Best transaction bank for trade finance 2019
Bank of China
Bank of China remains the most global of Chinese banks when it comes to trade finance. It offers clients a large global network for renminbi exchange and clearing through more than 110 offshore branches. The bank has invested in building out a substantial global IT network that offers clients the ability to manage cash and seek trade financing globally.
Chief among the offshore units, the transaction banking unit in Hong Kong, which operates as part of Bank of China International, serves as a nerve centre for its global trade finance operations. 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 firm Alibaba Group’s e-payment platform, Alipay.
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.