Can someone please recommend bank account for Cayman Fund?

[anesthetic]

we are a Cayman fund and already have a offshore bank account. But for some KYC reason we need a non-offshore (onshore?) bank account...

Can someone please recommend one which can do normal fund operations (subscription, redemption, paying service bills, etc)? BTW we operates in Asia area, hk, Singapore, etc.

Thanks!

 

[EliasIT]

There are a few you can approach

HSBC Hong Kong
Standard Chartered Bank Hong Kong‌
DBS Bank Singapore
Citibank Singapore & Hong Kong

And if you can't get through to‍ the above you can check out Revolut and Wise!

 

[linusAG]

Fundbank（Cayman and USA)

 

[Martin Everson]

Any bank outside of Cayman where your fund is based is considered an‌ offshore bank. While any bank in Cayman is considered onshore. So are you looking for‍ a bank in Cayman? Or what have you defined as an onshore bank for your⁠ purposes?

 

[anesthetic]

thanks! gonna reach out.

 

[anesthetic]

That's what we have. while prime broker‌ doing KYC it turns out fundbank/dms is not a licensed bank anywhere. It's just a‍ offshore trust.....and broker turned down our application

 

[anesthetic]

I think our prime broker in UK considers banks in⁤ Cayman and other offshore places (BVI, Bewrmuda, etc) as offshore...

 

[linusAG]

FundBank is a licensed bank in Cayman, and you can ask⁠ your relationship manager at FundBank if they can open an additional account at their USA⁤ entity.

 

[AlexRitmo]

Very interesting, I am currently looking at Fundbank to open a bank account‍ with them for my small proprietary trading firm in Cayman + Panama. Could you give⁠ me an idea of their entry fees, minimum balance, annual fees?

 

[linusAG]

I think their fee schedule is case-by-case.

 

[linusAG]

You can also talk to‍ Citco. They have bank licenses (branches) in Nederland, Canada, Luxembourg, Ireland, and Cayman. They are⁠ experts in this industry.