It has become increasingly difficult for a startup or even SME to open a bank account in Hong Kong. Should Neat offer this service?
@David Definitely it's a great idea, and this feature would be appealing to youngsters who intend to start their own business. As they usually refrain from opening an account at conventional banks, either because they believe the application will be very complicated, or because they think having an account in those banks are old-fashioned.
Yet, by the way, opening a corporate bank account in Hong Kong isn't that difficult as you thought, from my experience.
David - hi. What is the status of having a Neat corporate account? I'd like to open a HK company but the things I read about opening a normal bank account in HK are pretty bad; it makes me think elsewhere, frankly. Also, one question: is Neat a fully HK owned and registered bank or is it owned by a western corporation? thanks
@Matteo at the moment we're very focussed on offering a consumer account but if more people like yourself tell us that we should focus on corporate accounts, we will not only listen, we will execute!
To answer your question: Neat is not a bank, we work with a regulated partner. You will find this information from our FAQ useful: http://www.neat.hk/faq?questionId=security_3
We would pay a monthly fee for a corporate neat account. Getting credit cards for startups in HK is impossible
Oh I would be your first corporate client if you offered this service! And I know plenty of other entrepreneurs who'd be happy to escape the bureaucratic mess that HK banks have become.
Neat is only a prepaid card company which even doesn't have its own lisence . Neat must listen and follow what its partner can do as a prepaid card company.
Just like nurse association credit card by Bank Of East . Nurse association gets commissions from every spending its cardholders spend . Same as Neat .
Nurse association has no control over its cardholders money . Neat can't control too . I think the reason why Neat can't provide instant cash deposit is Neat can't take our deposit directly . Every money must be paid and held by epaylink just like Bank of East Asia holds nurse association credit cards
If u clearly know how Neat card works , u know it is not a bank . And you know you should not expect Neat can do more except being a prepaid card .
The reason why HK is strict in opening cooperate account is to avoid money laundering . Many people open bank account to do illegal things which make hk bank being punished big by government authority .
@raymondlikesc the prepaid card is what we're offering today, but that doesn't mean it will be the only product we will offer in the future or that the current limitations will always stay in place. We are only just getting started and have big ideas!
Corporate Neat account will be amazing! Many people/businesses would knock at the door for sure.
But anyway, once you will add the individual account number to receive payment and the possibility to transfer out to other banks, Neat will become a great option for startups.
Max - Neat
We are working on a business solution at the moment that will be launched in a few months time 😄
It will consist of 2 parts:
1). Corporate cards for you & your team members including easy expense management
2). Business current account to pay and receive money
3). Manage your finances seamlessly and integrate with accounting software, payroll etc.
Similar to the personal accounts, it will be all digital.
You can register for early access & give us feedback through the below link:
Of course feel free to also leave your comments here as well. Thanks!