Due to its unique geopolitical position and independence, Hong Kong managed to become Asia’s and international greatest business hub. It is renewed for its low tolerance for corruption, high-quality legal framework, and strong support for the law. As such, it provides a fertile soil for entrepreneurial souls who are looking to plant seeds and grow their business.
What is more, it is one of Asia Pacific’s largest and most important banking and financial centers, and ranks 3rd on a global level, following London and New York.
Is that all that drove businesses from around to globe to root themselves in Hong Kong? No.
Hong Kong is one of the most open world economies. It provides a fruitful ground for business formation as its adequate geopolitical factors promote business growth and development. Maintaining its status as the World’s Freest Economy, it remains an ideal location for international business headquarters and foreign investments.
Startups, especially, saw an opportunity in its low tax regime that allows them to achieve maximum earnings with minimal costs. Freshly-minted companies also enjoy great support from the government, as well as favorable financial, legal, and locational factors.
As a result, Hong Kong’s startup scene became the 5th fastest growing in the entire world. Today, China is a home of 98 unicorns (startups valued more than 1 billion USD). Most are located in the Hong Kong area and are operating globally.
How do they secure continual and exponential growth? Certainly, one of the most crucial business aspects to consider revolves around financial questions that need immediate answers.
Namely, for a business to achieve success on an international level, it is imperative to implement a viable financial solution which will allow seamless transactions to any corner of the world.
Recently, the Hong Kong Monetary Authority attempted to hasten and simplify the processes of payment and money transfer. But as it turns out, Faster Payment System mechanism was breached and put all users who provided their ID card photos and bank account numbers at risk of losing up to 10 and even 100 thousand USD.
Considering the risks FPS imposed on its users, it is no wonder everyone is still on the lookout for a more reliable solution. Companies operating on an international level especially seek for a dependable financial service that will allow them to complete secure transactions.
Signing up for a prepaid card program is one of the most effective ways to feed many birds with just one scone, especially a prepaid card which is independent of a bank.
Why?
Unfortunately, there is still a multitude of operational issues that need to be fixed before we can place our complete trust in the financial system. The history has shown that many so-far proposed solutions are still to some extent unsafe and are putting users at risk of breach and fraud.
Here’s where UniCard presents itself as a true game-changer. We partner with FXPartner, a platform which delivers quick and easy trading solutions that allow international businesses to expand their reach to global markets and grow their operations.
Like any other prepaid card, you are required to top it up before using it. This prevents the cardholder from spending more then they have, which is especially beneficial for businesses that have multiple individuals handling company finances. To prevent going over the budget, the amount intended for spending is prepaid to the card and it limits all card users from going over this limit.
UniCard comes with real-time insight into all transactions, meaning that no activity can pass by unnoticed. A business owner can log into an app and monitor all small and fragmented payments that are quite often overlooked. Without any interest charge or overdraft fee, company funds are easily assigned to individual prepaid cards. Form then on, all transactions and activities related to corporate expenses are monitored in an app, preventing (un)intentional excess spending on the employees’ part.
A prepaid card program is also a multi-currency solution which allows businesses to conduct forex trading. It enables a cardholder to handle up to 15 different currencies, as well as lock exchange rates of the currencies of their choice. With the ability to monitor real-time rates, international trading is simplified and optimized to secure high profit.
Companies which still handle payments with paper checks understand how high the costs of caching fees can be. A payroll card automates the entire process and eliminates reconciliation from the equation. The money is always at disposal and all transactions are documented immediately, so it is possible to gain insight into the company’s financial records whenever the situation requires.
What makes a prepaid card solution a more viable option is the fact that all transactions are highly secured and protected by a state-of-the-art security system. What is more, when you opt for a card that is not linked to any bank account, a cardholder is at a much lower risk of breach. For companies, this means that whoever is in possession of a prepaid card can only use the prepaid funds on that particular card and cannot access any other company’s financial assets.
For seamless international business collaboration, it is imperative to continually monitor financial records and activities of any kind. With a postpaid card that requires to be topped up before use, a company secures better and more secure financial management.
With UniCard Prepaid Mastercard you get a complete set of financial solutions on just one piece of plastic. Check it out and find out more here!
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