Corporate Account Opening in Hong Kong
In the past decade, regulators, both locally and internationally, have passed strict anti-money laundering & know your customer (KYC) regulations that have forced banks to invest heavily in this function just to be in compliance. This pressure on banks has translated into high fees and difficult requirements for SMEs & startups to meet when they are trying to open accounts.
This corporate account opening process is a real challenge in Hong Kong. It is labor-intensive, time-consuming, and expensive that involves a large and increasingly unnecessary amount of time. Multiple rounds of document sharing, appointments with business stakeholders, and complicated due diligence procedures equate to high costs for banks and bad customer experience for corporates.
CryptoBLK is working with industry partner TESS Asia to break these silos and build a trusted ecosystem using Blockchain / Distributed Ledger Technology (DLT) that dramatically improves the effectiveness and efficiency of the KYC processes for both TCSPs and financial institutes.