Standard Chartered Taiwan completes nearly RMB6b worth of RMB transactions

That's only a day after domestic banks became eligible to offer RMB-related services.

In a statement, Standard Chartered Bank Taiwan Ltd announced that it has successfully completed nearly RMB6 million worth of RMB-denominated transactions for several corporates -- including Makalot Industrial Co., LTD, Eastech Electronics (Taiwan) Inc., SEF TECH Co., Ltd., OHL Taiwan Limited )-- a day after domestic banks became eligible to offer RMB-related services. This reiterates Standard Chartered’s capabilities and expertise in cross-border transaction banking and cash management, as well as its leadership position in the globalisation of the RMB.

Standard Chartered Taiwan President and CEO Ajay Kanwal said:
Standard Chartered Bank is proud to launch its RMB operations for DBU clients. With over 150 years of presence in China, we are delighted to offer our clients access to our network of 100 outlets in 23 cities depending on their business need. Our Bank in Hong Kong has the distinct position of launching the first ever RMB Globalisation index. With our network and experience we plan to launch best possible products and service for our customers and clients in Taiwan.

Ajay Kanwal added that at a time when RMB is becoming one of the fastest growing currencies, the launch of DBU RMB business will help provide our corporate clients with one more currency option for trade settlement and increase flexibility in terms of cash management and financing choices. In addition, the launch of RMB business at local DBU will allow us to offer our consumer banking clients with more choices of financial products to diversify their investment portfolios.

As of now, Standard Chartered is offering RMB services to over 55 countries and has opened RMB accounts for clients from over 36 countries to settle trade transactions.

Makalot Industrial Co., LTD CFO Chin Kung Huang:
Standard Chartered is one of the major banks which Makalot conducts RMB businesses with because it possesses the competitive advantage of an international bank and that offers our company with comprehensive solutions. Through our collaboration with Standard Chartered, Makalot can capture opportunities arising from the RMB market in a timely manner.

The offering of RMB-related services at DBUs provides an alternative to settling RMB via OBU, allowing switching of USD trade transactions into RMB denomination. That will facilitate FX risk management, asset allocation and lower costs of raw materials. These, in turn, will bolster efficiency of the company’s financial management as well as our return on equities. At the same time, subsidiaries or suppliers based in China will enjoy a series of benefits, including lowering of FX risks and costs of FX exchanges, shortening work process and accelerating export tax rebate. Making good use of DBU RMB businesses bring us a win-win situation and increase competitiveness.

Eastech Electronics (Taiwan) Inc., CFO Tung-yi Chang said:
Standard Chartered provides Eastech with customized solutions, integrating services such as cash management, trade financing, FX and bond investments. This enables the Taiwan-based headquarters to serve as a treasury center and strengthen the company’s cross-border liquidity and supply chain management. The opening up of the DBU RMB services allows the company to conduct cash management in a more flexible manner and significantly increase the flexibility of financial operations.

Standard Chartered is one of the first banks in Hong Kong to offer RMB services, and it is the world’s first financial institution to launch an index tracking RMB activities. The bank’s strong network in China, Hong Kong and Taiwan as well as exceptional RMB capabilities can provide clients with customised solutions and become their best partner for RMB businesses.

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