HSBC China has launched a centralised renminbi (RMB) cross-border transaction management solution for its corporate clients in the Shanghai Pilot Free Trade Zone.
By delivering the new service to Saint-Gobain via its subsidiary in the pilot zone, the cash management solution covers functions including pay-on-behalf and receive-on-behalf and netting. This solution will also enhance the cash management efficiency for its Asia Treasury Centre located in Shanghai.
Kee Joo Wong, Head of Global Payments and Cash Management of HSBC China, said: “Centralised RMB cross-border payments and collections will bring significant benefits to our clients by simplifying their payment processes, reducing the number of transactions and unlocking additional liquidity. It therefore helps improve the efficiency of funding management and settlement, reducing funding cost and foreign exchange risk. As demonstrated by our innovative cash management solutions launched recently, HSBC China continues to explore financial solution breakthroughs for corporates in the Shanghai FTZ and across China. HSBC’s global network and international financial expertise will continue to advance our efforts in supporting our customers’ business growth under the prevailing regulatory framework within the zone.”
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