Seizing RMB opportunities with global business expansion
Chinese state-owned enterprise , China Railway Materials Group Hong Kong Co., Limited ("CRMG") is a subsidiary of China Railway Construction Corporation Limited ("CRCC"). CRMG also serves as the procurement arm of CRCC.
Comprehensive solutions to support your business growth
DBS stood head and shoulders above the competitor banks with its wide range of solutions and extensive customer support, and has since become the main operating bank for CRMG in Hong Kong.
As CRMG imports in USD and receives funds in different currencies like RMB, DBS’ strong product support and comprehensive suite of payment and RMB solutions have enabled CRMG to make and receive huge volume of payments with better stability, security and a shorter turnaround time. What’s more, CRMG is able to track their cross-border transactions with real-time access and full transparency of their payments and collections in all currencies through DBS’ SWIFT gpi solutions.
DBS has also impressed CRMG’s senior management with its excellent and thorough service with prompt responses to enquiries and simplified processes for various banking service application, e.g. Letter of Credit and Trust Receipt. The bank guarantee solution is another key reason to why DBS is the preferred banking partner, with its rapid 2 days lead-time for approval, which is much shorter than the typical turnaround time of 1 week with other corporate banks.
Take your business to new heights with the rising of RMB
With China’s rise as an economic power and RMB's share of global payment and trade settlement growing exponentially, an increasing number of companies around the world like CRMG are now seeing how RMB can help them strengthen ties with Chinese business partners and reap financial benefits. The meteoric rise of e-CNY will also bring an abundance of fresh opportunities for companies that trade with corporations in China.
With a broad range of RMB solutions to help businesses access cross-border trade settlement and financing, expedite international payments, manage liquidity and mitigate FX risk, DBS is definitely well positioned to help corporates seize new opportunities for capital flows and trade in RMB.
"Having identified markets who can benefit greatly from CRMG’s wealth of expertise and proven domestic track record – the successful US$80m loan, bank guarantee and expert support from DBS will now enable us to actively pursue potential opportunities in new markets like Spain and Mexico."
- Wang Chang, Director of Finance Department, China Railway Materials Group Hong Kong Co., Limited
To find out more about how your businesses can benefit from adoption of RMB, click here.