UIA A to Z
Agent
The definition of agent is an authorised person of UIA. An agent has the rights to use UIA and conduct financial transactions with another agent. A person becomes an agent automatically once registered with UIA. An agent’s relationship with UIA is of a nature where UIA provides money and system for the benefit of the agent. The agent makes his/her own decisions and is responsible for all actions in UIA. An agent’s relationship with another agent is of a related party nature where common interests are shared. UIA operates based on business and common sense principles which are subject to agents’ own understanding.
Bank
The definition of a bank is a financial establishment that uses money deposited by customers for investment, pays it out when required, makes loans and interest, and exchange currency. The differences between UIA and that of banks are, UIA does not charge consumer transaction fees and it does not charge or pay any interests on monies deposited or financed. In addition, UIA issues its own money without the need to borrow from the banking system. UIA does not have any relationships with any banks in the current system and does allow money transfers between UIA and non-UIA accounts.
