Best transaction bank for trade finance 2018
Bank of China
Bank of China is the most global of Chinese banks when it comes to trade finance. It offers clients a large global network for renminbi exchange and clearing that is anchored by offshore branches served by an army of 22,000 offshore employees, who are capable of conversing in 27 languages and hundreds of dialects.
The bank has invested in building out a substantial global IT network that offers clients the ability to manage cash across the networks of other global banks, giving them the capacity to make as many as 1,000 transactions at any one time.
Chief among the offshore units, the transactional banking unit in Hong Kong, which operates as part of Bank of China International, serves as a nerve centre for its global cash management system. Unlike other banks, which tend to insist that clients use only their in-house payment systems, Bank of China cooperates with even non-banking payment partners such as Chinese e-commerce giant Alibaba Group’s e-payment platform, Alipay.
Bank of China is also investing in financial technology to provide more value-added experiences for clients, including smartphone technology to serve not only individuals but also enterprises, according to bank executives; they note that the bank is working with leading Chinese internet technology companies to develop technology and software for online payment services that make cross- border cash management easy for anyone with a smartphone.
For its commitment to building and maintaining a global network, Bank of China deserves to be named the best transaction bank for international cash management.