Deutsche Bank approved by Chinese payments body


Valentina Vitali
Valentina Vitali
FXC Intelligence Research Analyst
Valentina is a Research Analyst at FXC Intelligence, the data sister company of FXcompared. Valentina is passionate about payments and fintech. Valentin enjoys analysing money transfer companies and… Read more
  • Deutsche Bank has made history by becoming the first European financial institution to be accepted by a major Chinese payments body
  • The bank has been approved to enter the State Administration of Foreign Exchange’s (SAFE) Pilot Scheme for Facilitation of Foreign Exchange Receipts and Payments for Trade
  • It now means that some customers using Deutsche Bank’s Chinese services will not be required to offer certain documents that were previously required for paying for forex – saving time in the process

Leading global financial institution Deutsche Bank has announced that it has won approval to participate in a major Chinese government scheme.

Deutsche Bank said that it was now part of the State Administration of Foreign Exchange’s (SAFE) Pilot Scheme for Facilitation of Foreign Exchange Receipts and Payments for Trade.

This pilot scheme is designed to help banks facilitate smoother forex payment processes.

The news means that some customers of the Shanghai branch of Deutsche Bank China will now be able to send money abroad without having to go through a particular bureaucratic process.

They will not need to offer ‘supporting documents’, for example, whenever they want to make payments for foreign currencies.

This could mean that their international money transfers are conducted in moments rather than across a period of days.

The bank has already run a successful trial alongside Aptiv, which is a car technology firm operating around the world.

This trial, which took place at the end of September, was deemed a success.

In a statement, a senior figure at Aptiv shared more information about how Deutsche Bank had helped his business.

Jerry Chen, who serves as Aptiv’s chief financial officer in the Asia Pacific region, said that the challenge with international forex transactions was that the procedures were drawn out.

“Cross-border foreign exchange payments have been a lengthy process for corporates,” he said.

“With Deutsche Bank’s pilot scheme services, we see the direct benefits with faster and easier payments,” he added.

He went on to say that Deutsche Bank took steps to ensure that the process was fully customised.

“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,” he said.

A spokesperson for Deutsche Bank China made similar comments – and attributed the success to the firm’s “commitment”.

Alvin Ho, who is responsible for corporate cash management, also said that a high level of experience and knowledge of the workings of the regional forex industry that Deutsche Bank enjoys also played a part.

“The successful approval for the foreign currency trade payments pilot scheme is solid testimony to our local market expertise and commitment,” he said.

He added that the Shanghai branch of Deutsche Bank is also relatively unusual in that it is one of just a handful of financial institutions providing both trade and capital products to customers.

Deutsche Bank is one company operating in the foreign exchange and cross-border payments fields, but there are also several others in this space – find out more here.

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