- Fintech firm Neat will work alongside Visa to provide new debit cards for business-to-business customers in Hong Kong.
- The firm had to join the Visa network in order to participate in the service, which means that it can issue its own cards that are powered by Visa but branded with Neat materials.
- Figures from both organisations said that they were looking forward to the new arrangement.
A payment services firm in Hong Kong has unveiled its new bank card aimed at commercial customers in the region.
Neat, a fintech firm, said that it had teamed up with big global finance name Visa to design and issue the cards.
The company has become a member of the Visa network in order to push forward the arrangement, which will improve online money transfer experiences for customers as well as financial management.
Only companies that are incorporated in Hong Kong, one of Asia’s major financial centres, can benefit from the cards.
However, the arrangement means that Neat can now give out Visa cards containing its own branding.
This gives it a chance to expand its payments services offer for small to medium-sized companies.
Clients of Neat will now be able to do much more in terms of financial management thanks to the Visa link.
New features include enhanced oversight of expenditure as well as real-time alerts when transactions are made.
It will also be possible for clients to institute corporate expense limits for better financial management.
There is also a cashback arrangement in place.
Every purchase made for a customer will entitle the cardholder to receive 1% in cashback.
In a set of statements, leaders from both Visa and Neat were positive about the development.
David Rosa, who is the chief executive officer of Neat, said that the development came about as a result of “hard work” by the company’s staff.
He also said that it reflected a commitment on the part of the company to offer “world-class” user experiences.
“Neat becoming a member of Visa is a true testament to the hard work of the team and the substantial investments we have made scaling up our company to offer a world-class customer experience,” he said.
He added that customers of Neat would see the benefits – especially in the form of spending control.
“Our new Neat Visa card really gives SMEs the flexibility and control they need over their spending. We are proud to be helping SMEs and entrepreneurs grow their businesses across borders,” he added.
For Visa, the firm’s general manager in Hong Kong and Macau said that the move expanded access to financial services.
“Having access to commercial cards and products should not be limited to a handful of big corporations,” said Maaike Steinebach.
Neat completed its Series A funding round in April of last year.
In total, it received US$11m from a variety of funders, including Pacific Century Group.
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