Happy New Year, Everyone! As the new year kicks off, it's a special time for us at Statrys.
It's that time again when people ask, 'What are your resolutions?' After a busy 2023, let's take a moment to reflect on the past year and get ready for the exciting things ahead in 2024.
2023: A Year in Review
Local Payment Solution
2023 started strong with the release of our Local Payment Solutions in response to our clients’ needs. It is designed to make payments more cost-effective and quicker to process, leveraging local networks instead of the SWIFT system.
By partnering with a global payment system, our clients can make payments without extra currency exchange fees and enjoy faster processing, resulting in quicker payment receipts.
Consequently, our clients can now enjoy the convenience of making payments in local currency, including AUD, USD, THB, VND, INR, EUR, GBP, PHP, SGD, IDR, TRY, and KRW.
💸 Learn more about how you can enable your business with our Local Payment Solution.
The Maker-approver Feature
Next, we introduced the Maker-approver feature, which enhances the security and efficiency of payment transactions.
The Maker-approver feature is based on the "four-eyes principle," which requires a transaction maker and an approver to ensure accuracy and mitigate risks like fraud or conflicts of interest.
To this extent, we introduced 4 roles:
- The Transaction Approver who has complete control over the account, including the ability to prepare and execute transfers, cancel transfers, invite users, and more.
- The Transaction Maker who is permitted to prepare transfer instructions, edit payee details, and view all transactions
- The Reader who can only view account balances and transaction history.
- The Accountant who can view account balances and transfer history (including those of all cardholders) and sync all transfer details with Xero Accounting Software.
By segregating these duties, we have significantly strengthened the reliability of transaction processes.
🔎 Learn more about how the Maker-approver feature works
Seamless Xero Integration
Another major release we had was the integration of the Statrys Business Account with Xero Accounting Software. Many of our clients required this integration to automate and streamline various processes, which improved their financial management.
Transactions from business accounts and payment cards are automatically updated in Xero daily. This means less manual work for entering data. It also makes financial reports more accurate and less likely to have mistakes. With regular updates, our clients always have the latest financial information, which helps them make better decisions quickly.
We're proud to say that 63% of our clients already use this feature.
SWIFT Payment Tracking
After many of our clients asked, 'Where is my payment?', we saw an opportunity to improve our services.
As a response, we introduced our SWIFT Payment Tracking feature. It uses the advanced technology of SWIFT GPI to provide real-time visibility and more efficient operations.
With this, our clients can effectively track their incoming and outgoing payments. They also get digitized proof of payment and can share tracking links for outgoing payments.
In summary, this feature is designed to make international transactions more transparent and easier to understand, helping our clients better predict and manage their cash flows.
🔎 Learn how this feature helps you track your payments.
Preserving Oceans
The pollution on some beaches was truly shocking to witness. They are reminders of the environmental challenges we face and motivate us to help in our own way.
We initiated a meaningful effort by contributing a portion of 1 HKD for every transaction to an organization dedicated to developing technologies to clean oceans. It's reassuring to know that there are compassionate individuals in this world making a difference.
Furthermore, we extend the invitation to our clients to join this initiative. They can opt in and participate in these donations alongside us. Together, we can make a positive impact on our environment.
💡 Got questions? Head over to our Ocean Awareness Campaign FAQs.
Looking Ahead to 2024
"Singapore, here we (finally) come!"
Yes, we've been saying "next year" for a little while now, but this time, it's for real – We've been teasing our Singapore launch more than a suspenseful season finale, but the wait is officially over.
Company Incorporation in Singapore
In addition to helping businesses incorporate in Hong Kong, we've expanded our services to include company registration in Singapore. Whether you're considering Hong Kong or Singapore as the base for your new business, our team of experts can help determine the optimal jurisdiction based on your unique requirements and goals.
With years of experience navigating Hong Kong's regulations and a strong track record of success, businesses trust us to guide them compliantly through even intricate compliance processes. However, we believe compliance is just one part of the picture. Through a commitment to personal service, we aim to understand our clients fully in order to support their goals and vision.
Behind the scenes, exciting tech advancements are in the works!
What About the Business Account?
We don’t want to unveil too much, but we can guarantee it’s happening. Stay tuned for more updates and prepare to be part of our 2024 Singapore journey.
Heading to Europe in 2024
If you know our story with Singapore, you'll understand how determined we are. We're excited about the idea to offer our services in Europe. We're doing this with lots of energy and commitment (with a bit of humor).
To our (future) European clients: prepare for Statrys to come your way. This time, we're planning to be right on schedule (hopefully).
Upcoming Improvements to Invoicing Software
In 2024, you can look forward to exciting changes in our invoicing software. We're working on ways to connect it with our business accounts better, aiming to simplify your day-to-day business operations. While we're still working out the specifics, we're enthusiastic about bringing these operational efficiencies to you.
In the meantime, explore Statrys Invoicing Software for your invoicing needs.
Exploring New Solutions for China
Next year, we'll also focus on expanding our services in the Chinese market. Understanding that Hong Kong is a gateway to China for many of our clients, we recognize the importance of your transactions there. To that end, we want to find new methods to make these transactions smoother and more straightforward. Stay tuned for updates on these exciting developments.
A New Payment Card Experience
Finally, we want to add something new to our payment card options. Right now, you can choose between a physical card or a virtual one in HKD. Next is how to make these cards even more convenient for you. We're still working on the details, but we're excited about making your payments easier and better. Keep an eye out for more news on this!
Conclusion
As 2023 ends and we get ready for 2024, all of us at Statrys want to say thank you. Your trust and support mean a lot to us. We've worked hard this year to bring you better services, and we're not stopping there.
In 2024, we've got even more plans to make your financial management easier and more efficient. We're excited about what's coming, and we hope you are too. Keep an eye out for our updates – there's a lot to look forward to.
Thanks for being with us on this journey. Let's make the next year even better!
