We are creating some awesome events for you. Kindly bear with us.

HK-UK Fintech firms bridge international banking for start-ups

According to a recent report, a Hong Kong-based FinTech firm has partnered with a UK company, a BaaS platform that connects FinTech companies and banks together, to make international current accounts available to small businesses.

Both FinTech firms share a common vision: they wish to make international banking accessible to everyone. Moreover, they are working to create and environment wherein the culture of global banks does not negatively impact the international aspirations of entrepreneurs and SMEs.

This vision will be realized through this new partnership, which aims to give start-ups and SMEs access to the financial services they all need to secure cross-border business. The partnership starts with global access to local banking services (including debit cards) and will be expanded into other financial services including credit and insurance.

The Hong Kong-based FinTech firm will help companies around the world incorporate in Hong Kong and open a business current account – something that has traditionally been a challenge for start-ups and SMEs.

Enhanced by the other Fintech company’s open banking platform, which provides local access to global markets, Neat’s customers now have access to localized bank accounts, debit cards and payment capabilities in several locations around the world.

This partnership will open doors for entrepreneurs and will enable them to achieve the following for their businesses:

  • open domestic GBP accounts in the UK, EUR accounts in the SEPA region, and US dollar accounts in the United States, in addition to HKD accounts in Hong Kong;
  • break into global markets, and expand their businesses with customers and partners worldwide;
  • eliminate international transfer fees and charges when conducting business around the world, and make and accept payments in international markets instantly.

The Co-founder and CEO of the UK-based company noted that this partnership marks the firm’s expansion into the Asia market and it represents a major step for them. By combining their complementary technologies, entrepreneurs will no longer be forced to open bank accounts with different banks around the world, something that has been needed for many years.

The two firms will join forces to make international business opportunities more accessible to start-ups and SMEs, the co-founder reiterated.

The CEO of the Hong Kong-based company noted that the firm has customers in over 100 countries, with cross-border and e-commerce traders making up a large part of the customer base. As a result of this partnership, its customers can now easily receive pay-outs from online marketplaces, as well as provide their customers based in Europe, the UK, or the US with local payment instructions.

It was noted that both firms are bringing state-of-the-art technology to the table and a lot if expected from this partnership.

Pushing Smart City initiatives

Under the Smart Economy objectives of the Hong Kong Government is working to promote and be involved in the setting up of key technology collaborative platforms and bring in internationally-renowned universities, research institutes and I&T companies.

Through collaborations, like the aforementioned partnership between the two FinTech firm, Hong Kong will be able to position itself as a viable and attractive location to fully develop innovative business ideas, become a preferred location for consideration of technology investment, and be perceived as an innovative and technologically advanced destination.

The HKSAR Government will continue exploring and formulating initiatives to enhance the overall business climate, particularly in areas of the technology-driven economy like Fintech and re-industrialisation, further develop its I&T ecosystem to attract more start-ups and investors from other jurisdictions, and attract more leading talents and investments to enhance the city’s economic vibrancy.

Send this to a friend