Many clients have asked WHAT and WHY E-Accounts (offered by FinTech company) are so Hot nowadays? I will compare and contrast the differences and similarities. Let's GO!
Comparison
One of the few distinctions is the fact that E-Accounts are almost exclusively online, even though few happen to have physical open-door premises. Thanks to such business practice, the Renting costs can be saved for those FinTech companies and consequently offer excellent banking conditions at lower fees.
In terms of Compliance matters, both FinTech companies, as well as Banks, are regulated by the governments and so are obliged to perform Know Your Customer (KYC) and Anti-Money Laundering (AML) procedures.
And usually, banks offer a wide variety of services such as investment management, merchant banking, wealth planning, and structuring, loans, etc. In other words, clients with FinTech companies are NOT going to be sold with any Insurance or Wealth Management proposal. DO NOT GET ME WRONG! I suggest to have Insurance and Wealth Management in your life.
Use Reputable FinTech
You can run across a million different FinTech just browsing the web but the services can vary wildly. The crucial thing is finding a reputable FinTech that you can trust your money with and which you can depend on in a time of an emergency.
RBCS has worked with Airwallex and Neat which you can trust with.
Learn more at: https://www.rbcs.com.hk/e-account