Case: Solution for sudden blocking of a corporate account
Customer's pain?
There is no possibility to make payments between CIS countries and Hong Kong with adequate commission.
What was the client's request?
Urgent opening of a corporate account for a company in Hong Kong, activities related to logistics in the CIS.
Prior to that there was a working account in neobank, but it was blocked due to waiting for confirmation of the source of funds. As the client did not have all the payment contracts, the neobank delayed the verification of the company.
Why couldn't the client realize the task on his own?
He applied to another Chinese bank but was rejected without explanation from the bank.
What solution did we propose and why?
We analyzed several banks. Then we selected two and applied for pre-approval. Only after receiving pre-approval did we move the process forward. The client wished to attend the account opening at the bank himself.
Were there any difficulties in resolving the request – what were they?
The client had already had 2 unsuccessful attempts to open an account in Chinese banks on his own. Since the banks share information, it was difficult for us to prove to the bank that the client was OK. It always happens, if there are unsuccessful attempts, bank employees treat the application with special attention.
How long was the case?
It took 4 months from the first call to the first transaction on the account.
What specialists were involved?
- a bank specialist from Intelligent Solution Group;
- a lawyer who accompanied negotiations with banks and checked documents;
- an accountant, auditor, tax specialist who helped to collect and package documents for the bank;
- a compliance specialist of Intelligent Solution Group, who accompanied the process of negotiations with banks and helped to pass inspections;
- Intelligent Solution Group representative who accompanied the client physically when visiting Hong Kong.
The result?
The account is opened – the client is happy.
After opening the account with the Chinese bank, we helped to pass the checks with the payment system as well, so the client has two working accounts.