SEB has become the first Nordic bank to provide cross-border trade-related settlement and account in renminbi (Rmb) to all corporate customers for settlement of eligible trade transactions outside China. This includes services such as cross-border payments and foreign exchange transactions.
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 Rmb and foreign currency via SEB's branch in Shanghai.
"This new service allows all SEB clients to take advantage of the possibility to use Rmb 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 Rmb into an international settlement currency for Chinese exports and imports.
"With the Rmb 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,” says Carl Christensson, head of SEB Shanghai.
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