Open an account in RD Wallet - YB Case 2024

RD Wallet

RD Wallet

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The opening of an account in the RD Wallet payment system can bring benefits to a wide range of clients. For those who prefer convenience and accessibility, opening an account in RD Wallet represents a straightforward and efficient means of financial management. With the convenience of mobile apps and internet platforms, it's simple to monitor transactions, conduct payments, and initiate transfers anytime and from any location.

For entrepreneurs and businessmen, RD Wallet can become a reliable tool for conducting business. An account in this payment system offers a wide range of features, such as the ability to accept online payments from customers, fast fund transfers between accounts, and many other tools that contribute to increased efficiency and transparency of financial operations.

This publication discusses how to open an account in the RD Wallet payment system and the available services.

Opening an account in the RD Wallet payment system: wallet characteristics

RD Wallet is a licensed fintech platform offering stored value facility (SVF) services in Hong Kong, specifically designed to cater to the requirements of multinational corporations. Integrating with RD Wallet's Hong Kong-compliant payment infrastructure empowers businesses to streamline financial management, execute cross-currency transactions seamlessly, facilitate real-time peer-to-peer transfers, and monitor expenses through mobile applications. As a Hong Kong Monetary Authority (HKMA) regulated entity, RD Wallet guarantees strict compliance with rigorous domestic and international financial regulations.

Benefits of having a corporate account with RD Wallet:

  • RD Wallet is compatible with all primary monetary units, encompassing HKD, CNY, USD, EUR, and JPY. There are intentions to broaden its scope to encompass additional currencies in the future, thereby significantly optimizing procedures for payments across borders.
  • RD Wallet presents favorable exchange rates. You can make an exchange with a 0% commission anytime and anywhere.
  • Corporate clients of RD Wallet can easily conduct both domestic and international fund transactions through the Faster Payments System. This ensures efficient and transparent interaction between businesses and their counterparts, facilitating the acceleration of financial transactions and enhancing cash management processes.
  • Clients from the business sector may utilize the "inter-wallet funds transfer" option, facilitating instantaneous transactions and enhancing fund accessibility. This not only contributes to liquidity enhancement but also ensures swift settlements, crucial within the corporate milieu where time is of the essence.

Moreover, RD Wallet unveiled Round Dollar. This innovative monetary measure aids enterprises in adeptly handling currency uncertainties. Every Round Dollar comprises 25 Hong Kong dollars, 47 Chinese yuan, and 550 Japanese yen.

IMPORTANT! RD Wallet does not currently provide account opening services for individual use.

Corporate account in the RD Wallet payment system: services and tariffs

Hong Kong serves as a pivotal international hub for asset management in Asia, as well as a leading cross-border center for private equity and hedge fund management in the region. Storing assets and wealth in Hong Kong grants broad access to various solutions and products, to an expert financial community capable of supporting diverse investment strategies and objectives.

Initiating an establishment with RD Wallet is possible for a number of business enterprises, encompassing general partnerships, LLCs, and sole proprietors that are incorporated in the Hong Kong Special Administrative Region or external to Hong Kong (but not for businesses based in the People's Republic of China).

Corporate clients can make transactions and maintain assets in HKDR by opening an account on the RD Wallet payment system. This stablecoin has a 1:1 correlation with the Hong Kong dollar. Companies worldwide can save significant funds by conducting their financial operations through HKDR.

The utilization of HKDR ensures swift and convenient local and international payments with minimal costs, significantly streamlining processes of cross-border trade, e-commerce, global payroll management, and other forms of business.

As per the banking regulatory regulations, the RD Wallet payment system provides its clients with an extensive compliance checking tool. Corporate clients may create a completely certified digital company profile by taking part in RD ezLink. By leveraging pre-submitted customer data and streamlining existing CDD processes, this profile can be seamlessly transmitted to financial institutions for efficient account creation. The interested corporate customer takes the initiative and orchestrates the development, storage, and exchange of all company information within the RD ezLink platform.

If you plan to open an account with RD Wallet, engaging competent professionals experienced in facilitating account openings within payment systems can significantly streamline the process. These specialists possess comprehensive knowledge of all nuances and requirements stipulated by the payment system, thereby offering invaluable recommendations for the successful completion of the procedure and subsequent account management.

Bank tariffs and commissions

Fee for opening an account in RD Wallet

Jurisdiction

Account opening fee

Account for a company from Hong Kong

HKD 1,200/ USD 155

Account for a foreign company

HKD 10,000/ USD 1,280

Offshore account

HKD 18,000/ USD 2,300

Bank service fee

Account servicing (per account)

No commissions

Internal transfer (per transaction)

HKD 18 – 350

Outgoing transfer (per transaction)

HKD 5 – 350

Transfer from wallet to wallet

No commissions

If you have decided to register an account with the RD Wallet payment system, please be advised that the online platform does not provide credit issuance services, does not accept deposits, and does not engage in securities trading. Its primary function is to facilitate the transfer of funds between participants in payment transactions without the necessity of physical cash exchange or the use of bank transfers.

How to open an account in RD Wallet?

To start using the services of the RD Wallet payment system, you need to go through several steps:

  1. Fill out the online application form by providing the required business information.
  2. Prepare and provide a complete package of documents in order to open an account for a company in RD Wallet (corporate documents, identification cards of key persons of the company, extracts from the register of legal entities, details of the company’s legal address, a document proving the financial solvency of the company, etc.).
  3. Go through the verification process.

For opening a business account in the RD Wallet payment system, additional documents specific to particular businesses/industries may be required. Therefore, it is recommended to consult legal experts beforehand to ascertain the list of necessary documents. This will facilitate adept preparation for the process and mitigate any delays or complications in the account opening procedure.

Conclusion

Opening an account in the RD Wallet payment system can be a profitable solution for different categories of business clients, providing them with convenience, efficiency and security in financial management. This platform provides an alternative for those who face refusals when trying to open accounts in foreign banks.

The YB Case team provides personal advice on opening accounts in payment systems, and can also help in preparing a set of relevant documents and provide comprehensive support in opening an account in the RD Wallet payment system.

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