Bank Account for HK MSO

[Mulan]

Hi all,

I am looking for a corporate account with a bank that has a strong network of correspondent banks and that can facilitate settlements for a Hong Kong MSO.
All settlements should be in USD or EUR but the goal here is to open a workable SWIFT account.

Here is what we do: As a licensed Money Service Operator (Hong Kong) our core business is online payment processing. Our payment platform is enabling merchants to accept payments globally. Most of them are licensed gaming merchants, working through payment agents in Europe.
Our business model is built on 2 solutions, and these are international payment processing and cross-border liquidity and settlements management.

I would appreciate if anyone has a good idea and advice which banks to contact. African banks are quite interesting for us, also other locations... As long as they are willing to share their correspondent banks.

Thanks in advance!

 

[Martin Everson]

Mulan said:
I would appreciate if anyone has a good idea and advice which banks to contact. African banks are quite interesting for us, also other locations... As long as they are willing to share their correspondent banks.
Click to expand...

Have a look at Crown Agents Bank in UK. They are Africa and emerging market friendly but I don't think gaming friendly.

https://www.crownagentsbank.com
Alternatively have a look at Rapyd with operations in HK which is not a bank but is gaming friendly.

https://www.rapyd.net/network/
I can recommend you an African Bank for USD but I don't think an MSO license is good enough. You would also be expected to have an existing SWIFT connectivity i.e at least SWIFT Alliance L2BA.

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Please note my posts should not be taken as financial or tax advice. Please seek professional advice in that respect.

 

[brk13]

Mulan said:
Hi all,

I am looking for a corporate account with a bank that has a strong network of correspondent banks and that can facilitate settlements for a Hong Kong MSO.
All settlements should be in USD or EUR but the goal here is to open a workable SWIFT account.

Here is what we do: As a licensed Money Service Operator (Hong Kong) our core business is online payment processing. Our payment platform is enabling merchants to accept payments globally. Most of them are licensed gaming merchants, working through payment agents in Europe.
Our business model is built on 2 solutions, and these are international payment processing and cross-border liquidity and settlements management.

I would appreciate if anyone has a good idea and advice which banks to contact. African banks are quite interesting for us, also other locations... As long as they are willing to share their correspondent banks.

Thanks in advance!
Click to expand...

Hi!

I can not help you with your inquiry but maybe you can help me with some info. Please correct me if I am wrong, as I understand from your post, you are licensed Payment Service Provider in Hong Kong right? For you to be able to start processing payments on behalf of your merchants aren't you required to have a safeguarding/segregated account where the funds of your merchants are safe stored until the settlement?

Thank you!