As the first RMB business center in Singapore, the Chinese bank will particularly focus on local environment for RMB use, and promote popularity of RMB in bilateral trade and investment between China and Singapore.
The Chinese bank said the Singapore RMB business center will centralize the country’s RMB operations, offering customers with services that include deposit, settlement, credit card, e-banking and treasury business.
In addition, the RMB center will also extend its RMB services to the whole Southeast Asian region.
ICBC’s RMB products cover settlement, trade finance and forward transactions for corporate clients, remittance, fixed/demand deposit for personal clients, and clearing, inter-bank lending for correspondent banks.
ICBC senior executive vice president Wang Lili said in the next step, ICBC will continue to extend its domestic advantages in RMB capital, products, system and professional staff overseas to improve its financial services worldwide and the global offshore RMB clearing network.
