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

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

SECTION 1 - INTRODUCTION

This is a Memorandum of Understanding ("MoU") and an Agreement ("Agreement") 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 services relating to cheques,

HAVE AGREED to the following:

SECTION 2 - MOU

2.1 On the month of January 2020 (which is known as the "establishment of Basketball Bank and Bank of LuX"), Basketball Bank and Bank of LuX (which will be known as the "commercial banks") have been using QQ Care Centre's email address system (qqcarecentre [at] gmail [dot] com) to allow their users to send emails to this particular email address in order to send and transfer money between users.

2.2 Ever since the establishment of Basketball Bank and Bank of LuX, the usage of QQ Care Centre's email address system continues to expand and have cause a decline of an efficient bureaucracy among the commercial banks and the entire agencies of QQ.

2.3 On July 2025, both commercial banks have seek to change the way how their users can send or transfer money between one party to another through the use of physical paper cheques around the house of QQ Care Centre. The arguments on why cheques should be used are:

(a) to reduce inefficient bureaucratic department and agency efficiency from requests to transfer money;

(b) to develop a more safer, faster and trusted transfer of money; and

(c) to protect the integrity of users and both commercial banks.

2.4 Initially, respective of the commercial banks have chosen to create their own version of cheque box to allow users to dispense their cheques. However, both commercial banks have reached out with EDL to use EDL's postbox. The reasons on why both commercial banks uses EDL postbox are:

(a) to reduce the cost and storage rentals of new boxes just for cheques; and

(b) to increase the ease of users who likely use all of the services of Basketball Bank, Bank of LuX and EDL.

2.5 Additionally, the CFD has also promoted the circulation of QQ dollars around the house of QQ Care Centre, as described in the Finance Department's MyBudget@QQ 2026 speech.

2.6 HENCE, all FOUR (4) parties agreed to the following sections based on the interests under this Section.

SECTION 3 - THE USE OF EDL POSTBOX AND EDL'S RESPONSIBILITY

Starting on the 1st of February 2026, EDL agrees to the following:

(a) EDL agrees to allow the users of Basketball Bank and Bank of LuX to dispense their cheques into the EDL postbox in the house of QQ Care Centre, and are subjected to the same protections aligned with EDL's Terms of Use and applicable laws under QQ rules Penal Code 8 Act 2021.

(b) EDL agrees, at least once in TWO (2) days, collect all cheques dispense in the EDL postbox, and send ("deliver") all of it, in good condition, to Basketball Bank and Bank of LuX respectively, depending on the receiver bank of that particular cheque, on the same day. The location to deliver the cheques will be under the discretion of Basketball Bank and Bank of LuX respectively.

(c) EDL has the rights to collect a fees which will be known as "EDL processing fees". This fees covers every cost and margin of profit (markup) for EDL, including allowing the renting the postbox with posters, temporary placing the cheques in the postbox for a period of NOT more than FOUR (4) days per cheque inserted, protecting the cheques from natural disasters and theft, and deliver the cheques to the bank's choice of location - all under EDL's safe protection.

(d) EDL should NOT "assumed" to void any of the dispensed cheques without the permission of the respective banks.

(e) EDL should provide assistance on how to ship cheques on the poster on its postbox, and their portal website.

(f) EDL agrees to promote the relationship between itself and other commercial banks. This includes allowing other commercial banks to use EDL's logos, names and trademarks for the purpose of promoting this cheque initiative.

SECTION 4 - BASKETBALL BANK'S COMMITMENT AND RESPONSIBILITY

Starting on the 1st of February 2026, Basketball Bank agrees to the following:

(a) Basketball Bank will ONLY allow all of its users to transfer money through the use of cheques via EDL. By using cheques, all users of Basketball Bank shall be subjected to the EDL's Terms of Use and applicable laws under QQ rules Penal Code 8 Act 2021.

(b) Basketball Bank agrees to cover the cost of EDL processing fees towards all cheque processed from the 1st of February 2026 until 30st June 2026 (a total period of SIX (6) months) from its users. Basketball Bank will pay EDL a fee of QQ$10.00 per leaf of cheque. Its users shall NOT pay any processing fees during this period.

(c) From the 1st of July 2026 until 31st of December 2026, 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.

(d) From 1st of January 2027 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.

(e) Basketball Bank agrees to promote the relationship between itself and EDL. This includes allowing EDL to use Basketball Bank's logos, names and trademarks for the purpose of promoting this cheque initiative.

SECTION 5 - BANK OF LUX'S COMMITMENT AND RESPONSIBILITY

Starting on the 1st of February 2026, Bank of LuX agrees to the following:

(a) Bank of LuX will ONLY allow all of its users to transfer money through the use of cheques via EDL. By using cheques, all users of Bank of LuX shall be subjected to the EDL's Terms of Use and applicable laws under QQ rules Penal Code 8 Act 2021.

(b) From the 1st of February 2026 until 31st of December 2026, Bank of LuX agrees to allow EDL to set a processing fee of the following:

(i) For cheque leaf with an amount of less than QQ$50,000.00, EDL shall impose a 10% processing fees.

(ii) For cheque leaf with an amount of QQ$50,000.00 or more, EDL shall impose a flat processing fees of QQ$5,000.00.

Note: These fees will directly imposed to Bank of LuX users.

(c) From 1st of January 2027 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.

(d) Bank of LuX agrees to promote the relationship between itself and EDL. This includes allowing EDL to use Bank of LuX's logos, names and trademarks for the purpose of promoting this cheque initiative.

SECTION 6 - CFD COMMITMENT

To promote the circulation of QQ dollars around the house of QQ Care Centre, after positive corporations between the agencies of QQ and organizations of QQ and careful considerations, the CFD agrees to abolish ALL duty fees for ALL cheques processed in the entire year of 2026.

SECTION 7 - COO COMMITMENT

COO shall ensure that this MoU and Agreement between these FOUR (4) parties are upheld. COO should provide non-legal assistance shall if there is a conflict between any parties.

SECTION 8 - ADDITIONAL TERMS

8.1 Anything related to EDL's miscellaneous (including but not limited to insurances, envelopes, papers, tapes or pens) shall NOT be related to this Agreement.

8.2 This MoU and Agreement shall be governed by the RULES OF QQ. All disputes and appeals shall be file to the jurisdiction of HOJ.

8.3 Any costs in regards to this 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