found new EMI - any feedbacks?

[devnull]

Hello, i just randomly found it in the Google advertisments:

ZangPay - Business multi-currency account

Its based in HK - What are your feedback for it?

 

[Nyep]

Looks like they're targeting high-risk only, and the fees sure do reflect that!

ZangPay said:
Offshore Banking for Restricted Business Activities.

Unlike other financial institutions ZangPay provides high risk restricted business activities to manage large payments.
Click to expand...

 

[JohnLocke]

Looks not too bad, however, they seem to be brand new and that's and indicator for me to wait at least a year or two before I use them for anything serious.

Most of these startups are working fine for us in the beginning and then the problems start coming after a year or less.

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[Daniels498]

Interesting, but "Note ”“ There is a minimum Volume requirement of 50,000 per month". What happens if it's less?

 

[Martin Everson]

This EMI has to be a joke right? I mean they are based in HK. Technically they have to use an EU institution to clear the euro payments. So which EU institutions are the payments clearing through for this to all work, does anyone know? ns2

--- start quote
"We accept most industries listed under many of the Banks Restricted Business Activities."
--- end quote

lol....something don't add up. How can they just say this? Sounds 100% like some clueless crypto kiddies set this company up with a dream of offering these services but have NO clue about reality and what awaits them if they deal in these activities as a nobody. They want small investment bank customer volumes and outside of crypto I can't see anyone with those volumes (other than criminals) using this service 🙁.

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

 

[Bmw850]

Martin Everson said:
This EMI has to be a joke right? I mean they are based in HK. Technically they have to use an EU institution to clear the euro payments. So which EU institutions are the payments clearing through for this to all work, does anyone know? ns2

--- start quote
"We accept most industries listed under many of the Banks Restricted Business Activities."
--- end quote

lol....something don't add up. How can they just say this? Sounds 100% like some clueless crypto kiddies set this company up with a dream of offering these services but have NO clue about reality and what awaits them if they deal in these activities as a nobody. They want small investment bank customer volumes and outside of crypto I can't see anyone with those volumes (other than criminals) using this service 🙁.
Click to expand...

Or they just want to load their basket before making an exit -)

 

[JohnLocke]

Martin Everson said:
This EMI has to be a joke right? I mean they are based in HK. Technically they have to use an EU institution to clear the euro payments. So which EU institutions are the payments clearing through for this to all work, does anyone know? ns2

--- start quote
"We accept most industries listed under many of the Banks Restricted Business Activities."
--- end quote

lol....something don't add up. How can they just say this? Sounds 100% like some clueless crypto kiddies set this company up with a dream of offering these services but have NO clue about reality and what awaits them if they deal in these activities as a nobody. They want small investment bank customer volumes and outside of crypto I can't see anyone with those volumes (other than criminals) using this service 🙁.
Click to expand...

This may be the truth of this story!

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[lookingforward]

Bmw850 said:
Or they just want to load their basket before making an exit -)
Click to expand...

THIS

 

[Geordiexile]

Bmw850 said:
Or they just want to load their basket before making an exit -)
Click to expand...

Looks like this may be the case with Zangpay. Their website has been down for a while and can't login, with emails bouncing back. We've a good balance with them so it's a bit concerning. Tracking the funds through Clearbank and Moorwand in the UK at the moment, apparently Zangpay didn't hold themselves out to be a bank when applied to Moorwand so makes you wonder what KYC checks they did when taking on as a client as their website (when it was up) clearly held them out to be a regulated bank along with the licence number.

 

[Irration4l]

Stay away from Zangpay. I've had a connection, who mentioned they got scammed with them. They do not have any normal procedures and are simply giving the same IBAN to all their customers, loading up on their money and then just ceasing communication and transfering the money elsewhere.

 

[Arc720ls]

Geordiexile said:
Looks like this may be the case with Zangpay. Their website has been down for a while and can't login, with emails bouncing back. We've a good balance with them so it's a bit concerning. Tracking the funds through Clearbank and Moorwand in the UK at the moment, apparently Zangpay didn't hold themselves out to be a bank when applied to Moorwand so makes you wonder what KYC checks they did when taking on as a client as their website (when it was up) clearly held them out to be a regulated bank along with the licence number.
Click to expand...

I had the same issue and I have been told that the owner of zangpay is the ceo of Lanistar bank, both of them are the only new Fintech pop ups in the last 1-2 years with memorable phrase exactly the same which is “ breaking the status quo” which did make sense when I was told, hopefully we will get to the bottom of this.

 

[Geordiexile]

Did someone have an update on this lot a few days ago? Had an email alert then the posting was removed. Still digging for info but could be that we're going to go for Moorwand instead as appears they didn't carry out full KYC whilst onboarding Zangpay as a client

 

[dirtyharry]

It is some time since this thread was started, we have yet not seen any negative reviews. Either they don't have any customers or they may do something right so far.

Maybe they collecting sufficient with customers and money before they do a hudini