China is at the vanguard of the new payments revolution and nowhere is set to feel the pain more than China’s banks. A new report outlines just how deeply new fintech is cutting into China’s bank revenues
A revolution in the way the public pays is being echoed in the corporate world. As the likes of BAML roll out innovation payment solutions for corporates, treasurers are weighing up the benefit.
The IMF has endorsed the renminbi as a freely usable currency, recognising China’s increased importance in the global financial market. The renminbi’s journey to attaining this status was never straightforward.
The IMF could announce this week whether it wants to add renminbi to the special drawing rights basket of currencies. Some banks are betting that China has done enough.
StanChart and Baoxin Group; HSBC and Saint-Gobain; and Citi and Roche have announced new cash programmes relating to pooling and netting in the Shanghai free trade zone following central bank clarifications.
Siemens, Alibaba, Huawei and ZTE are all in the second batch of SAFE’s pilot for cross-border FX cash sweeping, netting and centralised payments transactions, CT has learnt.