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Open Banking and Regtech Firm Railsbank Gains Hong Kong Fintech Statrys as New Client

UK-based Railsbank, an Open Banking and Regtech solution provider, revealed on June 29, 2020, that it has gained Hong Kong Fintech Statrys as a new client.

Statrys offers digital business accounts, advanced payment options, and forex solutions for SMEs based in Asia. It provides convenient digital banking services which don’t require that users visit physical branch locations.

Statrys’s management says that the Fintech firm is focused on serving new business owners, startups and also more established SMEs. Many of these businesses haven’t been able to access the best financial services, because of challenges associated with working with traditional banking institutions.

Bertrand Théaud, founder and director at Statrys, remarked:

“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 confirmed that it’s expanding its operations across Asia. The Regtech firm’s regional hub is based in Singapore. Headquartered in London, Railsbank also maintains offices in Lithuania, the Philippines, Vietnam and Sri Lanka.

The company recently acquired strategic investments from payments giant Visa and Global Brain, a major VC firm based in Tokyo, Japan.

Railsbank also announced a partnership with Visa to provide Banking as a Service (BaaS) options in Singapore, Thailand, Vietnam, and the Philippines. The Fintech firm also recently became a Visa issuing member in Singapore.

After becoming a Visa member and by joining the payment firm’s Fintech Fast Track Program, Railsbank will be able to access Visa’s large partner network. This should make it easier for the Regtech firm’s clients to launch Visa-based products.

Nigel Verdon, co-founder and CEO of Railsbank, stated:

“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.”

King Leung, head of Fintech of Invest Hong Kong, remarked:

“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 digitization 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.”

Leung added:

“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.”


Article by Omar Faridi, Crowdfund Insider

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