Headquartered in Hong Kong Special Administrative Region (HKSAR), Fulbright is a securities company that provides a full range of financial services to customers. Fulbright offers local securities, global securities, local bonds and other funds, as well as facilitates cross-border market access through the Shanghai-Hong Kong Stock Connect and Shenzhen-Hong Kong Stock Connect, for its customers.
Fulbright’s customers are primarily retail investors who fund trading accounts through bank transfers or by setting up direct debit transfers. Due to the risks associated with third-party deposits and payments, funding of trading accounts from third-parties should not be accepted without sufficient controls. Fulbright was thus required to check funding sources, which often delayed the funding process, leading to a negative customer experience.
Because investors are required to provide evidence to ensure that invested funds going into trading accounts are not sourced from third parties, Fulbright needed a dedicated team to verify each receipt against the account holder of the fund originator, ID, and account holder of the investing account – all before funds are credited and made available for trading.