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Ok so my experiences trying to open hongkong bank account for my seychelles ibc

#64
Any update getting a bank account in Hong Kong? How did the recommendation from linusAG go regarding an account opening with pingpongx? Maybe Fred from DLS Offshore can help get you an account with DBS. I believe he has a MSO license and can get accounts open for Panama companies. Not sure about other offshore jurisdictions likes Seychelles though. I have been lurking a lot, reading countless threads and soaking up information. This is my first post.

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#65
AAJ said:
Any update getting a bank account in Hong Kong? How did the recommendation from linusAG go regarding an account opening with pingpongx? Maybe Fred from DLS Offshore can help get you an account with DBS. I believe he has a MSO license and can get accounts open for Panama companies. Not sure about other offshore jurisdictions likes Seychelles though. I have been lurking a lot, reading countless threads and soaking up information. This is my first post.

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Other MSO also can open a DBS Virtual Account to Seychelles IBC.
(Currenxie, PingPong, etc.)
 
#69
linusAG said:
Most payment companies(or what we call MSOs) in Hong Kong are directly partnered with DBS HK. So I don't understand what you mean.
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I got the impression the client will access the DBS app directly and not through a third party payment company website. My mistake if wrong.
 

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#71
linusAG said:
Most payment companies(or what we call MSOs) in Hong Kong are directly partnered with DBS HK. So I don't understand what you mean.
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He probably has a omnibus account (which transfers the AML due diligences mostly to Fred ) .
Fred acts as the agent, holding funds for multiple clients in segregated form internally.
But this comes also with risks :
17. Your Assets may be deposited together with assets belonging to our other customers, and/or the customers of our Agents in an omnibus custody account. This is known as co-mingling. Co-mingling comes with certain risks which you understand and agree to as below:

  1. While we will maintain records of your interests in the pooled Assets, your right to such Assets may not be easily identified from documentation such as separate certificates, other documents of ownership or equivalent electronic records;
  2. If we or our Agent defaults or becomes insolvent, you may not receive your full entitlement. Any shortfall in relation to the value of pooled Assets may be apportioned to you and other customers. Delays in identifying individual investments in such situations may result in an increased risk of loss; and
  3. You may not receive the identical Assets deposited in custody. We will, however, return to you Assets that are of the same class, denomination quantity and nominal amount (and rank equally) with those originally deposited with or transferred to us.
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#72
aniglo22 said:
He probably has a omnibus account (which transfers the AML due diligences mostly to Fred ) .
Fred acts as the agent, holding funds for multiple clients in segregated form internally.
But this comes also with risks :
Click to expand...
Yes, DBS HK provide umbrella account to payment companies.
And payment companies can issue Virtual Accounts under clients' name.
So the clients can't access the DBS app directly
 
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#79
#80
AAJ said:
Good to know. I would imagine it's harder to get these Chinese EMIs open for offshore companies, especially if it's a high risk business.
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Not exactly, you can onboarding EMIs easily than a bank.
dany said:
What HK EMI would anyone suggest then for a HK company ?
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Airwallex, PingPong, LianLian, WorldFirst, Xtransfer, Statrys or currenxie.
 
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