Terms and Conditions for MySP.ai
These Terms and Conditions ("Terms") govern the use of the
MySP.ai digital payment and financing system,
operated by StudentPay Solution Sdn Bhd ("Company").
By using MySP.ai, all parties — including guardians, students, and schools —
agree to abide by these Terms, ensuring security, privacy, and compliance
with Shariah principles and Malaysian regulatory standards.
1. Definitions
- MySP.ai: A digital payment and school financing platform operated by StudentPay Solution Sdn Bhd.
- Guardian: The parent or legal guardian applying for financing via MySP.ai.
- Student: An individual authorized by the guardian to use MySP.ai for school-related purchases.
- Tawarruq Financing: A Shariah-compliant financing structure involving the trading of commodities as underlying assets.
- Murabahah Sale: A cost-plus financing method used within Tawarruq arrangements.
- Commodity Cost Price: The purchase cost of the commodities before resale.
- Wakalah (Agency): An arrangement authorizing one party to act on behalf of another.
- Commodity: Shariah-compliant goods (non-ribawi items) used in Tawarruq transactions.
- Commodity Trader: A licensed entity facilitating commodity trading under Shariah guidelines.
- Biometric Data: Facial recognition data used solely for transaction authentication and verification.
2. Account Registration and Responsibilities
2.1 Guardian Registration:
- Guardians must register on MySP.ai and provide accurate, up-to-date personal details.
- Consent for the collection and use of biometric data must be explicitly provided.
2.2 Guardian Application:
- Guardians may apply for financing limits that students can use for school-related transactions.
2.3 Student Authorization:
- Guardians authorize students to use MySP.ai for approved school facilities or purchases.
- Guardians remain responsible for monitoring and controlling spending limits.
3. Tawarruq Process
- StudentPay purchases commodities at a Commodity Cost Price from a licensed Commodity Trader.
- StudentPay sells the commodities to the guardian at a Murabahah Sale Price (cost plus profit margin).
- StudentPay, acting as the guardian’s agent (wakil), sells the commodities to a third party for cash.
4. Payment and Transaction Process
- Student Transactions: Students perform transactions through facial biometric authentication. Guardians receive real-time notifications for each transaction.
- Profit Fees: A nominal profit rate or service fee is disclosed to guardians at the time of financing approval.
- Spending Control: Guardians can set daily spending limits to promote responsible usage.
5. Data Protection and Privacy (PDPA Compliance)
- Data Collection: MySP.ai collects only necessary personal and biometric data, following the Personal Data Protection Act 2010 (PDPA).
- Data Usage: Data is used solely for authentication, security, and maintaining MySP.ai services.
- Data Security: All data is encrypted (AES-256, TLS 1.3) and stored in secure, PDPA-compliant servers.
- User Rights: Guardians may request data access, correction, or deletion at any time by emailing privacy@studentpay.tech.
6. Cash-Out Policy
- Guardians may request a cash-out for unused or refundable balances within MySP.ai.
- Requests are processed within 10 business days after verification.
- Cash-out applies only to unused funds and excludes service or transaction fees.
7. Dispute Resolution
- Users may raise disputes by contacting MySP.ai customer support.
- All disputes are investigated and resolved within 7 business days.
- Unresolved cases may be escalated to independent arbitration or Shariah review if applicable.
8. Limitation of Liability
- Disclaimer: MySP.ai is provided "as is" and "as available" without warranties of any kind.
- Liability: StudentPay Solution Sdn Bhd is not liable for indirect, incidental, or consequential losses arising from system use or downtime.
9. Modification of Terms
StudentPay reserves the right to amend or update these Terms at any time.
Users will be notified of changes, and continued use of MySP.ai indicates acceptance of the updated Terms.
10. Governing Law and Jurisdiction
These Terms are governed by the laws of Malaysia.
Any disputes arising from these Terms fall under the exclusive jurisdiction of Malaysian courts.
11. Shariah Compliance
All MySP.ai operations and financing structures adhere to
Shariah principles. Any potential non-compliance will be
reviewed and rectified based on guidance from qualified Shariah Advisors.
12. Termination
Either party may terminate this agreement for material breach, non-compliance,
or by providing 30 days’ written notice. Upon termination,
outstanding obligations will be settled in accordance with Shariah and legal requirements.