Extended MoU and Agreement between Basketball Bank, Bank of LuX, CFD and EDL on services related to cheques

EXTENDED MOU AND AGREEMENT BETWEEN BASKETBALL BANK, BANK OF LUX, CFD AND EDL ON SERVICES RELATED TO CHEQUES

SECTION 1 - INTRODUCTION

This is an extended Memorandum of Understanding ("MoU") and an Agreement ("agreement"), from an old MoU and agreement approved and stamped by the Hammer of Justice, between these FOUR (4) parties, namely -

• PARTY A: the Basketball Bank ("Basketball Bank");

• PARTY B: the Bank of LuX ("Bank of LuX");

• PARTY C: the Central Bank of Finance Department ("CFD"); and 

• PARTY D: the Envelope Delivery of Laziness ("EDL"),

IN WITNESS by Country of OKITO ("COO"), 

IN REGARDS to the extended provision of services relating to cheques,

HAVE AGREED to the following:

SECTION 2 - CONTEXT

2.1 On the 3rd of January 2026, the parties have signed a MoU and Agreement regarding the use of cheques (which will be known as "previous agreements"). Based on the previous agreements, the following were and will be agreed by the parties:

(a) Based on Section 3 of the previous agreements, Basketball Bank and Bank of LuX had the FULL rights to use EDL's postbox for the purpose of the commercial banks' customer to dispense cheques. EDL agrees to allow these commercial banks to use its postbox for the duration of year 2027 and 2028.

(b) Based on Section 4 of the previous agreements, from 1st of January 2027 onwards, EDL had the FULL rights to charge Basketball Bank and Bank of LuX an unlimited amount of processing fees. However, the purpose of this extended MoU and Agreement in regards to the provision of services related to cheques is to revise this rate for the year of 2027 to support the current circumstances.

SECTION 3 - REVISED AMENDMENTS TO THIS AGREEMENT

(a) At Section 4(d), Basketball Bank and EDL agrees to disregard the entire sentences and replace it with the following:

(i) From the 1st of January 2027 until 30th June 2027, Basketball Bank agrees to cover the cost of EDL processing fees towards all cheques processed in this period of duration (a total period of SIX (6) months) from its users. Basketball Bank will pay EDL a fee of QQ$25.00 per leaf of cheque. Its users shall NOT pay any processing fees during this period.

(ii) From the 1st of July 2027 until 30th of November 2027, Basketball Bank agrees to allow EDL to set a processing fee of NOT more than QQ$50.00 per leaf of cheque. This fees will directly imposed to Basketball Bank users.

(iii) From the 1st of December 2027 until 31st of December 2027, Basketball Bank agrees to allow EDL to set a processing fees of NOT more than QQ$50.00 per leaf of cheque. However, QQ$20.00 will be directly imposed to Basketball Bank users. The remaining QQ$30.00 will be paid by Basketball Bank. The reduction of bearing by users is due to the Christmas 2027 holiday month.

(iv) From the 1st of January 2028 onwards, Basketball Bank agrees to allow EDL to set an unlimited amount of processing fees, until or otherwise, a new set of MoU or agreement has been made in the future.

(b) At Section 5(c), Bank of LuX and EDL agrees to disregard the entire sentences and replace it with the following:

(i) From the 1st of January 2027 until 31st of December 2027, Bank of LuX agrees to allow EDL to set a processing fee rate of NOT more than TEN PERCENT (10%) per leaf of cheque based on the transaction amount stated in the cheque, OR at a minimum of QQ$50.00 per leaf of cheque REGARDLESS of transaction amount, whichever is HIGHER. This fees will be directly imposed to Bank of LuX users but Bank of LuX may cover a portion of the processing fees via promotions and deals.

(ii) From 1st of January 2028 onwards, Bank of LuX agrees to allow EDL to set an unlimited amount of processing fees, until or otherwise, a new set of MoU or agreement has been made in the future.

(c) On Section 6, after positive corporations between the agencies of QQ and organizations of QQ and careful considerations, the CFD agrees to continue to abolish ALL duty fees for ALL cheques processed in the entire fiscal year of 2027. Until or otherwise a new set of MoU or agreement is made in the future, CFD has the rights to impose duty fees on and after the fiscal year of 2028.

(d) The remaining sections and subsections of the previous agreements shall remain in force.

SECTION 4 - ADDITIONAL ACKNOWLEDGEMENTS

(a) All parties shall take initiatives to ensure that all users, especially all members of QQ, in regards to the enforcement of this extended MoU and agreement, which includes but not limited to portal websites, dashboards and other forms of indirect communications. The due date to fulfill this requirement is by or before 25th of December 2026.

(b) The rights of usage of all logos, trademarks or promotions of all parties by each of all parties remains allowed at FULL use, expect any acts that can damage the image and reputation of any parties - including unlawful competitions.

SECTION 5 - ADDITIONAL TERMS

5.1 This MoU and Agreement shall be governed by the RULES OF QQ. All disputes and appeals shall be file to the jurisdiction of the Hammer of Justice (HOJ).

5.2 Any costs in regards to this extended MoU and Agreement shall be borne by EDL, Basketball Bank and Bank of LuX.

AGREEMENT MADE HERE AT COUNTRY OF OKITO (COO)

ENDORSED by, and

SIGNED on behalf of these parties,

OKITO LIM WAI KIT

Admin of QQ Care Centre