The answer to this is No. Neat is not a bank and is not supervised by the Hong Kong Monetary Authority (“HKMA”)
Post-August 28 2020:
Neat is not a bank. Neat is authorised by the Customs and Excise Department under the Anti-Money Laundering and Counter-Terrorist Financing Ordinance to provide remittance services and money changing services.
See Neat's full regulatory status here.
Pre-August 28 2020:
Neat is not a bank but works with ePayLinks Technology Co., Limited. (“ePayLinks”). The Neat Card is issued by ePayLinks Technology Co. Ltd (“ePayLinks”), an authorised MasterCard® prepaid card issuer in Hong Kong.
ePayLinks is a Stored Value Facility (“SVF”) licensee (License number SVF0011) regulated by the HKMA. You can find more details about ePayLinks here.
The HKMA is responsible for the licensing and supervision of ePayLinks’ issuance of Stored Value Facilities (“SVF”) in accordance with the Payment Systems and Stored Value Facilities Ordinance (Cap. 584) and Anti-Money Laundering and Counter-Terrorist Financing Ordinance (Cap. 615) in Hong Kong.
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For more information on Neat Business, please visit https://www.neatcommerce.com/business/features.