Source: Deutsche Bank
China Merchants Bank and Deutsche Bank today announced the signing of a Memorandum of Understanding (MOU) expanding their global multi-currency clearing relationship by using Deutsche Bank's FX4Cash Receivables solution.
China Merchants Bank is one of China's top-ranking commercial banks, with 105 branches and 867 sub-branches in Mainland China across 110 cities. In recent years, China Merchants Bank has also been expanding overseas. The Bank has two wholly-owned subsidiaries in Hong Kong - Wing Lung Bank Ltd. and CMB International, as well as branches in Hong Kong and New York, and representative offices in London and Taipei. In addition, China Merchants Bank plans to open a branch in Singapore.
China Merchants Bank already uses FX4Cash Payables and as part of this MOU, the Bank will also be using Deutsche Bank's FX4Cash Receivables for its foreign currency retail and commercial receipts, thereby eliminating manual steps along the payment chain and gaining rate transparency. FX4Cash Receivables delivers order and choice to incoming receipts.
FX4Cash provides fast and reliable execution of payments made through leading client access channels including SWIFT, the internet, host-to-host and Eurogiro, in up to 131 local currencies via wire transfer, cheque and ACH − across more than 160 countries. The platform combines Deutsche Bank's ranking as the world's number one foreign exchange bank* with its leading ranking in cash management to provide global cross-currency payment solutions to financial institutions and corporates.
In commenting on this MOU, Xia Jinqing, Head of Financial Institutions Department at China Merchants Bank, said: "We are pleased to expand our relationship with Deutsche Bank. The Bank's FX4Cash Receivables solution will help us to further enhance our cash management service offering and consequently bring added value to our corporate and retail clients. We look forward to continuing to work with Deutsche Bank."
Nancy So, Asia Pacific Head of Cash Management Financial Institutions Sales, Global Transaction Banking at Deutsche Bank, added: "We are delighted that China Merchants Bank has chosen to use FX4Cash Receivables to complement their use of FX4Cash Payables. By using both services, China Merchants Bank will gain optimal benefits from the platform and be able to grow their client base domestically and internationally with the efficiencies that FX4Cash brings."