Visa and Neat Launch Virtual and Physical USD Corporate Cards in Hong Kongby Fintech News Hong Kong November 4, 2021
Neat, the Hong Kong based financial solutions ecosystem for SMEs and Visa today announced the launch of the Neat USD Visa Corporate Card in Hong Kong.
Available in both virtual and physical formats, the card will allow entrepreneurs, SMEs and fast-growing companies to make payments in both HKD and USD.
Through the Neat ecosystem, entrepreneurs, SMEs and fast-growing companies can incorporate their business in Hong Kong, get access to a fully digital multi-currency Neat Business account with Visa Corporate Cards to allow instant payments to vendors, suppliers and employees, and integrated accounting software to support cashflow and expense management, provided by Xero.
David Rosa, Co-founder and CEO, Neat commented:
“We want to empower our customers to achieve their ambitions by providing the products and services that they need to support them at all stages of their business journey. The U.S. Dollar is the world’s most widely used currency and a necessity for any business that operates across borders, particularly those in global commerce. Our new USD Visa Corporate Card gives small businesses the flexibility they need to grow their business internationally and settle payments through Visa’s fast, secure and frictionless network.”
The Neat USD Visa Corporate Card will provide SMEs with full visibility and control over expense management through the Neat dashboard as well as the ability to set their own monthly spending limits, view enhanced expense tracking and set up instant transaction notifications.
Cardholders will also benefit from significant cost savings as all transactions in USD will have the 1.5% foreign merchant fee waived, regardless of where the merchant is located. The Neat USD Visa Corporate Card will also provide 1% cashback on all purchases.
For Neat’s customers who already use Neat’s USD wallets, it means they will now be able to receive, send and also spend in USD directly through the new USD card, without the need for currency conversion.
Neat and Visa first announced a strategic partnership in January 2021, with a shared vision to enable frictionless trading across borders and support the growth of the next generation companies. They launched the Neat Visa HKD Corporate Card at the start of the year to help SMEs organize their cash flow and benefit from Visa’s global processing network and millions of acceptance points globally.
“Commercial cards not only enable SMEs to make payments easily and securely from their bank account, but also helps businesses to track their spending to improve their operational efficiency,”
said Maaike Steinebach, General Manager, Visa Hong Kong and Macau.
“Neat’s deep understanding of SMEs combined with its best-in-class compliance and risk management process makes it an ideal partner for Visa. We are pleased to partner with Neat on this card launch as part of our on-going commitment to support SMEs through our global payment network and a vast range of add-on benefits, such as Visa Business Reporting.”