King Leung, Head of Fintech at Invest Hong Kong, has highlighted how the industry has become a vital growth driver for the region.
He made the observation as Hong Kong-based Statrys, which provides online business accounts, and advanced payment and forex solutions for Asian SMEs, announced it had become a customer of leading open bank platform Railsbank in order to facilitate its growth over the coming years.
Leung said: “FinTech has become an important growth engine for Hong Kong and the rest of APAC. A silver lining from the pandemic is the acceleration of digitisation and Fintech adoption in Hong Kong.
“Also, the resilience and relatively quick resumption of business activities in Hong Kong is a timely reminder about the solid foundation as a global financial centre built by generations of professionals in Hong Kong.
“As a proven FinTech launchpad, Hong Kong hopes to connect APAC’s FinTech businesses with the post-COVID opportunities in Greater China, ASEAN and the rest of the world. We welcome the partnership between Statrys and Railsbank, which demonstrates the acceleration of financial inclusion to the Asian SMEs and active fintech investment in the region.”
Statrys offers its customers banking services without the hassle of dealing with a bank. It is focussed on serving entrepreneurs, start-ups and more established SMEs, many of whom are overlooked by the traditional banking system.
Bertrand Théaud, founder and director of Statrys, said: “Working in partnership with Railsbank to offer local currency accounts is an important value add to our clients. It is clearly a major achievement in our effort to provide Asian SMEs with more effective payment solutions for their international business.”
Railsbank is expanding throughout Asia from its regional hub in Singapore. It recently received investment from Visa, the world’s leader in digital payments, and Global Brain, a major venture capital firm based in Tokyo, Japan.
It also announced a partnership with Visa to deliver Banking as a Service (BaaS) innovation in Singapore, the Philippines, Vietnam and Thailand, and recently became a Visa issuing member in Singapore.
Nigel Verdon, co-founder and CEO of Railsbank, said: “I am very pleased to welcome Statrys into the Railsbank family. Founder & Director Bertrand Théaud has impressed us all with his determination to help those companies in Hong Kong that the traditional banks ignore.
“Financial inclusion is just as important for SMEs as it is for individuals, and this marries with the Railsbank fundamental belief that everyone should have access to banking services. We look forward to working with Bertrand and his team over the coming years.”