Railsbank and Neat join forces on international banking for SMEs

Railsbank and Neat - a Hong Kong-based fintech that provides an alternative to traditional banks for SMEs - share a common vision that international banking should be accessible to everyone. However, global banks are opting out of providing international banking services for SMEs, so Railsbank and Neat are rising up to fill this gap and support them.

This vision is realised through this new partnership, by enabling access to the financial services all startups and SMEs need for cross-border business. The partnership starts with global access to local banking services (including debit cards) and will be expanded into other financial services including credit and insurance.

Enhanced by Railsbank’s open banking platform, which provides local access to global markets, Neat customers can now access localized bank accounts, debit cards and payment capabilities in several locations around the world. This opens doors for entrepreneurs to do the following for their businesses:

• open domestic GBP accounts in the UK, EUR accounts in the SEPA region, US dollar accounts in the US, and HKD accounts in Hong Kong, with domestic corporate debit cards;

• incorporate legal vehicles in Hong Kong to facilitate cross-border trade with China;

• break into global markets, and expand their trade with customers and partners worldwide;

• automate the entire book-keeping process thanks to a deep integration with the Xero online accounting platform;

• eliminate international transfer fees and charges when conducting business around the world, as well as make and accept payments in international markets instantly.