All SEB sites can now offer their clients these services through SEB in Singapore. In addition, SEB’s corporate clients based in China can execute all their financial needs in Renminbi and foreign currency via SEB’s branch in Shanghai.
“This new service allows all SEB clients to take advantage of the possibility to use Renminbi for cross border trade and cross-border payments between China and Singapore under the pilot programme launched by the Chinese authorities,“ says Bo Carlsson, head of SEB Singapore.
The pilot programme is seen as a first step in developing the Renminbi into an international settlement currency for Chinese exports and imports.
“With the Renminbi license that SEB received earlier in the year, we can offer a complete corporate banking solution within cash management, trade finance, foreign currency trading and lending for Chinese based clients through the Shanghai Branch,” Carl Christensson, head of SEB Shanghai says.