Payments company Unlimit has been selected by the Hong Kong government as a strategic enterprise under the OASES programme, which attracts firms making significant investments in the city. Unlimit will make Hong Kong its hub for the Asia-Pacific region. The company has held an MSO licence since August, which lets it provide money exchange and remittance services in the city. According to the announcement, it will expand its teams and cross-border payment services there.

What it means: The news mainly concerns the Asian market, but it is relevant to Greek businesses that sell to or buy from Asia. Providers such as Unlimit offer, through a single account, collection with local payment methods in many countries, currency conversion and supplier payouts, which helps Greek e-shops, software firms or food exporters enter new markets without a local company. Before such a partnership, though, it is worth checking the provider's licence in each country, where customer funds are safeguarded, the cost of conversion and settlement times. European anti-money-laundering rules and information on the parties behind transfers also apply to cross-border payments, so KYC documents must be complete. For Greek fintechs, Hong Kong's strategy of attracting payment providers with incentives and fast licensing shows the competition between financial centres. Greece, with its initiatives for a friendlier fintech environment and the Bank of Greece sandbox, could learn from such programmes. The expansion of payment providers in Asia could eventually lower costs for small businesses paying suppliers there.

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