Statrys is a Hong Kong-registered fintech firm that kicked off in 2019 to offer financial services to businesses.
Its goal is to offer flexible digital payment options to small and medium-sized businesses and entrepreneurs in Asia. So, it doesn’t provide personal accounts to process payments for individuals or individual investors, as it only has business accounts. In other words, non-business use is not supported.
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In this article, we’ll look into Statrys’ background, features, fees, eligibility, and application process. We’ll enumerate some of the pros and cons of the firm.
No, Statrys Limited is not a bank. It holds a money service operator license in Hong Kong.
It describes its service as combining the functionality of a global account with a wallet to provide easy access to 11 currencies for international transactions. Over 3,500 companies worldwide use the platform.
Statrys serves as a modern alternative to traditional corporate banking.
Although the digital platform generally disapproves of companies that are not registered in the British Virgin Islands, Singapore, or Hong Kong, it does grant business accounts to those operating in certain niches, such as international logistics and transportation. It also backs firms with connections to Hong Kong.
Companies with headquarters in the United States aren’t eligible to use Statrys.
The Statrys Mobile App aims to increase the versatility of how you use your business account.
With the single virtual company account that Statrys provides, you can integrate your business with platforms like Shopify and PayPal, all while taking advantage of favorable foreign exchange rates.
Additionally, Statrys offers overseas fund transfer services. In order to provide quick and safe payments to overseas partners, these options include:
Users can send, receive, and keep money in:
By offering competitive exchange rates that are based on the mid-market rate, Statrys allows businesses to convert foreign currencies at a reasonable cost.
The Statrys business account has a monthly fee of 88 HK dollars or roughly 11.27 USD, plus additional fees for receiving and making payments. Extra cards cost 48 HKD per month, but the first card is free with the business account. Foreign exchange fees are 0.1%, while there is a 1.5% conversion fee for foreign currencies.
Applications from people who live in the United States are not accepted. Applications from US residents living abroad are welcome, nevertheless. With rare exceptions, the platform mostly onboards businesses that are incorporated in Singapore, Hong Kong, or the BVI.
Two papers must be submitted with the application: a copy of the company registration document and the passports of the shareholders of the company. After reviewing the business profile, the onboarding staff will get back to you with more instructions in a 24- to 48-hour period.
No minimum balance is required in order to open an account. The HKD 88 monthly cost, which is automatically taken at the beginning of each month, must, however, be covered by sufficient cash in the account.