FinTech Frontier :
Top 6 Digital Banking Choices vs. Traditional Banks
Contributed by AsiaBC | 1 Nov 2024
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Do the complicated processes of traditional local banks stop you from exploring potential foreign markets? Can the lengthy waiting time of opening a bank account be made shorter? Are there alternatives besides traditional banks? If your answer to these questions is a resounding yes, then read on to learn more about the FINTECH OPTIONS: Airwallex, RD Technology, WorldFirst , Currenxie, Statrys and Aspire and how they make your life a little easier.
For many small-scale digital nomads in the market, there is a barrier that hinders their business plans: opening cross-border bank accounts. In response to the global pandemic, managing affairs and traveling to other countries has become increasingly difficult. Fortunately, the FinTech platform system in Hong Kong is continuing to mature, lending itself to the city’s rapid development. As a result, opening remote digital banking accounts has gained popularity since they do not require applicants to carry out bank procedures locally.
With the availability of various platforms in the age of information, it may be a bit confusing for businessmen and entrepreneurs to decide which platform will best suit their needs. AsiaBC understands the hassle and we are here to help you create a solid blueprint for your business.
To help you easily decide which of these 6 platforms works best for your business and to learn more about their respective strengths, we’ve prepared a detailed table that shows just how these conventional bank account alternatives can help you kick start your business :
1. Airwallex
- Multi-currency : HKD, USD, EUR, RMB +7 more.
- Corporate card services : Available.
- No opening or monthly fees.
- Acceptable jurisdictions : All are accepted. No sanction / high-risk countries.
- ZERO minimum balance requirement (fees will be incurred for transaction < USD 250).
- Payment marketplaces : Paypal, Stripe, Amazon, Shopify, WeChat Pay, Alipay.
- Recommended for : Clients who need to trade globally both online and offline.
2. RD Technologies
- Multi-currency : HKD, CNY, USD, JPY and EUR.
- Corporate card services : Not available.
- Account opening : 1 day process.
- No opening or monthly fees.
- Acceptable jurisdictions : All are accepted except sanctioned or high-scrutiny countries.
- Convenient platform : Send and receive money instantly via wallet-to-wallet transfer.
- Payment marketplaces : PayPal, Stripe, Amazon, Shopify.
- Recommended for : Web3 industry companies as RD Technologies is crypto asset-friendly.
3. WorldFirst
- Multi-currency : HKD, USD, EUR, GBP + 6 more.
- Corporate card services : Not available.
- No opening or monthly fees.
- Best for Asian startups : Perfect digital alternative for Asian entrepreneurs to start global commerce from HK, SG or China.
- ZERO minimum balance requirement.
- Payment marketplaces : PayPal, Stripe, Amazon, Shopify.
- Recommended for : Clients who need a business or e-commerce account in 48 hours.
4. Currenxie
- Multi-currency : HKD, USD, EUR, RMB + 16 more.
- Corporate card services : Credit card.
- Added Feature : Approved Amazon PSP. Support Payout API and Forward Exchange Contract (FEC)
- No opening or monthly fees.
- Acceptable jurisdictions : All are accepted. No sanction / high-risk countries.
- Zero minimum balance requirement.
- Payment marketplaces : Paypal, Stripe, Amazon, Shopify, WeChat Pay, Alipay.
- Convenient platform : Welcome selling goods / services (e.g. eCommerce, B2B or B2C, software).
- Recommended for : Clients who need a quick domestic account in EU / UK / US / CA / AU within 3 days.
5. Statrys
- Multi-currency : HKD, USD, EUR, GBP + 7 more.
- Corporate card services : Available.
- Easy and simple : Only BR + director passport are needed (some cases may require more documents).
- Opening fee : No opening fee except for special cases depending on incorporation location and/or company structure complexity.
- Monthly fee : HKD88 with unlimited incoming payments and no transaction limit in the Statrys account.
- Acceptable jurisdictions : HK, Singapore and BVI.
- Payment marketplaces : PayPal, Stripe, Shopify.
- ZERO minimum balance requirement.
- Recommended for : Clients who need to make international payments and thus require excellent customer service.
6. Aspire
- Multi-currency : USD, EUR, GBP, SGD, IDR and more.
- Corporate card services : Available.
- No opening or monthly fees.
- Acceptable jurisdictions : All are accepted except sanctioned or high-scrutiny countries.
- ZERO minimum balance requirement.
- Opening time : Easy and fast account setup (average within 5 working days) even if additional files are required.
- Recommended for : Clients seeking an all-in-one, fast, and easy account opening for local and global reach.
>> Email us to sign up for Aspire
Still not decided on the best digital solution for your incorporation plan? Drop us a message or email us at business@asiabc.com.hk. Our specialists are always ready to help you empower your business with our expertise!
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