June 27, 2019

SPDB upgrades forex solutions for corporate clients in FTZ

Shanghai Pudong Development Bank on Wednesday unveiled a series of new foreign exchange solutions for its corporate clients in the China (Shanghai) Pilot Free Trade Zone, aiming to meet enterprise customers’ needs for quality and convenient capital management services.

The new Dui Bei solution integrates 15 types of banking products to help customers manage their money, hedge exchange rate and interest rate risks and realize the maintenance and appreciation of funds.

Among the measures, the hedging product series is composed of basic forex products and customized options strategies to at help enterprises get stable profits by optimizing the exchange rate of forward settlements and the sale of foreign exchange, the Shanghai-based joint-stock lender said.

And to better meet corporate clients’ demands for the maintenance and appreciation of their funds, SPDB’s Shanghai branch had created targeted products match customers’ deposits with financial tools like forwards, swaps or options.

The bank noted that all of these efforts aimed to further facilitate forex transactions in the FTZ as well as the cross-border operations of their enterprise clients.

Also, it launched an online service which enables enterprises to make real-time settlement and sales of foreign exchange through their free trade accounts, making forex business easier.

In the past, companies had to spend a lot of time in confirming forex transactions one by one through making inquiries. But now, with the help of technology, the whole process takes take only five minutes.

The State Administration of Foreign Exchange and the People’s Bank of China have rolled out targeted policies to encourage the facilitation of forex transactions in the FTZ during the past few years.