WAKAWALA FREQUENTLY ASK QUESTIONS (FAQ)
Wakawala is Malaysia’s first full-featured fundraising App that provides a seamless and secure platform for Asia and the rest of the World to create campaigns and raise capital.
Any individuals*, entrepreneur*, organisation, private or government agencies and NGO’s.
*Should you be under the age of 18, please get your legal guardian or parent to create a campaign to raise funds for you.
No, Wakawala does not take any equity from any campaigns. Equity offers from any campaign owners are not allowed as “rewards” to supporters or funders.
Wakawala will not claim any Intellectual Property (IP) belonging to any campaign created as we (Wakawala) are only a platform provider. Intellectual Property (IP) will always remain the campaign owners. However, campaign owners are advised to also not claim Intellectual Property (IP) belonging to others in their campaign. *
*Wakawala will not be responsible, should there be any infringement of any Copyright © or Intellectual Property (IP) used by any campaigns created.
Wakawala is hosted on the most trusted Cloud provider in the world – Microsoft Azure, which is used by 95% of the global Fortune 500 companies. Wakawala leverages on Azure Application Gateway to provide level 7 network service protection, it addresses many common web vulnerabilities, as identified by Open Web Application Security Project (OWASP). Your password is securely protected by industry standard encryption where even our own developers can’t decrypt it without quantum computing. Data in transit is secured by using Transport Layer Security (TLS), which is cryptographic protocol designed to provide communication security, ensuring data privacy and data integrity in end-to-end communication via the Internet. Furthermore, we are using state-of-the-art Blockchain technology, Hyperledger Fabric to store the donation records. With Blockchain technology, the transactions are decentralised, immutable, tamper-proof and highly transparent. No one can delete your donation record, even if that person is part of the wakawala system development team.
Wakawala takes an administrative and processing fee of 6% for every successful transaction and or donation. This excludes payment gateway fees which varies from 1.5% to 4.5% depending on the choice of payment gateway selected by the donor.
The fundraising model adopted by Wakawala is only for non-equity campaigns. Funds contributed by donors to a campaign should have no expectation of any financial return. Wakawala is a funradising platform based on the goodwill of its own community. The reward of the contribution can be summed as such. *
*Emotion (the good feeling that comes from having helped a worthy cause)
*Nominal (your name in the credits, a thank-you note from the campaign owners)
Campaign creators have to complete and pass a stringent verification process before they are able to retrieve funds collected from donors. *
A. Individual Account Registration Submissions required:
1. Photo of NRIC (front and back) or photo of Passport
2. Full name as in NRIC/Passport
3. NRIC/Passport number
4. Current residential address
5. Selfie / portrait photo of person-in-charge (PIC)
6. Name of Bank
7. Name of account holder
8. Bank account number
9. Type of account (saving / current / others)
B. Organization/Business/Agency/NGO Account Registration
1. Photo of NRIC (front and back) or photo of Passport (person-in-charge (PIC))
2. Full name of person-in-charge (PIC)
3. NRIC/Passport number of person-in-charge (PIC)
4. Current residential address of person-in-charge (PIC)
5. Selfie photo of person-in-charge (PIC)
6. NRIC photos (front and back) or Passport photo of one of the directors
7. SSM Documents, Form 49 – directorship documents pursuant to Section 141(6) Companies Act, 1965.
8. Tenancy agreement, electricity bill, or water bill of current place of business.
9. Name of Bank
10. Name of account holder
11. Bank account number
12. Type of account (saving / current / others)
*In each verification process, our verification team will check NRIC/Passport number against Anti-Money Laundering / Combating the Financing of Terrorism. The system will not allow blacklisted users to collect any funds using the app