FinTech Neat is Granted Money Lender’s License

FinTech Neat is Granted Money Lender’s License in Hong Kong
1 April 2019 – The FinTech startup Neat, a digital banking alternative, has been granted a Money Lender’s License in Hong Kong, which marks the first step in their pursuit of global financial regulation.
As a digital banking alternative, Neat provides multi-currency business accounts for startups and SMEs, along with prepaid Neat Mastercards, which can be used to spend online and offline globally. With the Money Lender’s License, going forward Neat will be able to offer lending services, such as credit cards, loans, or lines of credit.
To continue their pace of growth while maintaining a solid focus on compliance, Neat has enlisted the help of Bovill, a regulatory consultancy specializing in financial services. Bovill has helped over 500 firms with regulatory authorisations over the years, including FinTech companies such as Atom Bank, with whom they worked closely to build their operational model from the start and helped to get a banking license in the UK.
Today, Neat works with a number of regulated partners and banks to offer its business account and Mastercards. With Bovill’s guidance, Neat is also applying for a Money Service Operator (MSO) license, and a Trust and Corporate Service Provider license (TCSP) license, soon to be followed by an HKMA license in Hong Kong. The FinTech is also planning to secure global licenses at a later stage.
David Rosa, CEO of Neat, said:
“In the next six months we’re taking big steps to become directly regulated. Having the right licenses will give us the platform to be self-reliant and build even more financial services for entrepreneurs and businesses, and this is just the beginning. Bovill has a deep understanding of the landscape we’re working in and has assisted a number of other FinTech companies like ourselves in attaining the right licenses.”
Neat is focused on building the next generation of financial services for startups and young businesses that have historically been underserved by banks. Bovill’s assistance on further improving Neat’s risk governance allows the FinTech to further scale its growth whilst committing to serve young companies with a short trading history and maintaining rigorous compliance standards.
Rebecca Thorpe, Partner and Head of Bovill Asia, said:
“At Bovill, we’ve worked with a huge array of challenger banks and FinTechs in recent years. From mortgage lending to millennial savings platforms, we’ve helped nimble new entrants to financial services make the most of regulatory reforms that reduce barriers to entry globally, and get licensed in their drive to bring innovation to the sector.
“Neat has a big vision for what the future of banking can look like. Our aim is to guide them through this process to become regulated and help see this vision through.”
About Neat
Neat is a FinTech company that provides digital banking alternatives for individuals, startups and SMEs. The first of its kind in Asia, Neat provides companies with a business account, the ability to receive and send payments globally as well as corporate Mastercards for online and offline spending and ATM withdrawals.
Neat’s mission is to take away the obstacles entrepreneurs face in dealing with banks: the paperwork, bureaucracy and long processing times. Neat believes in making things easier for startups and SMEs around the world.
For more information, visit https://www.neatcommerce.com/.
Press contact:
Elizabeth Ching
PR & Content Manager
elizabeth[at]neat.hk
About Bovill
Bovill is a specialist financial services regulatory consultancy, established in 1999 and headquartered in the UK with offices in London, Chicago, Singapore and Hong Kong. Our sole activity is the provision of high-quality, technically-focused advice and consultancy services on all aspects of financial services regulation. We aim to develop effective solutions to the complex problems of our clients, and do not offer commoditised advice or services. Bovill has experts
spanning all aspects of financial regulation in the UK, EU, Asia and the Americas.
For more information, visit https://www.bovill.com/.
Press contact:
Tyron Wilson / Jos Kelly – Linstock Communications
+44 (0)20 7089 2080
bovill[at]linstockcommunications.com
Polly Barton – Bovill
+44 (0)20 7620 6787
pbarton[at]bovill.com

SHARE THIS STORY

Share on facebook
Share on twitter
Share on linkedin
Share on email

RELATED POSTS

Shrinkflation

What Is “Shrinkflation” and Why Opting For It Isn’t Companies’ Only Choice

You might have noticed grocery prices are soaring, or your usual go-to pack of chips is shrinking in size—all thanks to massive inflation. As of August 2022, the U.S. consumer price index (CPI), which measures the change in consumer prices for a specific set of goods over a period, has increased by 8.3% (year-on-year). Although it has gone down slightly from 8.6% in May, the highest it has ever been since 1981, it remains high and worrying.

Top 3 Affordable and Little-Known Smartphones to Bring Home in 2022

Top 3 Affordable and Little-Known Smartphones to Bring Home in 2022

Apple has remained at the center of the smartphone industry for years. The sleek, striking design, ever-improving chip and robust camera system of the iPhone have made it one of the most sought-after smartphones in the world. This month, Apple cemented and extended its lead in the industry by putting forward the next generation of iPhones.

5 More Business Podcasts You Need to Listen To

5 More Business Podcasts You Need to Listen To

Entrepreneurs have one thing in common—they always look for opportunities to learn and grow. To gain an understanding of running a viable business, you need to listen to the experiences of those who have emerged triumphant in the business world. A great way to do so is by tuning into a vast number of business and entrepreneurship podcasts scattered across the internet today.

5 Hobbies To Maximize Your Entrepreneurial Drive

5 Hobbies To Maximize Your Entrepreneurial Drive

Entrepreneurs are a special breed of person. They’re go-getters, risk-takers and dreamers. Yet, even the most driven entrepreneur needs to take a break from time to time. Spending every second of your day on your business is stressful, and you will lose your drive very soon. If you want to stay energetic and ready to take on new challenges at work, hobbies are what you need.

Making the Metaverse a Force for Good with the Metaverse Charity Foundation

Making the Metaverse a Force for Good with the Metaverse Charity Foundation

If you are a frequent reader of our website, you must have seen us mention The Sandbox, Decentraland and Axie Infinity. These are some of the most popular metaverses out there, and the one thing they all have in common is that they all have their origins in Asia. While Asia is home to all these metaverse projects, it suffers two main issues: the region has major rural-urban inequality as well as a significant wage difference between high-skilled and low-skilled occupations.

How Do Stores Get You to Spend More Money

How Do Stores Get You to Spend More Money?

Have you ever entered a grocery store to buy some milk but ended up with a bag full of items you didn’t even need? You’re not alone if you feel guilty for spending more money than you intended. It’s not our fault that we keep putting items in our shopping carts; we are manipulated to do so! To make sure you buy more, retailers will go all the way to carefully engineer every aspect of their store.