Under the terms of a Memorandum of Understanding signed at the international Sibos banking conference in Toronto, Deutsche Bank will provide CMB with a dedicated operational and service support team and with Asia Accelerator, its newly-launched system for speeding up intra-Asia payment flows.

Asia Accelerator was developed to address inefficiencies in the settlement of Asia's high volume of US dollar-denominated payments as a result of different clearing time-zones. The product uses sophisticated algorithms and text-recognition technology to identify and prioritise intra-Asia USD payments, recycling and automatically directing available liquidity to active market participants.

Deutsche now employs close to 550 people on the Chinese mainland, up from 50 only four years ago, and has snagged big transaction processing and cash management deals with a clutch of leading Chinese banks.