Invoice Discounting for SMEs - Businesses FAQ

How does the procedure work?

All online process through Velotrade platform.

Register your enterprise (only for the first time)
To discount the invoice, create a new auction
Velotrade checks and confirm the details
Investors purchase your invoice
Funding is transferred to your bank account straight after the auction is complete

Who are the businesses Velotrade work with?

Velotrade collaborates with companies of all sizes and a variety of industries. You should be a company registered and licenced to operate in countries acceptable for the qualifying criteria set by Velotrade. Some of these criteria are verifiable trading history, satisfactory credit standing and total turnover.

Which countries does Velotrade support?

Velotrade clients work in all the world. Please contact us with the countries where your buyers are located.

Does Velotrade need to contact my buyers for processing my application?

Velotrade doesn’t need to contact your buyers in application processing. If we need any contacts, we will ask you in advance to obtain your approval.

Why does Velotrade makes the verification of invoices?

Velotrade needs to carry out the required due diligence on behalf of investors.

How much do Velotrade services cost?

A percentage on the invoice amount will be charged by Velotrade. You can rest assured that we will provide the most efficient service at affordable rate. Please get in contact with us to discuss your specific circumstances.

What advance amount will I obtain?

You will generally get up to 80% - 90% of the invoice value.

How many days does it take to receive the financed amount?

The invoice is typically financed within 1-3 days, upon satisfactory verification

Why should I choose another invoice discounting/factoring provider?

Traditional factors and banks lock in clients for a lengthy period and with full sales ledger. Instead, we offer competitive pricing, with no lock-in period or ledgers. Moreover, by using Velotrade you will secure an alternative source of funding besides traditional means. Simple operation process and simple documentation. An innovative way!

Do I need to sell out all my invoices?

No. We provide flexible financing solutions and you are free to sell the invoices you want to sell when needed.

When my buyer pays late, what are the consequences?

On the basis of the actual number of days the invoice remains unpaid, you will be subject to interest charge.

If my buyer doesn’t pay what will happen?

Velotrade may ask you to return the advanced amount pending recourse or non-recourse agreement.

If a dispute takes place over the purchased invoice, what will happen?

According to the amount of dispute, we may deduct this value from the balance held or you would need to replace the disputed invoice with another invoice.

Can I be sure that my invoices will be bought?

Velotrade reaches a diversity of investors and aims to accommodate 100% of the invoices.

Who is purchasing my invoices?

Our investors are professional and come from a variety of industries and background: in any economic condition they can provide steady and continuous flow of financing

What currencies does Velotrade support?

We have multi-currency trading capabilities, especially with major currencies.

Are there a lot of admin and procedures with Velotrade?

Contrary to the standard factoring facilities, we do not require a separate ledger. Our sign up and verification process can be done online quickly and conveniently.

For your Taiwan export business, we highly suggest you receivables financing.

Register on Velotrade now to increase the size of your business. We have a list of accredited investors ready to provide funding, so get your SME on the right track by starting the procedure immediately. If you have any question, please fill free to contact our staff online, or get in touch with us via phone on + 886 (801) 491356.

Apply Now

Need more info? Contact us

Financing tomorrow

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Velotrade Management Limited
Room 24, Units 405‑414,
Level 4, Core E, Cyberport 3
100 Cyberport Road
Hong Kong

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T +852 5808 3777
E contacts@velotrade.com

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Regulated by the Securities and Futures Commission of Hong Kong
(CE Ref #BJL007)

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This website
is carbon neutral

TERMS OF USE

These terms
1. These terms of use govern your use and access to our services, including our website(s), our application(s), our application programming interfaces (APIs), our notifications and any information or content appearing therein (collectively our" Platform").
2. By using our Platform, you agree to these terms regardless of whether you are paying user or a non-paying visitor. If you are using our Platform as a representative of an entity, you are agreeing to these terms on behalf of that entity.
3. You should also read our Privacy Policy which sets out how we collect and use your personal information.
About us and how to contact us
1. We are Velotrade Management Limited, a company registered in Hong Kong, trading as Velotrade. Our company registration number is 2277454 and our registered office is at Room 24, Units 405-414, Level 4, Core E, Cyberport 3, 100 Cyberport Road, Hong Kong.
2. For any questions or problems relating to our Platform, our products or services, or these terms, you can contact us by telephoning our customer service team at +852 5808 3777 or emailing us at contacts@velotrade.com or writing to us at Room 24, Units 405-414, Level 4, Core E, Cyberport 3, 100 Cyberport Road, Hong Kong.
3. We are the data controller in relation to our Platform and are responsible for your personal data. Please refer to our Privacy Policy for information about what personal data we collect and what we do with it, which is available at our official website (www.velotrade.com at the bottom of the page). It is important that you read our privacy policy, which may be updated from time to time, and understand how we use your information and the rights that you have about your information.
4. If we have to contact you, we will do so by telephone or by writing to you at the email address or postal address you provided to us.
5. When we use the words "writing" or "written" in these terms, this includes emails.
Changes of terms
1. We may amend these terms from time to time by posting the updated terms on our Platform. If we make material changes, we will notify you of the changes before they become effective. By continuing to use our Platform and our services after the changes come into effect means that you agree to be bound by the revised policy.
Availability of our services
1. We are constantly changing and improving our Platform and the products or services we provide. We may from time to time change or discontinue any of the products or services we offer, or add or remove functionalities or features, and we may suspend or stop certain products, services, functionalities or features altogether. If we discontinue certain products, services, functionalities or features, we will give you advance notice where reasonably possible.
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Your account and password
1. In registering for an account on our Platform, you must provide truthful, accurate and up-to-date information about yourself. You should choose a strong and secure password. You must keep your password secure and confidential.
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5. You are responsible for all actions or activities that happens by, through or under your account, unless you report misuse.
Use of the platform
1. You must comply with the Acceptable Use Policy and all applicable laws and regulatory requirements, including privacy laws and intellectual property laws in using or accessing the Platform.
2. We give you a personal, worldwide, royalty-free, non-assignable, non-transferrable, non-sublicensable, non-exclusive and revocable licence to access and use our Platform, including any software or application as part of the services we offer. This licence is for the sole purpose of enabling you to use and enjoy the benefit of our Platform as provided by us and in the manner as permitted by these terms.
3. This licence to use our Platform will terminate if you do not comply with these terms or other additional terms or conditions imposed by us from time to time.
4. You must not copy, modify, distribute, sell, lease, loan or trade any access to the Platform or any data or information on it.
Your rights
1. You retain your rights to any information or content you submit, post or display on or through the Platform (“Your Content”). By submitting, posting or displaying such content, you grant us a worldwide, non-exclusive, royalty-free licence (with the right to sublicense) to use, process, copy, reproduce, adapt, modify, publish, transmit, display and distribute such content in any and all media or through any distribution channels (now known or later developed), subject to the applicable provisions in our Privacy Policy.
2. You are responsible for your use of Your Content and any consequences thereof, including any consequences of the use of Your Content by other users or third parties. We are not responsible or liable for any use of Your Content, nor the use of any content or information submitted or posted by other users or visitors.
3. You warrant that Your Content is not and will not infringe rights of any third parties and that you have all the necessary rights, power and authority to satisfy your obligations with regard to Your Content under these terms.
4. If you believe your intellectual property rights have been infringed, please contact us by emailing us at contacts@velotrade.com.
Our rights
1. All intellectual property rights subsisting in the Platform or the products or services we provide belong to us or have been lawfully licensed to us. All rights under applicable laws are hereby reserved. You must not upload, post, publish, reproduce, transmit or distribute any content or component of our Platform in any way, or create any derivative works with respect to any such content or component.
2. We may (at our discretion but are not obliged to) review content or information submitted or posted by users on our Platform. We reserve the right to remove any content which we consider as offensive, harmful, deceptive, discriminative, defamatory or otherwise inappropriate or misleading, or content that we believe may be infringing rights of third parties. We do not endorse or support any views expressed by any users on our Platform.
3. Our name “Velotrade” and our marks and logos are our trade marks (be it registered or unregistered) and may not be used without our express prior written consent.
Feedback
1. We value and welcome feedback on our Platform. You agree that we are free to use, disclose, adopt and/or modify any feedback and any information (including any ideas, concepts, proposals, suggestions or comments) provided by you to use in connection with our Platform or any products or services we offer, without any payment to you.
2. You hereby waive and agree to waive any rights to claim for any fees, royalties, charges or other payments in relation to our use, disclosure, adoption and/or modification of any of your feedback.
Limitation on liabilities
1. Some countries or jurisdictions may not allow the disclaimers in this clause, in which case these disclaimers will not apply to you.
2. To the fullest extent permitted by law, we (including our holding company(ies), subsidiaries, affiliates, directors, officers, employees, agents, representatives, partners and licensors (collectively, “Our Entities”)) expressly limit our liabilities in connection with or arising out of the provision of the Platform as follows:
  1. we provide the Platform and any products or services we offer on an "as is" and "as available" basis, and your access to or use of our Platform is at your own risk;
  2. we give no assurance, representation or warranty of any kind (whether express or implied) about the Platform and any products or services we provide;
  3. we do not guarantee that the information or content you find on the Platform is always accurate, truthful, complete and up-to-date;
  4. we expressly disclaim all warranties and representations (for example, warranties of merchantability, fitness for a particular purpose, and non-infringement);
  5. we are not responsible for any delay or disruption in our Platform or any defect, viruses, bugs or errors; and
  6. we are not responsible for the conduct of or any content or information submitted or posted by any user of the Platform (whether online or offline).
3. To the fullest extent permitted by law, Our Entities are not liable to you or others for:
  1. any indirect, incidental, special, exemplary, consequential or punitive damages; or
  2. any loss of data, business, opportunities, reputation, profits or revenues,
  3. relating to the use of our Platform or any products or services we offer.
4. We do not exclude or limit our liability to you where it would be illegal to do so. This includes any of our liability for fraud or making fraudulent misrepresentation in operating the Platform or providing the products or services we offer.
5. If you are using the Platform as a consumer, in some countries or jurisdictions you may have certain legal rights as a consumer. In such cases, nothing in these terms limit your legal rights as a consumer that may not be waived by contract.
6. Other than the types of liabilities that we cannot limit by law, the liabilities of Our Entities to you (on aggregate) are limited to the amount you have paid us (if any) for the use of our Platform or for any products or services we offer over the last twelve (12) months.
Your representation
1. Our Platform is not intended for and may not be used by minors. By using our Platform, you represent that you are an adult and that you are able to legally enter into contractual agreements.
2. If you are using the Platform on behalf of an entity, by using the Platform you represent that you have the necessary rights and authority to agree to these terms (and our Privacy Policy, Acceptable Use Policy and other documents referred to herein) on behalf of that entity.
Indemnity
1. You agree to indemnify and hold Our Entities harmless from and against all liabilities, damages, claims, costs (including legal fees and costs), and expenses in connection with or arising from (i) your breach of these terms, (ii) your use of our Platform and/or (iii) any misrepresentation made by you.
2. You also agree to fully co-operate with us in the defence or settlement of any claim in relation to or arising out of our Platform or these terms.
Termination
1. These terms will continue to apply until terminated by either you or us as follows.
2. You may stop using the Platform any time by deactivating your account.
3. We reserve the right to suspend or terminate your access to our Platform, if we reasonably believe:
  1. you are in serious or repeated breach of these terms (including a prolonged failure to settle any payment);
  2. you are using the Platform in a manner that would cause a real risk of harm or loss to us, other users, or the public;
  3. we are requested to do so by government or regulatory authorities or as required under applicable laws, regulations or legal processes; or
  4. our provision of the Platform to you is no longer possible or commercially viable.
  5. In any of the above cases, we will notify you by the email address associated with your account or at the next time you attempt to access your account, unless we are prohibited from notifying you by law.
4. Upon termination of your access, these terms will also terminate except for Clauses 10 to 18.
5. Where we consider necessary or appropriate, we will report any breach of these terms (or the Acceptable Use Policy) to law enforcement authorities and we will cooperate with such authorities by disclosing your identity and providing any information about you within our systems to them.
Entire agreement
1. These terms constitute the entire agreement between any user and us in relation to the use of or any transactions on the Platform. These terms supersede and extinguish all other agreements, promises, assurances, warranties, representations and understandings between any user and us, whether written or oral, in relation to the use of or any transactions on the Platform.
2. You acknowledge that you will have no remedies in respect of any statement, representation, assurance or warranty (whether made innocently or negligently) that is not set out in these terms.
Other important terms
1. We may transfer our rights and obligations under these terms to another organisation. We will contact you to let you know if we plan to do this. If you do not wish to continue the contract with the transferee, you may contact us to end the contract within one (1) calendar month of us informing you of the proposed transfer and we will refund you any payments you have made in advance for any products not provided.
2. You may only transfer your rights or your obligations under these terms to another person if we agree to this in writing.
3. If a court finds part of this contract illegal, the rest will continue in force. Each of the paragraphs of these terms operates separately. If any court or relevant authority decides that any of them are unlawful, the remaining paragraphs will remain in full force and effect.
4. Even if we delay in enforcing this contract, we can still enforce it later. If we do not insist immediately that you do anything you are required to do under these terms, or if we delay in taking steps against you in respect of your breaking this contract, that will not mean that you do not have to do those things and it will not prevent us taking steps against you at a later date. For example, if you miss a payment and we do not chase you but we continue to provide the products, we can still require you to make the payment at a later date.
Contact
1. If you have any questions about these terms or the Acceptable Use Policy, please contact us by contacts@velotrade.com.
Languages
1. In case of discrepancies between the English and Chinese language versions of these terms, the English version shall prevail.
Governing law and dispute resolution
1. These terms are governed by and shall be construed in accordance with the laws of the Hong Kong Special Administrative Region.
2. We wish to address your concerns without going through a formal legal process. Before filing a claim against Velotrade, you agree to try to resolve the dispute informally by contacting contacts@velotrade.com. We will respond to you by email as soon as practicable; however a lack of response shall not be deemed to constitute any acquiescence or waiver. We will try our best to resolve the dispute informally within thirty (30) days. If the dispute is not resolved within such a period, you or Velotrade may bring a formal proceeding.
  
  Velotrade and you agree that all disputes, controversies, and claims arising out of or in relation to the Services, these Terms and our Payment Terms (including the existence, validity, interpretation, performance, breach, or termination thereof) shall be referred to and finally resolved by arbitration administered by the Hong Kong International Arbitration Centre (“HKIAC”) under the UNCITRAL Arbitration Rules in force when the notice of arbitration is submitted, as modified by the HKIAC Procedures for the Administration of Arbitration under the UNCITRAL Arbitration Rules.
  
  The law of arbitration shall be Hong Kong law and the place of arbitration shall be Hong Kong. The number of arbitrators shall be one, except where the amount in dispute exceeds USD 50,000, in which case the number of arbitrators shall be three. The arbitration proceedings shall be conducted in English.
  
  For the avoidance of doubt, any arbitration under these Terms will take place on an individual basis; class arbitrations and class actions are not permitted.
  
  Notwithstanding the foregoing, you or Velotrade may bring an individual action in a small claims court. You agree that, by entering into these Terms, you and Velotrade are each waiving the right to bring an action in a court of law (save the small claims court) or to participate in a class action. If we make any future change to this dispute resolution clause, that change will not apply to any dispute of which notice of arbitration has been filed on or before the effective date of the change.
3. As part of the terms of use, you agree not to misuse the Platform or help anyone else to do so. For example, you agree not to do any of the following in connection with the Platform:
  1. use our Platform for unlawful or unauthorised purposes;
  2. use our Platform for unlawful or unauthorised purposes;
  3. probe, scan, or test the vulnerability of any system or network;
  4. breach or otherwise circumvent any security or authentication measures or service use limits;
  5. access, tamper with, or use non-public areas or parts of the Platform;
  6. interfere with or disrupt any user, host, or network, for example by sending a virus, trojan, worm, logic bomb, or any other material that is malicious or technologically harmful, overloading, flooding, spamming, or mail-bombing any part of the Platform, or by scripting the creation of any content in such manner as to interfere with or create an undue burden on the Platform;
  7. reverse engineer, decompile, disassemble, decipher or otherwise attempt to derive the source code for the Platform or any related technology that is not open source;
  8. access, search, or create accounts for the Platform by any means (automated or otherwise) other than our publicly supported interfaces (for example, "scraping" or creating accounts in bulk) or attempt to do so;
  9. send unsolicited communications, promotions or advertisements, or spam;
  10. forge any TCP/IP packet header or any part of the header information in any email;
  11. send altered, deceptive, or false source-identifying information, including "spoofing" or "phishing";
  12. conduct surveys, contests, or pyramid schemes, or promote or advertise products or services without appropriate authorisation;
  13. abuse referrals or promotions;
  14. post, publish, upload, display, distribute, or share materials that are unlawful, inappropriate, profane, pornographic, obscene, indecent, libelous, defamatory, abusive, or knowingly false, and/or that infringe intellectual property rights;
  15. violate the letter or spirit of our terms of use;
  16. violate applicable laws or regulations in any way; or
  17. violate the privacy or infringe the rights of others.

Last updated: 25 May 2018

PRIVACY POLICY

This policy sets out:

the information we collect about you when you visit our website, use our products or services, or otherwise interact with us;
how we use, share, store, and secure the information; and
how you may access and control the information.

In this policy, " Velotrade" or " we" refers to Velotrade Management Limited of Room 24, Units 405-414, Level 4, Core E, Cyberport 3, 100 Cyberport Road, Hong Kong (together with our holding company) and " Platform" means our website at www.velotrade.com and our software, namely Velotrade Mobile.

In this policy, " personal information" refers to any data, information, or combination of data and information that is provided by you to us, or through your use of our products or services, that relates to an identifiable individual.

What information we collect about you
1. We collect the following types of information about you:
  1. account and profile information that you provide when you register for an account or sign up for our products or services, for example your name, email address, job title, telephone number (collectively, " Account Data");
  2. information you provide through support channels, for example when you report a problem to us or interact with our support team, including any contact information, documentation, or screenshots (collectively, " Support Data");
  3. communication, marketing, and other preferences that you set when you set up your account or profile, or when you participate in a survey or a questionnaire that we send you (collectively, " Preference Data");
  4. details of any transactions, purchases, or orders that you’ve made with us (collectively, " Transaction Data");
  5. payment information, for example your bank account details (collectively, " Financial Data");
  6. information about your device or connection, for example your internet protocol (IP) address, log-in data, browser type and version, time-zone setting, browser plug-in types and versions, operating system and platform, and other technology on the devices you use to access our products or services and information we collect through cookies and other data collection technologies (please read our Cookies Policy for details) (collectively, " Technical Data"); and
  7. Information about your use of or visit to our Platform, for example your clickstream to, through, and from our Platform, products you viewed, used, or searched for, page response times, download errors, length of visits to certain pages, page interaction information (such as scrolling, clicks, and mouse-overs), or methods to browse away from the page (collectively, " Usage Data").
2. We collect the above information when you provide it to us or when you use or visit our Platform. We may also receive information about you from other sources, including:
  1. our personnel, agents, advisors, consultants, and contractors in connection with our operations or services, for example our staff engaged in the fulfilment of your order, processing of your payment, and provision of support services;
  2. other users of our products or services, for example details of trade transaction(s) posted by users;
  3. our group companies or overseas offices that provide information technology services, system administrative services, and marketing services; and
  4. our business partners and service providers who provide technical, payment, delivery services, advertising networks, analytics, market research, and search information services.
3. We do not collect sensitive data or special category data about you. This includes details about your race, ethnic origin, politics, religion, trade union membership, genetics, biometrics, health, or sexual orientation.
How we use information we collect
1. We only use your personal information where the law allows us to. We use your personal information only where:
  1. we need to perform the contract we have entered into (or are about to enter into) with you, including to operate our products or services, to provide customer support and personalised features, and to protect the safety and security of our Platform;
  2. it satisfies a legitimate interest which is not overridden by your fundamental rights or data protection interests, for example for research and development, and in order to protect our legal rights and interests
  3. you've given us consent to do so for a specific purpose, for example we may send you direct marketing materials or publish your information as part of our testimonials or customer stories to promote our products or services with your permission; or
  4. we need to comply with a legal or regulatory obligation.
2. If you have given us consent to use your personal information for a specific purpose, you have the right to withdraw your consent any time by contacting us (please refer to paragraph 9 for contact information), but please note this will not affect any use of your information that has already taken place.
3. We do not share your personal information with any company outside our group for marketing purpose, unless with your express specific consent to do so.
4. For visitors to or users of our Platform who are located in the European Union, we have set out our legal bases for processing your information in the Legal Bases Table at the end of this policy.
How we share information we collect
1. We share information with third parties that help us operate, provide, support, improve, and market our products and services, for example third-party service providers who provide website and application development, data storage and backup, infrastructure, billing, payment processing, customer support, business analytics, and other services.
2. Third-party service providers have access to your personal information only for the purpose of performing their services and in compliance with applicable laws and regulations. We require these third-party service providers to maintain confidentiality and security of all personal information that they process on our behalf and to implement and maintain reasonable security measures to protect the confidentiality, integrity, and availability of your personal information.
3. We take reasonable steps to confirm that all third-party service providers that we engage process personal information in the manner that provides at least the same level of protection as is provided under this policy. Where any third-party provider is unable to satisfy our requirements, we will require them to notify us immediately and we will take reasonable steps to prevent or stop non-compliant processing.
4. We may share personal information on aggregated or de-identified basis with third parties for research and analysis, profiling, and similar purposes to help us improve our products and services.
5. If you use any third-party software in connection with our products or services, for example any third-party software that our Platform integrates with, you might give the third-party software provider access to your account and information. Policies and procedures of third-party software providers are not controlled by us, and this policy does not cover how your information is collected or used by third-party software providers. We encourage you to review the privacy policies of third-party software providers before you use the third-party software.
6. Our Platform may contain links to third-party websites over which we have no control. If you follow a link to any of these websites or submit information to them, your information will be governed by their policies. We encourage you to review the privacy policies of third-party websites before you submit information to them.
7. We may share your information with government and law enforcement officials to comply with applicable laws or regulations, for example when we respond to claims, legal processes, law enforcement, or national security requests.
8. If we are acquired by a third party as a result of a merger, acquisition, or business transfer, your personal information may be disclosed and/or transferred to a third party in connection with such transaction. We will notify you if such transaction takes place and inform you of any choices you may have regarding your information.
How we store and secure information we collect
1. We use data hosting service providers based in [where are your hosting services providers based] to host the information we collect.
2. We have adopted the following measures to protect the security and integrity of your personal information:
  1. information is encrypted using TLS/SSL technology;
  2. your account is password-protected, with the requirement(s) that The password must be at least 8 characters in length and it must contain: a minimum of 1 lower case letter [a-z] and a minimum of 1 upper case letter [A-Z] and a minimum of 1 numeric character [0-9];
  3. access to your personal information is restricted to personnel or service providers on a strictly need-to-know basis, who will only process your information on our instructions and who are subject to a duty of confidentiality; and
  4. our information collection, storage, and processing practices are reviewed regularly.
3. We have put in place procedures to deal with any suspected privacy breach and will notify you and any applicable regulator of a breach where we are legally required to do so.
4. While we implement safeguards designed to protect your information, please note that no transmission of information on the Internet is completely secure. We cannot guarantee that your information, during transmission through the Internet or while stored on our systems or processed by us, is absolutely safe and secure.
5. We only retain personal information for so long as it is reasonably necessary to fulfil the purposes we collected it for, including for the purposes of satisfying any legal, accounting, or reporting requirements. [specify our data retention policy]. We periodically review the basis and appropriateness of our data retention policy.
How we transfer information internationally
1. We collect information globally and primarily store that information in [where are your hosting services providers based]. We transfer, process, and store your information outside your country of residence where we or our service providers operate for the purpose of providing our products and services to you.
2. Some of the countries in which our companies or service providers are located may not have the privacy and data protection laws that are equivalent to those in your country of residence. When we share information with these companies or service providers, we make use of contractual clauses, corporate rules, and other appropriate mechanisms to safeguard the transfer of information.
Your rights
1. You have the right to:
  1. be informed of what we do with your personal information;
  2. request a copy of personal information we hold about you;
  3. require us to correct any inaccuracy or error in any personal information we hold about you;
  4. request erasure of your personal information (note, however, that we may not always be able to comply with your request of erasure for record keeping purposes, to complete transactions, or to comply with our legal obligations);
  5. object to or restrict the processing by us of your personal information (including for marketing purposes);
  6. request to receive some of your personal information in a structured, commonly used, and machine readable format, and request that we transfer such information to another party; and
  7. withdraw your consent at any time where we are relying on consent to process your personal information (although this will not affect the lawfulness of any processing carried out before you withdraw your consent).
2. You may opt out of receiving marketing materials from us by using the unsubscribe link in our communications, by updating your preferences within your account on our Platform, or by contacting us. Please note, however, that even if you opt out from receiving marketing materials from us, you will continue to receive notifications or information from us that are necessary for the use of our products or services.
3. As a security measure, we may need specific information from you to help us confirm your identity when processing your privacy requests or when you exercise your rights.
4. Any request under paragraph 6.1 will normally be addressed free of charge. However, we may charge a reasonable administration fee if your request is clearly unfounded, repetitive, or excessive.
5. We will respond to all legitimate requests within one (1) month. Occasionally, it may take us longer than a month if your request is particularly complex or if you have made a number of requests.
Changes to this policy
1. We may amend this policy from time to time by posting the updated policy on our Platform. By continuing to use our Platform after the changes come into effect, you agree to be bound by the revised policy.
Policy towards children
1. Our products and services are not directed to individuals under 16. We do not knowingly collect personal information from individuals under 16. If we become aware that an individual under 16 has provided us with personal information, we will take steps to delete such information. Contact us if you believe that we have mistakenly or unintentionally collected information from an individual under 16.
Contact us
1. Please contact us at contacts@velotrade.com or submit any written request to:
2. Velotrade Management Limited
  Room 24, Units 405-414, Level 4, Core E, Cyberport 3, 100 Cyberport Road, Hong Kong
3. Please contact us in the first instance if you have any questions or concerns. If you have unresolved concerns, you have the right to file a complaint with a data protection authority in the country where you live or work or where you feel your rights have been infringed.

COOKIES POLICY

1. Cookies are small text files that are placed on your device by a web server when you access our Platform. We use cookies to identify your access and monitor usage and web traffic on our Platform to customise and improve our products and services.
2. We use both persistent cookies and session cookies. A persistent cookie stays in your browser and will be read by us when you return to our Site or a partner site that uses our services. Session cookies only last for as long as the session lasts (usually the current visit to a website or a browser session).
3. We use the following types of cookies:
  1. Strictly necessary cookies – these are cookies that are required for the operation of our site. They include, for example, cookies that enable you to log into secure areas of our website.
  2. Analytical/performance cookies – these allow us to recognise and count the number of visitors and to see how visitors move around our Site when they are using it. This helps us to improve the way our site works, for example, by ensuring that users are easily finding what they are looking for.
  3. Functionality cookies – these are used to recognise you when you return to our site.
  4. Targeting cookies – these cookies record your visit to our site, the pages you have visited, and the links you have followed.
4. You can block cookies by activating the setting on your browser that allows you to refuse the use of all or some cookies. However, if you do so, you may not be able to access all or parts of our site.

LEGAL BASES TABLE

Processing purpose	Type of data processed	Legal basis
To register you as a user on our Platform	Account Data	To perform our contract with you
To enable you to use our products and services	Account Data, Transaction Data, Support Data, Technical Data and User Content	To perform our contract with you
To process your payments	Account Data, Transaction Data, Financial Data	To perform our contract with you
To collect overdue amounts	Account Data, Transaction Data, Financial Data	Legitimate interest to recover debts due to us
To notify you about changes to our products, services, or terms	Account Data	To perform our contract with you
To administer and maintain safety and security of our Platform	Technical Data	To perform our contract with you
To study usage of our products or services	Transaction Data, Support Data, Technical Data,Usage Data	Legitimate interest to improve our Platform, products, and services
To gather feedback on our products, services, or features	Account Data	Legitimate interest to improve our Platform, products, and services
To provide information on products or services that may be of interest to you	Account Data, Preference Data	Consent, which you may withdraw any time