plan for and respond to security incidents.

4. Data Storage and Usage

4.1. Any End User Data in your possession must be stored securely and in accordance with applicable KSA laws. If you use End User Data in an anonymized form, you must clearly and conspicuously disclose to the End User how you use such anonymized data.

5. Account Deactivation

5.1. Even after your account is deactivated, we may retain any information we collected about you for as long as necessary to fulfill the purposes outlined in our privacy policy, or for a longer period if required or permitted under applicable law.

6. Prohibited Conduct

6.1. You agree not to, and not to assist or enable any third party to:
 

  • Sell or rent End User Data to marketers or any third party.

  • Use the Services or End User Data for any unlawful, infringing, threatening, abusive, obscene, harassing, defamatory, deceptive, or fraudulent purpose.

  • Collect and store end users’ bank credentials or End User Data other than as required to access or use the Services, as authorized by the end user, and as permitted by MIS Connect and applicable Saudi law.

  • Use, disclose, or retain any “nonpublic personal information” or “personal information” other than in strict compliance with applicable Saudi law.

  • Use, disclose, or otherwise process any “personal data” other than in strict compliance with applicable Saudi law.

  • Access or use the Services or End User Data in violation of any applicable privacy laws or in a manner that would breach any contract or agreement with the applicable end user.

  • Use the Services to infringe any intellectual property rights.

  • Use the Services for any purpose other than for which they are provided, including competitive evaluation, creating a substitute or similar service, or other nefarious purposes.

  • Scan or test the vulnerability of any MIS Connect infrastructure without prior written permission.

  • Breach, disable, interfere with, or circumvent any security or authentication measures.

  • Overload, flood, or spam any part of the Services.

  • Transfer, syndicate, or distribute the Services or End User Data without prior written permission.

  • Decipher, decompile, disassemble, copy, reverse engineer, or attempt to derive any source code or underlying ideas or algorithms of any part of the Services, except as permitted by applicable Saudi law.

  • Modify, translate, or create derivative works of any part of the Services.

  • Use the Services or End User Data in a manner that violates any agreement between you or the end user and MIS Connect.

  • Use the Services or End User Data in a manner that violates any applicable law, statute, ordinance, or regulation.

7. Suspension and Termination

7.1. We reserve the right to withhold, refuse, or terminate access to the Services and/or End User Data if we believe they are being accessed or used in violation of this Policy or any other MIS Connect agreement. We may also terminate access if it poses a risk of harm to MIS Connect, its infrastructure, its data, the Services, an end user, or a Partner.

7.2. We will use reasonable efforts to notify you of such actions but may immediately suspend or terminate access if we determine that harm is imminent or in case of violation of applicable Saudi law.


7.3. MIS Connect will not be liable for any damages resulting from its exercise of rights under this Policy or applicable law.

8. Reporting Violations

8.1. If you become aware of a violation of this Policy, please notify us immediately at Support@misconnect.co We may take appropriate action, including reporting to law enforcement, regulators, or other appropriate third parties.

9. Universal Data Access

9.1. MIS Connect supports an Open Finance ecosystem where end users own their data and can grant access to third parties. If you host any end user data not already accessible by MIS Connect, upon our reasonable request, you agree to cooperate in good faith to negotiate and initiate an arrangement for MIS Connect to access such data on behalf of end users.

10.1. MIS Connect shall only be liable for damages resulting from fraud, breach of trust, or deception caused by MIS Connect, in addition to damages that cannot be limited or excluded by law. Conversely, the company shall not be liable for losses, liabilities, costs, unauthorized transactions, delays in transactions, electronic attacks, or data loss, unless directly caused by negligence or fraud on the part of MIS Connect. The company's obligations towards end-users are governed by the terms and conditions stipulated in Saudi Arabian laws.

10.2. The services provided by MIS Connect may encounter technical difficulties and outages. Therefore, MIS Connect does not guarantee error-free services, but it will make its best efforts to address any errors or technical difficulties as quickly as possible.

10.3 MIS Connect is not responsible for any indirect, incidental, consequential, or punitive damages, except as specified in the clause. These damages include loss of profits, revenue, data, use, or reputation. In no event shall MIS Connect's liability related to any claim or series of claims arising from these terms and conditions exceed the fees paid by the client to MIS Connect during the three months preceding the event giving rise to the claim.

10. Limitation of Liability

11. Confidentiality

11.1. The parties agree to keep all shared information confidential and use it only for the intended purpose, protecting it from unauthorized disclosure. These obligations do not apply to information that is generally available, received from a third party, independently developed, or required to be disclosed by law. These obligations shall remain in effect In perpetuity. 

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