Asiamoney Best Transaction Banks in China
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China Merchants Bank
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Hundsun Technologies
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In recent years, China’s online financial services industry has welcomed a handful of ambitious newcomers, including Ping An Bank’s One Connect and Alibaba Cloud Financial Services Solutions. But Hundsun Technologies, a pioneer in the field, has managed to maintain its leading position as a technology partner to banks.
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Competition in the Chinese mobile banking market, whether for corporate or retail clients, is fierce. But China Merchants Bank’s CMB Corporate App stands out because of the sheer number of clients it serves, as well as its wide array of functions.
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All Chinese banks are keen to adopt financial technologies, but none has taken the mission to heart as much as China Merchants Bank. Since about 2014, executives at the bank have repeatedly said that the bank’s goal is to become a financial technology bank. Last year, the bank put that promise on paper. In October, the bank amended its Articles of Association to include specific amounts of fintech spending – the first Chinese commercial bank to do such a thing.
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In 2019, Bank of China and its offshore subsidiaries completed $5.2 trillion of international trading transactions. It also conducted Rmb7.32 trillion ($1 trillion) of cross-border renminbi payments. Both numbers put it in the top spot, not just in China, but in the world.
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Industrial Bank has chosen to focus its supply-chain finance business on several key industries: auto, consumer products, green, medicine and public infrastructure. Driven by vice-president Chen Xinjian, the bank has managed to expand its supply-chain finance business much more rapidly than its rivals. By 2019, the bank’s outstanding supply-chain finance volume reached Rmb249.5 billion ($35 billion), a jump of 115% from the previous year. The bank signed up 121 leading companies in 2019, bringing the total to 403 so far. These companies have in turn brought in 4,845 small and medium-sized enterprises as part of their supply chains. That number also represents a 64% increase from the previous year. Financing through the bank’s bills pool reached Rmb143.4 billion, nearly tripling the amount from the end of last year.
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Ping An Bank’s cash management business offers an extensive range of products befitting a wide range of clients, including renminbi cash pool, foreign exchange risk management and business overdrafts. Li Yue, president of the transaction banking department, has led the bank’s drive to establish a cross-bank, cross-border smart cash management platform that allows corporate clients to monitor their bank accounts at partner banks, domestic and international, on a real-time basis.
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Bank of China only set up its global transaction banking department in 2018. But it was still the first and the only one among China’s big four – Agricultural Bank of China, Bank of China, China Construction Bank and the Industrial and Commercial Bank of China – to do so.
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View the results of the 2019 Asiamoney best transaction banks in China awards here
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Mobile banking is the new battleground for digitalization of corporate banking business. Since the launch of the China Guangfa mobile banking app a few years ago, the bank has received positive feedback from customers.
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China Merchants Bank is so serious about improving its customer experience that its transaction banking division recently set up a specialist unit, employing 10 people to research client interactions, both online and offline. The team is using the research results to improve the bank’s service interfaces, both online and offline, as well as to help its biggest clients to tailor-make and build entire e-banking services.
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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.
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Bank of Communications has developed a complete one-stop supply chain management and financing platform that focuses on payment settlement, trade financing and value-added services.
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Since 2009, Bank of China has invested nearly Rmb600 million ($87 million) in building a domestic and foreign currency, global cash-management platform that connects the banks’ enterprise clients to the world of finance, giving them not only cash management abilities but also access to the global Swift remittance network, and multi-bank cash management systems.
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Agricultural Bank of China is best known for serving businesses in the nations’ agricultural and rural economies. But the bank has expanded in recent years to provide cash management services to 2.45 million clients across all industries and urban centres, including the majority of China’s top 500 corporations.
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CCB’s enterprise-level aggregate payment platform was launched in September 2017.
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Known as Gongyinju, Industrial and Commercial Bank of China’s homegrown e-commerce platform is widely used among the bank’s corporate clients. Over the last five years, ICBC has built and adapted Gongyinju for 204 large and medium-sized enterprises, creating a system that gathers more than 90,000 associated upstream and downstream small and micro-enterprises. The platform has helped these enterprises to handle close to 11 million online orders, altogether worth Rmb1.4 trillion ($203 billion), and resulting in Rmb1.54 trillion in total settled transactions.