Opening an account with a FinTech company is a popular alternative to opening a bank account as FinTech accounts are quick to open and cheaper to use than a traditional bank account.
FinTech companies operating in Hong Kong are licensed by the Hong Kong authorities to provide online multi-currency platforms for the receipt and payment of funds. As with a traditional bank account your company will have its own unique account number enabling your company to receive payments from and make payments to traditional bank accounts. There are however some differences to a traditional bank account…. the account can only be operated online as there are no physical branches, it is not possible to deposit cash into the account, there are no cheque books and there is no possibility of any loan or overdraft as FinTech companies are not licensed to provide loans.
One of the benefits of opening an account with a FinTech company is that the account is opened online without any visit being required. The account opening is also usually much faster than opening an account with a traditional bank as accounts are usually opened in less than 1 week. Details of the account opening process can be found below:
We will seek details from you of the intended business activity of your new Hong Kong company and details of your business background in order we can suggest a FinTech company best suited to your business requirements.
We will provide contact details for you to liaise with the FinTech company to commence the account opening. Please note you can only commence the process to open an account once your new company has been incorporated as the FinTech company requires the company registration documents before they will consider your account opening application.
You will need to complete the FinTech company’s online account opening application in order to open an account. The online application requires you to provide your personal details, upload your company registration documents, provide details of the intended business activity of your new company and provide details of your business background.
The FinTech company staff will review your online account opening application and will contact you by email to arrange a brief video call.
The FinTech company staff will verify your identity during the video call and discuss details of your intended business activities for your new company, your business background and the services you require.
You will need to courier a certified true copy of your passport and your signed account opening application to the FinTech company. We will submit the CPA certified true copies of the company incorporation documents to the FinTech company.
The FinTech company will usually require around 1 week to process the account opening application after receiving the signed application and the CPA certified true copies of the company incorporation documents.
The FinTech company will provide the new account details to you by email and will request you to arrange a transfer of funds to activate the account.
It is important to take the time to ensure you are properly prepared before submitting your account opening application to the FinTech company as failure to provide the required information and documents can lead to delays and possible rejection of the account opening application. We take the opportunity to refer you to our general guide to the account opening requirements for details of the information and documents required.
Please note FinTech companies can change their account opening requirements and account opening process without notice.