Neat established its operations as a fintech company in Hong Kong during 2015. Rapyd bought this company during 2022 to become a part of its operations. The company operates from United Kingdom (UK) base along with its acquisition of Neat.

Rapyd announced its acquisition of Neat a cross-border trading platform for small businesses and startups based in Hong Kong. This acquisition took place between Hong Kong and London, United Kingdom.  Neat delivers comprehensive company incorporation with business accounts alongside global payment collection and disbursements and credit card-based capital expansion services to users. The parties did not reveal financial details of the agreement and completion requires regulatory approval.  

Small and medium businesses can now establish new companies in minutes through the Rapyd Global Payments Network integration of Neat. While consolidating their receivables and payables functions in one platform starting with Hong Kong and expanding globally to trade-friendly markets.

Neat: A digital financial institution redefining banking in Hong Kong

The payment industry labels Neat as a digital bank which makes them also known as Neat banks. According to legal definition Neat operates outside the category of traditional banks while the Hong Kong Monetary Authority handles supervision only for registered banking institutions. Neat operates as a regulated financial institution while it maintains different registrations and authorizations and licenses to operate under electronic money regulations.

The Hong Kong branch of Neat operates under money service operator and money lender licenses issued by the local authorities. PayrNet Limited operates through its UK branch as an Electronic Money Institution that receives authorization from the Financial Conduct Authority. Neat represents Hong Kong’s first financial branch replacement while also delivering a revolutionary way to “connect with your money” through its slogan. A smartphone serves as the only requirement to access Neat services.

How can business owners initiate an account with Neat

Neat launched its operations during 2015 through the delivery of personal account services. 

The company no longer provides personal accounts to individuals thus business registration is required to use Neat Commerce services. 

Neat provides its services to limited companies and sole proprietorships and partnerships together with other registered businesses across Hong Kong. The account-opening eligibility for Neat depends on the corporate form and place of registration for different types of registered businesses.

Neat products

Neat provides SMEs with various payment products which help them manage their business finances.

Business account 

Neat provides the Business account as its fundamental product. Neat describes the Business Account as the “Modern Business Account” and “Smart Business Account” and “Global Account” through their website. Users find Neat Wallet or multi-currency wallet descriptions on the platform for their product offering.

Traditional bank account features do not apply to the business account

As an operational approach, Neat collaborates with multiple financial entities, including regular banks and Fintech organizations, to deliver their suite of business account solutions. Each of these business accounts operates with separate account details.

Neat App users receive a Neat prepaid MasterCard after account opening that allows them to pay with more than 50 currencies at any Mastercard-authorized location. The prepaid MasterCard enables users to extract money from any ATM worldwide where MasterCard is an accepted payment method.

The Neat platform places users at its core during development. The fintech startup stands apart from conventional financial institutions by making user needs and user experience their core values while delivering a modern digital application.

Corporate card

Neat provides Visa corporate cards under the brand name The Smart Corporate Card. 

Business account customers of Neat, but corporate clients exclusively obtain access to corporate Visa cards. The Neat corporate cards serve three categories of individuals who hold Business Accounts with Neat. Users can access Alipay payments through the Neat card, but the payment methods Google and Apple Pay are still unavailable.

Neat cards come equipped with built-in controls and spending limitations, which assist your business in tracking its financial activities through real-time expense monitoring and instant card freezing and monthly spending thresholds. The Neat corporate cards integrate with business account funds, which enable automatic payment settlements from available account balance. The Business Account determines the highest possible amount Business Account holders can spend via their Neat card. 

Getting in touch with Neat

The Neat customer support team can be reached through phone calls and emails and by using WhatsApp and WeChat messaging platforms. The specific contact information appears on Neat’s contact us page. The Neat website enables you to start a live chat session right after you access its homepage. After creating your Neat account, you can get immediate customer support by using the Neat dashboard.

Fees charged by Neat

Neat business account creation and associated Visa Corporate Cards are free of charge at this time. Neat operates as a fee-based platform that earns money from payment transaction fees as well as foreign exchange commissions for currency conversion services. 

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