RBS expands trade and supply chain solution
The Royal Bank of Scotland (RBS) has upgraded its trade and supply chain finance solution MaxTrad. The enhanced version is designed to create a single point for managing and settling trade transactions for buyers and sellers, and through automation allows trading partners to share information faster.
“As a result of challenging economic conditions, global trade activity is coming under greater scrutiny. CFOs are increasingly looking for ways to unlock liquidity in the supply chain,” said Madhav Goparaju, global head of trade and product delivery and sourcing solutions, part of RBS’s global transaction services, in a statement. “Our trade solutions and advisory expertise are aligned to meet the increasingly complex needs of companies managing domestic and international trade and supply chain finance activities.”
Bank of the Lao PDR implements core banking solution
The central bank of the Lao People’s Democratic Republic (PDR), Bank of the Lao PDR, has implemented an administrative core banking system from Oracle. The Oracle Flexcube Universal Banking solution will centralise customer information, manage accounts, process loans, provide credit control and depositary functions for securities and bonds and automate foreign exchange and money markets trading.
“Bank of the Lao PDR needed to implement an efficient and secure financial services infrastructure for sustained economic growth and a stable financial system,” said Or Vilaphan, director general of administration and chairman for IT development at the Bank of the Lao PDR, in a statement. “With Oracle Flexcube Universal Banking and Oracle’s global experience in technology-led transformation, we anticipate the Lao banking system to deliver the superior services and products to meet the emerging needs of the economy.”
Other banks that have partnered with Oracle in the Indochina region include the National Bank of Cambodia and the State Bank of Vietnam.
Standard Chartered announces renminbi trade settlement milestones
Since completing the first domestic renminbi trade settlement outside mainland China on March 19 last year, Standard Chartered has announced several milestones with its expanding RMB trade settlement capabilities. It has opened renminbi bank accounts for clients from 38 countries and has onshore RMB capabilities in 10 markets in Africa. In September last year it became the first foreign bank to open a RMB nostro account for an Islamic bank, Alinma Bank Saudi Arabia.
“Corporate treasurers today have additional choice and flexibility thanks to the growth of the offshore renminbi market, which includes having renminbi as part of a multi-currency pool in locations outside of China,” said Lee Swee Siong, head of global corporate products at Standard Chartered, in a statement. “These structures provide significant benefits, including reducing overdraft costs, addressing restriction in convertibility and transferability, together with overcoming liquidity needs without entering into foreign exchange contract or a swap.”
“Momentum remains strong and we expect renminbi trade settlement-related volume in 2011 to surpass that of 2010,” added Neil Daswani, regional head of transaction banking for North Asia at Standard Chartered.