We are Octo3 Foundation Limited, a company limited by guarantee and incorporated in Hong Kong. Protecting your privacy is important to us. We are committed to protecting the privacy, confidentiality and security of the personal data we hold by complying with the requirements under applicable laws and regulations. We are equally committed to ensuring that all our employees and agents uphold these obligations.
This policy explains how we manage personal data within our organisation. It applies to Octo3 Foundation Limited and all its related companies and associates.
How we collect personal data
We collect personal data about you in the following ways:
In some cases we may be required by law to collect certain types of personal data about you.
Where we collect personal data from you, we will generally do so ourselves. However, in some cases we may collect personal data from a third party, such as through your representatives, contractors who provide services to us, or third parties who refer you to us because they think you may be interested in our products or services.
Kinds of personal data we collect
The kinds of personal data that we collect and hold about you may include:
Without this information, we may not be able to provide you with our products or services (or with all of the features and functionality offered by our products or services) or to respond to queries or requests that you submit to us.
Purposes for which we use personal data
We use personal data that we collect about you for the following purposes:
We may from time to time use your personal data in order to send you marketing materials about products or services that we think you may be interested in (including in some cases products and services that are provided by a third party). We may not use your personal data unless we have received your consent. You can opt-out of receiving marketing communications from us by contacting us at email@example.com.
We may use your following personal data for the purpose of direct marketing:
We may use your personal data to market the following products and/or services to you:
If we use your personal data in any direct marketing communications, you have the right to request that we provide you with the source of that personal data. There is no fee for requesting this information. We will provide you with the source of the personal data, unless it is impracticable or unreasonable to do so.
Please indicate your consent to receiving information relating to the above by contacting us at firstname.lastname@example.org.
We may also use and disclose your information for other purposes in accordance with your requests or instructions.
People to whom we disclose personal data
We may share personal data about you with:
In some cases the people to whom we disclose your personal data may be located overseas. There may not be in place data protection laws which are substantially similar to, or serve the same purposes as the applicable data privacy laws in Hong Kong. This means your personal data may not be protected to the same or similar level in Hong Kong.
The information generated by the cookie about your use of our website (including your IP address) will be transmitted to and stored by Google on servers in the United States. Google will use this information for the purpose of evaluating your use of the website, compiling reports on website activity for website operators and providing other services relating to website activity and internet usage. Google may also transfer this information to third parties where required to do so by law, or where such third parties process the information on Google’s behalf. Google will not associate your IP address with any other data held by Google.
Storage and security of personal data
We generally store the personal data that we collect in electronic databases, some of which may be held on our behalf by third party data storage providers. Sometimes we also keep hard copy records of this personal data in physical storage facilities. We use a range of physical and technical security processes and procedures to protect the confidentiality and security of the information that we hold, and we update these from time to time to address new and emerging security threats that you become aware of.
Retention of personal data
Your personal data will not be kept longer than required.
We may retain your personal data for a period of at least 12 years from the date on which we collect the information, the last transaction is completed with you or our relationship ends (whichever occurs last). At our discretion, we may retain personal data for longer than this period if we consider it necessary or desirable to do so to meet our legal or regulatory obligations.
Access and correction
If you want to access any of the personal data that we hold about you or to correct some aspect of it (e.g. because you think it is incomplete or incorrect), please contact our privacy compliance team using the contact details set out below. To protect the integrity and security of the information we hold, we may ask that you follow a defined access procedure, which may include steps to verify your identity. In certain cases we may charge you an administration fee for providing you with access to the information you have asked for, but we will inform you of this before proceeding. There may be cases where we are unable to provide the information you request, such as where it would interfere with the privacy of others or result in a breach of confidentiality. In these cases we will let you know why we cannot comply with your request.
Even if you do not request access to and/or correct your personal data held by us, if we are satisfied that, having regard to the reasons for which we hold your personal data, that personal data is inaccurate, incomplete, out-of-date, irrelevant or misleading, we may take reasonable steps to correct that data.
By using our site, providing personal data and/or using any of our products or services, you agree that:
We may make changes to this policy from time to time, to take into account changes to our standard practices and procedures or where necessary to comply with new laws and regulations. The latest version of this policy will be available at [www.hazza.network].
We try to meet the highest standards in order to protect your privacy. However, if you are concerned about the way in which we are managing your personal data and think we may have breached any applicable privacy laws, or any other relevant obligation, please contact our privacy compliance team using the contact details set out below. We will make a record of your complaint and refer it to our internal complaint resolution department for further investigation. We will deal with the matter as soon as we can, and keep you informed of the progress of our investigation.
If we have not responded to you within a reasonable time or if you feel that your complaint has not been resolved to your satisfaction, you are entitled to make a complaint to the Hong Kong Privacy Commissioner for Personal Data.
If you want any further information from us on privacy matters, please contact our privacy compliance team at email@example.com.
HAZZA Token is an Ethereum-based token that implements the ERC20 token standard.
The envisioned utility of the HAZZA tokens are the following:
ACCESS TO THE HAZZA NETWORKThe core usage of the HAZZA token is to access the HAZZA network once operational. Participants must exchange a certain amount of HAZZA tokens to access the HAZZA network.
GOVERNANCE OF THE HAZZA NETWORKIt is intended that HAZZA Token holders who are participants in the HAZZA network would participate in the governance of the HAZZA network by submitting and voting on proposals or decisions such as adding new features to the HAZZA network, and by selecting representatives to attend the Foundation’s annual general meeting with the Foundation’s Board of Directors.
Based on our experience, the current payments model is a fragmented and complicated ecosystem.
This creates problems for:
The existing, proven Octo3 payments solution will be migrated to an open access solution, utilizing blockchain technology, to fulfill our vision of democratizing the payments industry.
The following principles will be in mind during the development:
DECENTRALIZING PARTICIPATIONThe HAZZA network is designed to be open to any participants through the use of Open APIs
ELIMINATING INEFFICIENCIESSeamless integration is enabled through the use of Open API, which reduce time taken to join, together with the use of smart contracts
DRIVING INNOVATION AND NEW ECONOMIESParticipants should be able to contribute new innovative solutions in order to shape the HAZZA network and develop it in a way that could benefit all participants
ENABLING FINANCIAL INCLUSIONCurrently, the unbanked population has limited access to non-cash payment methods due to limitations in banking infrastructure and high barriers to entry for credit facilities. By using the APIs connected to the HAZZA network, new solutions for the unbanked could be included in the payment ecosystem.
The platform is proposed to be based on Octo3‘s existing Global Payment System, a scalable cloud-based Omni-channel proprietary technology.
It is a certified BASE I, BASE II capable processor, and features a fully functional ISO 8583 payment switch. It is fully compliant with over 130 transaction currencies and allows full transactional oversight, covering e-commerce, physical POS, mobile POS, MOTO, coupon and loyalty programs currently. The Global Payment System has robust functionalities and the highest level of security, maintaining a PCI-DSS Level 1 certification.
Due to the potentially disruptive nature of the HAZZA project and based on our industry experience, we estimate that the utilization of the HAZZA network could help create over USD 730 billion of positive economic value by 2025 for ecosystem participants. This is primarily due to potential savings on transaction costs and the economic value of providing greater access to non-cash payment methods. The beneficiaries could include PMPs, APMs, PSPs, payment networks and card schemes, merchants, terminal manufacturers and others in the payments communities.