Privacy Policy
Akasia is a trademark owned by Savings Development Company for Fintech in Securities Business with Commercial Registration No. (1010816636) dated (05/01/1444), headquartered in Riyadh. It is a company licensed by the Capital Market Authority within the Fintech Lab to provide Robo-Advisory services and the owner of the Akasia e-application. At Akasia, we care about your data and value your privacy. We are committed to respecting user privacy by formulating a privacy policy in line with the KSA Personal Data Protection Law and the directives of the Saudi Data and Artificial Intelligence Authority (SDAIA) to ensure the preservation of personal data according to its nature and degree of sensitivity, by establishing a regulatory framework for procedures related to personal data storage. This policy explains Akasia's methodology and procedures for collecting, processing, protecting, storing and destroying user data. The user is entitled to request a copy of these regulations throughout its validity period, and it will be provided thereto via email in both Arabic and English.
Privacy Notice
Approval date:
Last modification:
Next revision:
Table of contents:
- Definitions
- Data Collection
- Purpose of Data Collection
- Data Processing
- Data Storage
- Data Retention
- Data Access
- Data Sharing
- Personal Data Use Limits
- Data Destruction
- Data Transfer
- Sensitive Data
- Other Data
- Your Rights
- Use of Cookies
- Disclaimer
- Limitations of Liability
- Assurances of Protection
- Agreement Amendments
- Consent
- Contact Information
- Filing a Complaint
1. Definition:
In this document, the following terms shall have the meanings indicated unless the context requires otherwise. The singular and plural refer to the same term.
You/Your: Means Whoever visits or log in the platform or e-application to benefit from the service provided
We / Our / Akasia: Means Akasia application, platform, or the website owned by Savings Development Company for Fintech in Securities Business with Commercial Registration No. (1010816636) dated (05/01/1444), headquartered in Riyadh. It is a company licensed by the Capital Market Authority within the Fintech Lab to provide Robo-Advisory services and the owner of Akasia e-application.
Client / Investor: Means the user / beneficiary or whoever log in the application in order to request the Robo-Advisory service and agree to the advice provided by Akasia Financial.
Platform / Application: Means Akasia Financial application through which the Robo-Advisory service is provided
Calendar: Means the Gregorian calendar
Service: Means the Robo-Advisory service of all types provided by Akasia Financial platform through the e-application or its website
Algorithms: Means a set of programming instructions executed by the automated account to achieve a specific task
Personal Data: Means all collected data about the user during registration on the website or during their use, or the data provided by the user to us at any time, including but not limited to (name, age, address, email, mobile number, bank account)
Sensitive Data: Means all data related to the user's ethnic or tribal origin, their religious, intellectual or political beliefs or health data or biometric data that identifies identity
Basic Currency: the Saudi Riyal
"Automated Advisor": Means a set of algorithms and technical systems carrying out the investment process and executing operations.
"Capital Market Institutions Regulations": Means the Capital Market Institutions Regulations issued by the Board of the Capital Market Authority pursuant to Resolution No. (1-83-2005) based on the Capital Market Law issued by Royal Decree (30/M) dated (02/06/1424) and any amendments thereto.
"Business Day": Means the day on which the KSA Capital Market Authority operates.
"Market" or "Capital Market Authority": Means the Saudi Capital Market Authority.
Usage Data: Means all your computer or mobile phone data which is automatically collected once you use the application.
Data: Means the personal data and usage data defined above.
Consent: Means approval and acknowledgment of this "terms of use" document.
Force Majeure: Means everything that makes the implementation of this document impossible, which hinders the work thereunder, with no role for the party therein.
"Website": Means Akasia Company's website through which it provides Robo-Advisory services on the electronic domain https://www.getakasia.com and any other domain connected thereto or derived therefrom.
"Fees and Charges": Means any amount charged to the user and may include the Platform administrative fees and operational costs.
Cookies: text files consisting of small packets of data stored in the user's browser
Anti-Cybercrime Law: Means the Law issued by Royal Decree No. (M/17) in 1428 AH.
Anti-Money Laundering Law: Means the Law issued by Royal Decree No. (M/20) in 1439 AH.
Companies Law: Means Companies Law issued by Royal Decree No. (M/3) in 1437 AH and any amendments thereto
2. Data Collection:
In Akasia, we collect and store user data provided by them during registration or communication through the application or client service or different channels, or during promotion of services, or submission of a report directly or indirectly. The data collected directly from the client includes, but is not limited to:
| Data type | Statement being collected | Optional or mandatory | Purpose of collection | Collection method |
|---|---|---|---|---|
| Account details (create account) | - Name - Personal ID No. - Address - Mobile No. | Mandatory | So that we can create a dedicated account for you and communicate with you in the event that you wish to provide the service or inquire about a request you submitted | Directly through the account opening form |
| Payment details | - Bank card No. - Name on the card - Card expiry date - CCV No. | Mandatory (to complete the purchase) Optional (to save) | To complete the order process from our online stores, we must process your payment data. To make the payment transaction easier every time you order. You can store payment and order data faster. | Directly through your payment form |
| Personal identification data | - Name - Academic qualification - Employment history - Personal photo | Mandatory | So that we can review your application and apply for available jobs. | Directly through your employment form |
| Contact Us | - Textual contact information via the standard form on the website or email. | Mandatory | - For the purposes of development, improving the service quality, and ensuring the accuracy of the information provided to you by the service representative - For research and development purposes | Directly through the contact form |
The data indirectly collected from the client is as shown in the table below:
| Data type | Statement being collected | Optional or mandatory | Purpose of collection | Collection method |
|---|---|---|---|---|
| Payment transaction details |
| Mandatory | So that we can refer to the transactions made from your account and provide after sales services and other services | Indirectly from our e-billing systems |
| Contact us |
| Mandatory |
| Indirectly through registration systems |
| Identity verification data |
| Mandatory | To verify the applicant identity | Indirectly through identity verification service providers |
| Technological data |
| Optional | To provide the best user experience, we collect this data and design our website and services to serve users of these technologies. Knowing your geographic location data facilitates customizing some options on the site such as the country and city, providing the service and electronic filing of some shipping options and others. The user's identity or any information that leads to a hint will be hidden during processing | Indirectly through cookies and through third parties, such as service providers, Analyze the behavior of website users |
| Data about your visit |
| Optional | To provide the best user experience, we collect this data and design our website and services to serve users of these technologies. Knowing your geographic location data facilitates customizing some options on the site such as the country and city, providing the service and electronic filing of some shipping options and others. The user's identity or any information that leads to a hint will be hidden during processing | Indirectly through cookies and through third parties, such as service providers, Analyze the behavior of website users |
3. Purpose of Data Collection
In line with the laws to perform the functions provided through the platform and/or for the following purposes:
- Enable the user to benefit from the application services optimally to provide the best;
- Create an account or personal file in the application;
- Process data and activate personal data to ensure that it is active and owned by the user;
- Receive and respond to questions, complaints and inquiries from the user;
- Enable the addition of a comment and evaluation of the service provided;
- Provide the user with information about the services requested from the application;
- For internal business purposes in order to improve the application service;
- Customize content, recommendations and advertisements provided by the application or by third parties;
- Manage and process services;
- Inform the user of any changes that may occur in this document;
- Comply with regulatory and legislative obligations;
- For any other purposes that may be disclosed when providing data with the user's consent in accordance with this document.
By authorizing Akasia to collect your information, you expressly consent and direct Akasia to perform - on your behalf - the electronic retrieval of all account information associated with or available through such financial institutions, in order to link your accounts and without prejudice to the regulations, instructions and guidelines issued by government agencies from time to time.
4. Data processing:
Akasia shall have the right to process data if it is necessary to achieve legitimate interests, unless this conflicts with the user's interests or the data is sensitive.
5. Data storage:
In Akasia, we apply technical and organizational measures to protect personal data by storing it in the application with a high level of security at the Company's headquarters. In Akasia, we undertake that the data is protected in a security manner commensurate with its nature and importance.
6. Data retention:
The application undertakes to retain data for the period required by the nature of the service provided through the application and for authorized and permitted purposes, unless it must be disclosed under regulations and legislation or with the user's written consent to do so. We also retain personal data by its type according to the following table:
| Type of personal data | Retention period (in month) |
|---|---|
| Contact data | 24 |
| Your academic data | 12 |
| Delivery address | 4 |
7. Data access
The user shall have the full right to access the privacy policies and his personal data stored by Akasia and/or request to obtain them in a readable and clear format for review. The user is also entitled to correct and/or modify and/or update and/or delete such data.
8. Data sharing:
The application guarantees that personal information shall not be sold, shared or rented to any third party (except as stated in this document) without the user's consent and shall not be traded to third party or sold, in contravention of the user's privacy.
Akasia may have to employ other companies and make data available to qualified or specialized individuals from other third parties in order to improve the quality of the platform and develop its services to perform tasks not falling with the function of Akasia. They shall be responsible for providing platform services consistent with transactions in the application and may require access to the user's personal information to perform their tasks and functions, for example, but not limited to (geographical location / language used / operating system), provided that it is not used for other purposes.
9. Personal Data Use Limits:
The platform gives the highest priority to protecting its users' data, access to personal identification information is only allowed for authorized individuals. These employees have pledged to ensure the confidentiality of this information and are committed to providing guarantees in accordance with the regulations in force in the Kingdom of Saudi Arabia. The platform is also committed to protecting the user's privacy and personal data by taking the necessary security measures to protect personal data from incidents of leakage, damage or unauthorized access through the use of data encryption, user identity concealment and coding.
10. Data destruction
The application makes every effort to maintain the integrity of the data provided and protect them from misuse, as well as to securely dispose of all data no longer required, so that they cannot be viewed or retrieved again. The user also has the right to request the destruction of data available to Akasia whenever necessary.
11. Data transfer
Akasia may transfer client data to trusted third parties inside or outside the Kingdom of Saudi Arabia under a higher level of protection at least with the minimum amount of personal data required. In such case, Akasia shall update this clause and clarify the details and capacity of such parties to whom personal data will be disclosed.
12. Sensitive data
During the registration process, the application may be required – when providing personally identifiable information – to transfer sensitive data to the affiliate network. The application is keen to protect this data both online and offline by encrypting sensitive information and keeping personal information in a secure physical environment. In the event of a breach of this data, the application has to notify the user promptly.
13. Other data
The application collects other non-personal data, including but not limited to (the type of browser used, type of operating system, the field of internet services). The application may have to provide such data to third parties in order to improve the application and analyze usage. Also, the application uses cookies (small packets of data stored by the user) in order to improve the services and provide appropriate support. The user can set a browser that warns against the use of cookies or reject them completely to control the application's use thereof. However, prevention of use may block the user from some of the services available in the application.
14. Your rights
The Client has rights in relation to his personal data, including:
- The right to access and obtain a copy of such data
- The right to request correction of inaccurate data
- The right to request deletion of data in certain circumstances
- The right to object to data processing
- The right to withdraw consent
If you wish to exercise any of your rights, please contact us.
15. Use of cookies
A cookie is a small file containing a string of characters that is sent to the user's computer when the user visits the platform. The platform may collect cookies, for example, but not limited to (the type of browser used, type of operating system, the field of internet services) to enhance the user's experience, upgrade or customize the services, content, offers or advertisements on the platform, improve the platform and analyze usage, or to personalize the user's experience. The cookie file allows the platform to recognize the browser user, as the cookies store the information which is preferred by the user or most appropriate for the user, in addition to other information.
The platform may have to provide such data to third parties for various purposes. The user cannot use the cookie features or reject them completely or reset the browser to indicate when the cookie file is sent. However, prevention of use may block some of the platform and some features or services may not work properly without them.
16. Disclaimer:
Savings Development Company for Fintech in Securities Business is the operator and provider of (Akasia) platform. The platform services are subject to the platform terms conditions in the document in effect at the time of using the platform.
It should be noted that the platform does not represent a government agency and that the information provided and the instructions contained therein are not necessarily definitive or conclusive, as they may be changed periodically and be amended or modified according to the circumstances without prior notice. Moreover, the persons in charge of the platform shall not assume any responsibility whatsoever in this regard.
The platform provides the services as is to whoever can visit the platform and access the service page if available. Access to electronic services is available at all times (taking into account the force majeure and any other circumstances impeding access to the service). However, the platform shall not be responsible for providing the service with the usual quality, speed or performance and shall not guarantee that the service provided is free of errors and defects.
Note that some or all of the services may not be available in circumstances of malfunction, emergency or maintenance scheduled by the system. The application cannot guarantee that the platform will not be interrupted or that it will be free of problems, deletions or errors.
The platform also does not guarantee the result that the user will obtain as a result of his use of the platform or the incidental, direct, indirect, special, punitive, exemplary, or consequential damages that may arise as a result of his use or inability to use the platform. Accordingly, the platform cannot be held accountable under any circumstances for any damages or malfunction in the service for reasons beyond its control or owing from its infringement or negligence. The application will notify the beneficiaries and take the necessary action in this regard. The user drops any claim against the platform in this regard.
The application shall not be liable in any case for any direct, indirect or consequential loss or loss of profits and goodwill or damage of any kind, as a result of the disclosing the user's username and/or password. The application shall also not be legally accountable for loses or damages of any kind that may arise from the use of this application, including but not limited to direct and indirect damage. The responsibility for using the information received or accessed by the user through the application services or relying thereon shall be entirely borne by the said user.
The user acknowledges that the application is an internet-based service, and that although we make every effort to maintain and keep information secure, we cannot guarantee that the information the user receives and transmits while using the application is secure at all times. The application cannot confirm that each user of the application is actually the person he claims to be. The application neither has any supervision or regulatory authority over users nor is deemed a representative or agent of them. Moreover, no provisions of the Labor Law, agency, guarantee or other legal provisions related to legal liability for the actions of subordinates or others shall apply thereto.
The user expressly acknowledges and agrees to the application nature of work and that this is the user's role and deals through the application from this perspective.
The user also acknowledges that the application is not an internet service provider, a housing contractor, an information content provider, or a product provider, and shall not be treated as a publisher of any content published through the application or through any feature available for communication through the application. The application disclaims any responsibility for the work of third parties.
17. Limits of responsibility
The platform has the right to stop providing the user with the services set forth herein at any time without referring to him. The user also has the right to stop using the services at any time without the need to inform the platform thereof.
The platform may impose usage restrictions on the services provided without prior notice, or hinder or restrict the user's access to his account for a specific period of time in cases where the platform deems it necessary to protect others or in the event of investigations, settlements or existing or future legal disputes.
In the event that the user takes or attempts to take any illegal or unlawful action, the platform has the right to impose regulatory measures against the user in accordance with the relevant regulations. The platform is further entitled to claim compensation for the beneficiary's misuse of his personal account.
This document may not be interpreted as excluding or limiting the platform liability for cases that may not be excluded or limited according to the regulations in force in the Kingdom of Saudi Arabia. However, the platform liability shall be confined to the above, excluding any other liability. The scope of liability shall include the platform employees, agents or any other parties with whom the platform may be forced to fulfill contracts.
18. Assurances of protection
The user acknowledges his consent to the information collected by the platform, how it is used, and the circumstances in which it is disclosed. Therefore, the user has to review the terms and conditions of this document periodically.
19. Agreement amendments
Akasia shall have the right to change and/or update and/or modify all or any part of the privacy terms included herein, provided that notice of any modifications must be given. The modifications shall take effect immediately upon their occurrence. In the event that the user does not accept the modifications hereto, the user must stop using the platform. Continued use of the platform constitutes his implicit consent to be bound by the modified terms of this document.
20. Approval:
The user's entry of the data required to benefit from the service constitutes his consent to the application's collection of the entered data, if the user does not agree to this privacy policy, please do not accept this document. Note that the client is entitled to withdraw his consent at any time.
All agreements, notices, disclosures and other communications provided by the application electronically to the user meet all legal requirements as if they are in writing and act as them in producing their legal effects. The user agrees to receive communications from the application via e-mail or mobile number or by publishing notifications through the application. The user also agrees during the registration process that the application will send messages to the user's e-mail or mobile phone or via the application for promotional purposes, in order to inform the user of any changes, features or new activities added to the application. The user can disable promotional messages if he does not wish to receive such messages by messaging the application. However, in this case, the application does not guarantee that the user will enjoy all services in full and disclaims responsibility for the failure of these notifications to the user.
21. Contact details:
You can contact Akasia through:
- Name of the department / competent team: Data Management Office
- Address: Al Hussein Bin Ali Street - Al Izdihar - Riyadh
- Name of the Personal Data Protection Officer in the entity: Asma Al Harbi - Contact No: (0552086555) and email: (asma.a@mod59.com)
22. Complaint:
If there are any concerns or our failure to comply with the Personal Data Protection Law, you can submit a complaint to the Personal Data Protection Officer using the details shown above and a response will be sent to you within (7) seven business days of filing the complaint. In case you are not satisfied with our complaint handling mechanism, or no response is sent to you, you can submit a complaint to the competent agency, i.e. the Saudi Data and Artificial Intelligence Authority:
| Competent Agency | Address | Website |
|---|---|---|
| Saudi Authority for Data and Artificial Intelligence (SDAIA) | Kingdom of Saudi Arabia Riyadh |