Press Release
Standard Chartered Bank expands Renminbi services to ASEAN Markets on the back of its clearing licence in China
Region: Greater China and Japan, South East Asia Published by:
Valerie TAY
Date:
28 September 2009
Cash
28 September 2009, Singapore – Less than two months since China issued the rules for participation in the Renminbi (RMB) cross border trade settlement scheme, Standard Chartered Bank announced in July that it was the first international bank in Hong Kong to settle two-way Renminbi trade settlement with China, the first international bank offer RMB Nostro services to ASEAN banks and the first international bank in China to lend Renminbi overseas, under this scheme.
Standard Chartered Bank was also the first international bank to be granted an Agent & Settlement Bank status for cross border Renminbi settlements in China. Now, in a move that further demonstrates their pioneering approach to this initiative, Standard Chartered Bank has announced that it will start offering Renminbi payments, clearing, FX, trade services Renminbi clearing and settlement services to corporate and Institutional clients in ASEAN markets including Singapore, Malaysia, Thailand, Indonesia, Vietnam and the Philippines.
Jiten Arora, Regional head of Transaction Banking (Southern Asia) at Standard Chartered commented: “There is a lot of potential for the Renminbi to gain momentum as a trade settlement currency in the region, given the importance of China as a trading partner to the ASEAN block. By working with Standard Chartered, corporates and financial institutions in ASEAN countries can now leverage the opportunities that are emerging as this scheme unfolds. We are now offering Renminbi services for settlement with mainland China companies from Hong Kong, Macau and across the ASEAN countries.”
The Bank will further expand its offering in ASEAN to offer additional services such as Renminbi denominated deposits and current accounts from October 2009 onwards.
Arora continued: “As a designated Agent & Settlement bank for Renminbi, we also look forward to working closely with our clients to leverage these opportunities as well as help them get their counterparties onto the approved Mainland Designated Entity (MDE) list in China.”
For further information please contact:
Valerie TAY
Corporate Affairs, Group Wholesale Banking
Tel: + 65 6725 7792
E-mail: Valerie.Tay@sc.com
TAN Hsueh Mei
Corporate Affairs, Group Wholesale Banking
Tel: +65 6725 7729
Email: Tan.Hsueh-Mei@sc.com
Note to editors:
About Standard Chartered Bank
Standard Chartered – Leading the way in Asia, Africa and the Middle East
Standard Chartered PLC, listed on both London and Hong Kong stock exchanges, ranks among the top 25 companies in the FTSE-100 by market capitalisation. The London-headquartered Group has operated for over 150 years in some of the world's most dynamic markets, leading the way in Asia, Africa and the Middle East. Its income and profits have more than doubled over the last five years primarily as a result of organic growth.
Standard Chartered aspires to be the best international bank for its customers across its markets. The Group earns around 90 per cent of its income and profits in Asia, Africa and the Middle East, from its Wholesale and Consumer Banking businesses. The Group has over 1,600 branches and outlets located in over 70 countries. The extraordinary growth of its markets and businesses creates exciting and challenging international career opportunities.
Leading by example to be the right partner for its stakeholders, the Group is committed to building a sustainable business over the long term and is trusted worldwide for upholding high standards of corporate governance, social responsibility, environmental protection and employee diversity. It employs around 70,000 people, nearly half of whom are women. The Group's employees are of 125 nationalities, of which about 70 are represented in the senior management.
For more information on Standard Chartered, please visit www.standardchartered.com
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