Standard Chartered Bank will start offering renminbi (Rmb) clearing and settlement services to clients in Asean markets including Singapore, Malaysia, Thailand, Indonesia, Vietnam and the Philippines.
The bank has announced that it will offer renminbi payments, clearing, FX, trade services renminbi clearing and settlement services to corporate and institutional clients in the region.
The bank will further expand its Asean offering to include additional services such as renminbi-denominated deposits and current accounts from October 2009 onwards.
Jiten Arora, regional head of transaction banking (Southern Asia) at Standard Chartered comments: “There is a lot of potential for the renminbi to gain momentum as a trade settlement currency in the region, given the importance of China as a trading partner to the Asean block. By working with Standard Chartered, corporates and financial institutions in Asean countries can now leverage the opportunities that are emerging as this scheme unfolds. We are now offering renminbi services for settlement with mainland China companies from Hong Kong, Macau and across the Asean countries.”
Less than two months since China issued the rules for participation in the Rmb cross-border trade settlement scheme, Standard Chartered Bank announced in July that it was the first international bank in Hong Kong to settle two-way renminbi trade settlement with China; the first international bank to offer Rmb nostro services to Asean banks and the first international bank in China to lend renminbi overseas, under this scheme.
Standard Chartered Bank was also the first international bank to be granted an agent and settlement bank status for cross border renminbi settlements in China.
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