PAOB VS Statrys: Business Account Comparison [2024]

Q: Which is better for SMEs, PAOB or Statrys?

Statrys is better suited for global SMEs requiring virtual multi-currency accounts and dedicated customer support, while PAOB caters more to Hong Kong-based businesses with its exclusive banking services in HKD.

Q: Can businesses outside of Hong Kong open accounts with Statrys or PAOB?

You can open an account with Statrys if your company is registered in Hong Kong. Singapore, or the BVI. On the other hand, PAOB requires your business to be incorporated locally in Hong Kong.

Statrys	PAOB
Key Features ✔️ Business accounts supporting 11 currencies, including HKD, SGD, and USD ✔️Send local payments to 12 countries ✔️ SWIFT payments with real-time tracking ✔️ Physical and virtual payment cards ✔️ Online and remote account application process ✔️ Xero integration ✔️ Dedicated account manager	Key Features ✔️ Business accounts for Hong Kong citizens ✔️ SME Saving Accounts with 0.01-0.10% annual interest rates ✔️ Free and instant HKD transfers via FPS ✔️Eligible deposits are protected under the protection scheme ✔️ In-app online application ✔️ SME loan services ✔️ Free account option ✔️ 24/7 customer support
Best For Global or expanding SMEs that is registered in Hong Kong, Singapore and the BVI with frequent transactions in currencies other than HKD. If you trade FX regularly, we offer the best FX rate in Hong Kong.	Best For Hong Kong-based individuals and businesses that primarily make HKD transactions or need loans to support their growth.
Primary Cons Only companies in Hong Kong, Singapore and the BVI are eligible to open an account	Primary Cons Only HKID holders can apply for an account Support only HKD transactions Doesn’t offer business cards Not support ATM withdrawals

Open a Multi-Currency Business Account in Hong Kong

Receive and make payments in all major currencies.

A dropdown of some supported currencies by the Statrys business account.

Statrys Overview

Statrys is an award-winning Money Service Operator based in Hong Kong. Founded in 2019, Statrys provides digital-only solutions for businesses, from multi-currency business accounts to company incorporation services in Hong Kong and Singapore to over 3,500 companies.

Statrys operates with a mission to provide SMEs and entrepreneurs with seamless cross-border payment solutions and people-first customer service that allows users to connect with dedicated account managers in multiple languages and through various channels, including WhatsApp and WeChat.

Eligible countries: Hong Kong, Singapore, and the BVI.
Eligible company type: Any type of registered company, including sole proprietorship, public limited company (PLC), limited liability company (LLC), and limited liability partnership (LLP).
Eligible industries: Most industries are eligible to open an account. However, there are some prohibited industries.
Licences: Statrys operates as a licensed Money Service Operator in Hong Kong and a Small Payment Institution in the UK.
Custodian bank: DBS Hong Kong.

PAOB Overview

PAO Bank Limited (PAObank) is one of the 8 virtual banks in Hong Kong licensed and authorised by the Hong Kong Monetary Authority in 2019.

PAOB is a wholly-owned subsidiary of Lufax Holding Ltd (Lufax) and a member of Ping An Insurance (Group) Company of China, Ltd. It offers retail and SME banking services exclusively online via the PAOB app, including business accounts and loans. Recently, the bank received the 'Best SME’s Partner Award' from The Hong Kong General Chamber of Small and Medium Business, recognising its support for small businesses.

Eligible countries: Hong Kong.
Eligible company type: Every company incorporated in Hong Kong.
Licences: PAOB holds a virtual banking licence issued by the Hong Kong Monetary Authority.

Business Account Features Comparison

	Statrys	PAOB
Supported Currencies	11 currencies: HKD, AUD, CAD, CHF, CNY, EUR, GBP, JPY, NZD, SGD, and USD	HKD
Local Payment Currencies	12 currencies: USD, AUD, GBP, EUR, THB, INR, VND, TRY, IDR, PHP, SGD, and KRW	HKD
Fund Transfers via Faster Payment System (FPS)	✔️	✔️
International Payments (SWIFT)	✔️	✔️
Accounting Software Integration	✔️	❌
FX Features	Spot trade and forward contract services at competitive rates	Not specified
Primary Pros	Receive, hold and send money in all major currencies Support local payments in 12 locations Fast account opening time and entirely online application. Competitive FX rates	Extensive banking services for SMEs, including business instalments and revolving loans All eligible deposits are protected up to HKD 800,000 100% in-app online application. No minimum balance requirements No monthly service fee
Primary Cons	Services are restricted to companies incorporated in Hong Kong, Singapore and the BVI	Only Hong Kong Identity Card holders can apply Only support HKD transactions

Business Account Fees Comparison

	Statrys	PAOB
Account Opening Fee	Free*	Free
Account Monthly Fee	Free (if sending 5 or more transfers in the month)	Free
Send Local Payments in Hong Kong	HKD 5 per HKD/CNY payment in Hong Kong. If exceed HKD 500,000: HKD 25 HKD 75 per USD payment in Hong Kong HKD 25 - 50 per local payment in specific countries	Free
Receive International Payments (SWIFT)	HKD 60	Cannot find the information
Send International Payments (SWIFT)	HKD 85	Cannot find the information
FX Rate	Based on live mid-market exchange rates	Cannot find the information
FX Fee	Starting from 0.4%: HKD, USD, EUR, CNY, GBP, SGD, JPY, AUD, CHF, NZD, and CAD Starting from 0.6%: INR, IDR, PHP, KRW, THB, TRY, and VND	Cannot find the information

*Account opening fee may apply for companies not registered in Hong Kong or Singapore, companies with complex shareholding structures, and companies with high-risk business profiles.

Open a Business Account with Statrys

No minimum deposit. No maximum transaction. Support from an account manager.

Statrys mobile application dashboard showing a total balance in a business account.

Card Features and Fees

	Statrys	PAOB
Card Type	Physical and virtual prepaid Mastercard® card	PAOB doesn’t offer business cards at the time of this review
Card Base Currency	HKD
Payment Limit	HKD 600,000 per cardholder per year
ATM Withdrawal	✔️
ATM Withdrawal Limit	Up to HKD 120,000 per year
Primary Pros	Make purchases or withdraw cash at ATMs where Mastercard® is accepted. Each cardholder can obtain 1 physical card and 4 virtual cards. Manage and control each card from one dashboard.
Primary Cons	It’s a pre-paid card. Customers need to top-up balance before spending. Monthly fee of HKD 48 applied for each additional card

Customer Support

	Statrys	PAOB
Dedicated Account Manager	✔️	❌
Communication Channels	Live Chat on Website, Email, Phone, WhatsApp, WeChat	Phone, Email, In-app Live Chat
Working Hours	10 am to 7 pm Hong Kong Time Monday to Friday (except on public Hong Kong holidays)	24-Hour (including public holidays)

Do you have an account with PAOB? We’d love to hear what you think! Share your review in our short survey and get rewarded for your time.

Open a Multi-Currency Business Account in Hong Kong

Receive and make payments in all major currencies.

FAQs

Is PAOB a bank?

Yes. PAOBank holds a virtual banking licence issued by the Hong Kong Monetary Authority in 2019. So your fund with PAOB are protected up to HKD 800,000.

Which is better for SMEs, PAOB or Statrys?

Can businesses outside of Hong Kong open accounts with Statrys or PAOB?

Disclaimer

More info

Statrys competes directly with PAOB in the payment industry. However, we're committed to providing an unbiased, thorough review to help you make an informed choice.