WM Bank, Investment Bank
and Credit Union

Under the terms of its International Banking License, WM Bank, Investment Bank and Credit Union is Authorized to provide:

Services and Activities Internationally – except to citizens or residents of its jurisdiction of incorporation. These Services and Activities include all types of Corporate (Commercial), Public (Retail) and Private Banking Services and Activities, and – without prejudice to the generality of the foregoing – shall include the following Services and Activities, either as combined or as distinct undertakings:

The Company is a wholly-owned subsidiary of the company Webtel.mobi (Holdings) Limited (the “Holding Company”).

The Company is the holder of a full service International Banking License, and is licensed to conduct, and conducts, its activities as an International Bank, Investment Bank and Credit Union.

The primary application of the Company’s Banking, Investment Banking and Credit Union activities and functions are for its respective activities and functions to be automatically segregated, provided and carried out via, and over, the Platform of the Company’s Holding Company and the Holding Company’s Affiliates (VSMPs). All Services provided by the Holding Company and its VSMPs in all respects that are required to be carried out under the auspices of the Company’s full service International Banking License are provided to Members and VSMPs over, and within, the Holding Company’s Closed Loop Members Only Service and Platform. These full service Banking, Investment Banking and Credit Union Services will be and are automatically integrated into the Holding Company’s overall services where appropriate and/or required, and are also automatically integrated with, into or together with the Holding Company’s Specialized Telecommunications services and/or all and any other Services provided over or via the Holding Company and/or its Platform and/or its VSMPs by the Holding Company’s other licensed subsidiaries – which also provide their services over and via the Holding Company’s Platform, in an automatically integrated manner, structure, process and flow with one another.

The secondary application of the Company’s Banking, Investment Banking and Credit Union activities and functions are for its respective activities and functions to be provided and carried out to, with or via other entities and/or parties, and/or Correspondent Banking and/or other relevant joint ventures or activities with other entities may be entered into with third party entities from time to time, on a case by case basis, as approved and authorized by the Holding Company from time to time.

The tertiary application of the Company’s Banking, Investment Banking and Credit Union license, activities and functions are for it to – regardless of its capacity and authority to do so itself – on a case by case basis, as authorized or requested by the Holding Company, assist the Holding Company to enter into or acquire related or unrelated facilities or services from third party providers for the Holding Company or for provision of the Holding Company’s services, by providing the authority to the Holding Company for these relationships and services to be entered into by, or obtained for, the Holding Company, under the auspices of the Company’s Banking, Investment Banking and Credit Union license, in the Company’s capacity as a wholly-owned subsidiary of the Holding Company.

With regard to the Banking, Investment Banking and Credit Union Activities and Services of the Company that are provided via and over the Platform of the Holding Company and its VSMPs, these Activities and Services are provided only to users thereof that have joined the Holding Company and/or its VSMPs on its internet-based platforms as Members. In this capacity it is consequently providing its Activities and Services only as Closed-Loop Members-Only services, not as Open-Loop or Public services. These services are only accessible on and from the online Platforms of the Holding Company and/or its VSMPs.

Consequently, access of, use of, Members accounts of, and transactions in, from and to Member accounts are all deemed and regarded, by all applicable international laws, regulations and conventions, to take place in, and deemed to be subject to the laws and regulations of, the jurisdiction from where the Holding Company provides it services, no matter where the user or Member is located.