What is Statrys？
Statrys, founded in 2019 and registered in Hong Kong, is a fintech company specializing in providing financial solutions for businesses. The company offers business accounts designed to meet the specific needs of organizations, providing tools for efficient transaction and financial management. With a focus on international business, Statrys aims to simplify cross-border transactions for companies operating globally.
Operating within the fintech sector, Statrys provides an online platform, the Company Management Portal, along with a mobile app, allowing users to manage their accounts, conduct transactions, and access various financial tools. The platform supports multiple currencies, including HKD, AUD, CAD, CHF, RMB and so on.
The regulatory status of Statrys is notable, as the company operates valid specific regulatory oversight. Operating without specific regulatory oversight could offer Statrys a degree of flexibility in designing and implementing its financial services. However, it also raises considerations regarding consumer protection, risk management, and adherence to industry standards.
Pros & Cons
Pros:
Online Platform and Mobile App: The availability of an online platform (Company Management Portal) and a mobile app enhances accessibility for users, allowing them to manage accounts, conduct transactions, and utilize financial tools conveniently.
Currency Support: Statrys supports a variety of currencies, providing flexibility for businesses engaged in transactions across different regions.
Integration with Xero: The integration with popular accounting software, Xero, facilitates seamless financial management for businesses already utilizing this platform.
Multiple Customer Support Channels: Statrys provides various customer support channels, including telephone lines, email, WhatsApp, a message form on their website, and live chat, offering users multiple options for assistance.
Cons:
No Regulation: The notable absence of specific regulatory oversight may raise concerns for some users, as regulatory frameworks are often seen as essential for ensuring consumer protection and adherence to industry standards.
Regional Restriction: The primary focus on onboarding companies incorporated in Hong Kong, Singapore, or the British Virgin Islands may limit accessibility for businesses operating in other regions.
Is Statrys Safe or Scam？
Statrys appears to prioritize the safety and security of users' funds through various measures. The company emphasizes the use of state-of-the-art encryption technology and two-factor authentication, standard practices in the financial industry to protect sensitive data and enhance account security. This commitment to employing robust security measures is a positive sign for users concerned about the safety of their financial information.
The partnership with DBS, a reputable bank registered with the Hong Kong Deposit Protection Board, adds a layer of credibility to Statrys. This association implies that Statrys has chosen to collaborate with an established financial institution that adheres to regulatory standards. The reference to deposit protection further suggests an effort to provide users with a level of assurance regarding the safety of their deposits, up to certain limits, in the event of unforeseen circumstances.
However, the absence of specific regulatory oversight for Statrys may be a concern for some users. Regulatory frameworks are typically in place to safeguard consumers and maintain industry standards. While the partnership with a reputable bank indirectly addresses regulatory concerns, users should carefully consider their own risk tolerance and preferences regarding regulatory oversight.
Platform of Statrys
Statrys offers two distinct platforms that cater to businesses seeking streamlined financial management solutions. The Company Management Portal, developed by Statrys Corporate Services (SCS), and the Statrys Mobile App present practical tools designed to enhance operational efficiency and financial control.
Company Management Portal
The Company Management Portal, a product of SCS, is an online platform designed to facilitate the efficient management of company incorporation documents and communications. Users benefit from digital access, enabling them to retrieve company information and documents remotely. Serving as a centralized document hub, the portal organizes essential company needs, including documents and correspondence, in a cohesive manner. The platform allows for direct communication with the support team, offering users a personalized channel for assistance.
Complementing the Company Management Portal, the Statrys Mobile App provides users with continuous access to financial accounts. With a user-friendly interface, the app allows clients to manage their accounts at any time, providing flexibility for financial transactions. Users can handle various account-related activities seamlessly, including card management functionalities such as activation, top-ups, transaction checks, and card control options.
Statrys introduces free invoicing software as part of its services, positioning it as a best-in-class solution to enhance financial management for users. The software offers several features aimed at improving efficiency and reducing costs.
One key feature of the invoicing software is its claim to facilitate the quick creation and dispatching of invoices. The user-friendly interface is highlighted as a tool for expediting the invoicing process, allowing users to complete it within a short timeframe. The provision of this invoicing software at no cost is positioned as a means for Statrys to offer practical solutions to users for optimizing their financial processes.
User Roles Available on Business Account
There are four user roles available in the Statrys business account, each with different permissions.
Transaction Approver: This role has complete control over the account, including the ability to prepare and execute transfers, cancel transfers, invite users, and more.
Transaction Maker: Users with this role are permitted to prepare transfer instructions, edit payee details and view all transactions
Reader: Users assigned this role can only view account balances and transaction history.
Accountant: This role enables users to view account balances, transfer history (including those of all cardholders) and sync all transfer details with Xero Accounting Software.
Currencies Supported
The Statrys Business Account is positioned as a comprehensive financial solution designed to facilitate global business operations through a single account number. With support for 11 different currencies for incoming payments, the account offers businesses a high degree of flexibility and efficiency in managing international transactions. These supported currencies encompass a diverse range, including the Hong Kong Dollar (HKD), Australian Dollar (AUD), Canadian Dollar (CAD), Swiss Franc (CHF), Chinese Yuan (RMB), Euro (EUR), British Pound (GBP), Japanese Yen (JPY), New Zealand Dollar (NZD), Singaporean Dollar (SGD), and US Dollar (USD).
When businesses receive payments in any of the supported currencies, the funds are credited to their Statrys Business Account in the same currency. This feature allows for seamless handling of funds without an immediate requirement for currency conversion. Users retain autonomy to decide whether to convert the received funds, providing them with flexibility based on their currency management preferences. Additionally, the account enables users to make payments or transfers directly in any of the supported currencies, streamlining international transactions and minimizing conversion steps.
For outgoing payments, the Statrys Business Account extends its currency support to a broader range, totaling 17 currencies. This expanded range includes additional currencies such as Thai Baht (THB), Vietnamese Dong (VND), Indian Rupee (INR), Indonesian Rupiah (IDR), Philippine Peso (PHP), and Turkish Lira (TRY).
Payment Cards
Statrys introduces payment cards to enhance the financial flexibility of your business account, providing users with a prepaid Mastercard® that seamlessly integrates digital and physical transactions. Users can choose from a combination of physical and virtual cards, each designed to serve specific transaction needs and contribute to an improved overall payment experience.
Every user is entitled to one physical card, providing a tangible payment solution for in-person transactions and ATM withdrawals. This physical card extends the functionality of the Statrys Business Account beyond the digital landscape, offering users the convenience of real-world financial transactions.
Complementing the physical card, each user can access up to 4 virtual cards. Tailored for online transactions, these virtual cards provide a flexible and easily managed solution through the Statrys platform. Users benefit from the efficiency of digital payments while maintaining control and oversight of transactions in the virtual realm.
How to Open a Statrys Business Account？
Opening a Statrys Business Account is a streamlined process designed for convenience. Follow these steps to set up your account:
Step 1: Visit the Official Website
Visit the official Statrys website and locate the “Open Account” button.
Step 2: Choose Your Account Manager
Select your preferred account manager from the options provided.
Step 3: Select Your Business Jurisdiction
Choose the jurisdiction where your business is registered. Options include Hong Kong SAR, Singapore, British Virgin Islands, and other eligible jurisdictions.
Step 4: Complete Personal Information
Fill out the required personal information as prompted. Ensure accuracy and completeness in providing the necessary details.
Step 5: Provide Nationality and Residence Information
Specify your nationality and residence information in the relevant fields.
Step 6: Email Verification
Upon completing the information, a 6-digit verification code will be sent to the provided email address. Retrieve the code and enter it to verify your email.
Step 7: Create and Confirm Password
Create a secure password for your account and confirm it. Complete the account creation process by clicking the “Get Started” button.
Fees
Opening a Statrys Business Account incurs no initial fees, allowing businesses to embark on the account setup process without any upfront costs. This accessibility ensures that the first step towards leveraging Statrys financial solutions is straightforward and financially accessible.
For ongoing account maintenance, a monthly fee of HKD 88 applies. This fee covers the provision of services and access to the various features offered by the Statrys Business Account. The transparency of this monthly charge allows businesses to plan their operational expenses effectively.
Local transactions in Hong Kong Dollars (HKD) within the region offer favorable conditions. Receiving payments (Collect) incurs no charges, fostering a cost-effective environment for businesses engaged in local commerce. However, sending payments within Hong Kong carries a nominal fee of HKD 5. It's important to note that outward payments exceeding 500,000 HKD are subject to an additional fee of HKD 25.
An advantageous aspect of the Statrys Business Account is the low foreign exchange (FX) fee, set as low as 0.1%. This offers businesses a cost-effective solution for currency conversion associated with international transactions, minimizing the financial impact of currency exchange and enhancing the competitiveness of global financial transactions.
For international transactions, there is a structured fee system. Receiving international payments (Collect) is associated with a fee of HKD 55, while sending international payments incurs a fee of HKD 75. Additionally, businesses should be aware that extra charges may apply for outgoing payments exceeding $50,000 a month, with fees determined based on the business profile.
For local payments, Statrys imposes transaction fees for various currency payments to different regions. For transactions to Australia in AUD, Europe in EUR, the UK in GBP, Indonesia in IDR, India in INR, the Philippines in PHP, Singapore in SGD, and the USA in USD, the fee is HKD 25 per transaction. For transactions to Korea in KRW, Thailand in THB, and Turkey in TRY, the fee is HKD 35 per transaction. For transactions to Vietnam in VND, the fee is HKD 50. It's important to note that each transaction is subject to a single transaction limit of USD 1,000,000.
In terms of fees for Statrys Payment Cards, while the issuance of the first physical card is included with the Business Account at no extra cost, there is a monthly fee of HKD48 for each additional physical card. Virtual cards, however, are provided free of charge, emphasizing the cost-effectiveness of digital payment solutions. For ATM withdrawals, a fee of 1.99% of the withdrawal amount, with a minimum fee of HKD31, is applicable. Additionally, foreign currency conversion incurs a fee of 1.5%, ensuring transparency in the costs associated with converting funds for international transactions.
Customer Service
Statrys maintains a customer support framework designed to cater to diverse user needs. It offers various communication channels.
Telephone: +852 5803 2818 or +852 2319 4622;
Email: support@statrys.com;
WhatsApp: +852 6452 3564.
Message Form: https://statrys.com/contact;
Users can also engage in live chat on the official website (https://statrys.com/contact), and connect through social media platforms such as Twitter, Facebook, YouTube, and LinkedIn.
Conclusion
Statrys positions itself as a fintech company specializing in providing financial solutions for businesses, particularly those engaged in international transactions. The platform offers a Company Management Portal and a mobile app for users to manage their accounts, conduct transactions, and access financial tools. It supports multiple currencies, providing flexibility for businesses operating globally.
Statrys provides a range of services, including invoicing software, integration with Xero, and partnership with DBS Hong Kong. The fee structure is transparent, covering account maintenance, transaction fees, and card-related charges. The availability of multiple customer support channels, including live chat and social media, contributes to a comprehensive user support system.
One notable aspect is the absence of specific regulatory oversight, raising considerations about consumer protection, risk management, and adherence to industry standards. While this lack of regulation may afford flexibility in designing financial services, potential users may weigh the associated risks. Addtionally, there are regional restrictions, primarily onboarding companies in Hong Kong, Singapore, or the British Virgin Islands. This limitation may affect accessibility for businesses operating outside these regions.
Frequently Asked Questions (FAQs)
Risk Warning
Online trading involves significant risk, and you may lose all of your invested capital. It is not suitable for all traders or investors. Please ensure that you understand the risks involved and note that the information provided in this review may be subject to change due to the constant updating of the company's services and policies.
In addition, the date on which this review was generated may also be an important factor to consider, as information may have changed since then. Therefore, readers are advised to always verify updated information directly with the company before making any decision or taking any action. Responsibility for the use of the information provided in this review rests solely with the reader.
2024-02-23 15:23
2023-02-28 17:28
