Deutsche Bank becomes first European bank to be approved for China's SAFE foreign currency trade payments pilot scheme
Deutsche Bank today announced that it has become the first European bank to be approved for the State Administration of Foreign Exchange (SAFE)’s Pilot Scheme for Facilitation of Foreign Exchange Receipts and Payments for Trade, which aims to simplify and improve foreign currency payments for cross-border trades.
Under the scheme, eligible clients of Deutsche Bank China (Shanghai Branch) will be exempt from providing supporting documents for foreign currency trade payment up front, allowing a straight-through payment processing upon the client’s e-banking instruction. Compared with the traditional payment procedure, this cuts the foreign currency payment process time to just a few minutes from days. The bank has completed its first foreign currency payment under the pilot scheme for global automotive technology company Aptiv on September 30.
Jerry Chen, Asia Pacific Chief Financial Officer of Aptiv, said: “Cross-border foreign exchange payments have been a lengthy process for corporates. With Deutsche Bank’s pilot scheme services, we see the direct benefits with faster and easier payments. As Aptiv’s banking partner, Deutsche Bank has provided us with a tailor-made pilot solution, which improved the overall process throughout the payment cycle and it is testament to Deutsche Bank’s professionalism and commitment.”
Alvin Ho, Deutsche Bank China Head of Corporate Cash Management, said: “The successful approval for the foreign currency trade payments pilot scheme is solid testimony to our local market expertise and commitment. Deutsche Bank in Shanghai is one of only a few banks that offer clients both capital account and trade account pilot solutions. We will continue to leverage our information technology capabilities to provide convenient, efficient, and secured one-stop cross-border payment solutions to our clients.”
About Deutsche Bank
Deutsche Bank provides commercial and investment banking, retail banking, transaction banking and asset and wealth management products and services to corporations, governments, institutional investors, small and medium-sized businesses, and private individuals. Deutsche Bank is Germany’s leading bank, with a strong position in Europe and a significant presence in the Americas and Asia Pacific.
This press release has been approved and/or communicated by Deutsche Bank AG or by its subsidiaries and/or affiliates (“DB”). Deutsche Bank AG is authorized under German Banking Law (competent authority: BaFin - Federal Financial Supervisory Authority) and by the Prudential Regulation Authority and subject to limited regulation by the Financial Conduct Authority and Prudential Regulation Authority.
Details about the extent of our authorization and regulation by the Prudential Regulation Authority, and regulation by the Financial Conduct Authority are available from us on request. Securities and investment banking activities in the United States are performed by Deutsche Bank Securities Inc., member NYSE, NASD and SIPC, and its broker-dealer affiliates. Lending and other commercial banking activities in the United States are performed by Deutsche Bank AG, and its banking affiliates. Copyright (C) 2020 Deutsche Bank AG
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Deutsche Bank today announced that it has become the first European bank to be approved for the State Administration of Foreign Exchange (SAFE)’s Pilot Scheme for Facilitation of Foreign Exchange Receipts and Payments for Trade, which aims to simplify and improve foreign currency payments for cross-border trades.
Under the scheme, eligible clients of Deutsche Bank China (Shanghai Branch) will be exempt from providing supporting documents for foreign currency trade payment up front, allowing a straight-through payment processing upon the client’s e-banking instruction. Compared with the traditional payment procedure, this cuts the foreign currency payment process time to just a few minutes from days. The bank has completed its first foreign currency payment under the pilot scheme for global automotive technology company Aptiv on September 30.
Jerry Chen, Asia Pacific Chief Financial Officer of Aptiv, said: “Cross-border foreign exchange payments have been a lengthy process for corporates. With Deutsche Bank’s pilot scheme services, we see the direct benefits with faster and easier payments. As Aptiv’s banking partner, Deutsche Bank has provided us with a tailor-made pilot solution, which improved the overall process throughout the payment cycle and it is testament to Deutsche Bank’s professionalism and commitment.”
Alvin Ho, Deutsche Bank China Head of Corporate Cash Management, said: “The successful approval for the foreign currency trade payments pilot scheme is solid testimony to our local market expertise and commitment. Deutsche Bank in Shanghai is one of only a few banks that offer clients both capital account and trade account pilot solutions. We will continue to leverage our information technology capabilities to provide convenient, efficient, and secured one-stop cross-border payment solutions to our clients.”
About Deutsche Bank
Deutsche Bank provides commercial and investment banking, retail banking, transaction banking and asset and wealth management products and services to corporations, governments, institutional investors, small and medium-sized businesses, and private individuals. Deutsche Bank is Germany’s leading bank, with a strong position in Europe and a significant presence in the Americas and Asia Pacific.
This press release has been approved and/or communicated by Deutsche Bank AG or by its subsidiaries and/or affiliates (“DB”). Deutsche Bank AG is authorized under German Banking Law (competent authority: BaFin - Federal Financial Supervisory Authority) and by the Prudential Regulation Authority and subject to limited regulation by the Financial Conduct Authority and Prudential Regulation Authority.
Details about the extent of our authorization and regulation by the Prudential Regulation Authority, and regulation by the Financial Conduct Authority are available from us on request. Securities and investment banking activities in the United States are performed by Deutsche Bank Securities Inc., member NYSE, NASD and SIPC, and its broker-dealer affiliates. Lending and other commercial banking activities in the United States are performed by Deutsche Bank AG, and its banking affiliates. Copyright (C) 2020 Deutsche Bank AG
Further links on the topic
Deutsche Bank in China
Cash Management solutions
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