February 27, 2024

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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.

PARTNER

Qlik’s vision is a data-literate world, where everyone can use data and analytics to improve decision-making and solve their most challenging problems. A private company, Qlik offers real-time data integration and analytics solutions, powered by Qlik Cloud, to close the gaps between data, insights and action. By transforming data into Active Intelligence, businesses can drive better decisions, improve revenue and profitability, and optimize customer relationships. Qlik serves more than 38,000 active customers in over 100 countries.

PARTNER

CTC Global Singapore, a premier end-to-end IT solutions provider, is a fully owned subsidiary of ITOCHU Techno-Solutions Corporation (CTC) and ITOCHU Corporation.

Since 1972, CTC has established itself as one of the country’s top IT solutions providers. With 50 years of experience, headed by an experienced management team and staffed by over 200 qualified IT professionals, we support organizations with integrated IT solutions expertise in Autonomous IT, Cyber Security, Digital Transformation, Enterprise Cloud Infrastructure, Workplace Modernization and Professional Services.

Well-known for our strengths in system integration and consultation, CTC Global proves to be the preferred IT outsourcing destination for organizations all over Singapore today.

PARTNER

Planview has one mission: to build the future of connected work. Our solutions enable organizations to connect the business from ideas to impact, empowering companies to accelerate the achievement of what matters most. Planview’s full spectrum of Portfolio Management and Work Management solutions creates an organizational focus on the strategic outcomes that matter and empowers teams to deliver their best work, no matter how they work. The comprehensive Planview platform and enterprise success model enables customers to deliver innovative, competitive products, services, and customer experiences. Headquartered in Austin, Texas, with locations around the world, Planview has more than 1,300 employees supporting 4,500 customers and 2.6 million users worldwide. For more information, visit www.planview.com.

SUPPORTING ORGANISATION

SIRIM is a premier industrial research and technology organisation in Malaysia, wholly-owned by the Minister​ of Finance Incorporated. With over forty years of experience and expertise, SIRIM is mandated as the machinery for research and technology development, and the national champion of quality. SIRIM has always played a major role in the development of the country’s private sector. By tapping into our expertise and knowledge base, we focus on developing new technologies and improvements in the manufacturing, technology and services sectors. We nurture Small Medium Enterprises (SME) growth with solutions for technology penetration and upgrading, making it an ideal technology partner for SMEs.

PARTNER

HashiCorp provides infrastructure automation software for multi-cloud environments, enabling enterprises to unlock a common cloud operating model to provision, secure, connect, and run any application on any infrastructure. HashiCorp tools allow organizations to deliver applications faster by helping enterprises transition from manual processes and ITIL practices to self-service automation and DevOps practices. 

PARTNER

IBM is a leading global hybrid cloud and AI, and business services provider. We help clients in more than 175 countries capitalize on insights from their data, streamline business processes, reduce costs and gain the competitive edge in their industries. Nearly 3,000 government and corporate entities in critical infrastructure areas such as financial services, telecommunications and healthcare rely on IBM’s hybrid cloud platform and Red Hat OpenShift to affect their digital transformations quickly, efficiently and securely. IBM’s breakthrough innovations in AI, quantum computing, industry-specific cloud solutions and business services deliver open and flexible options to our clients. All of this is backed by IBM’s legendary commitment to trust, transparency, responsibility, inclusivity and service.

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