Mandates and payments roundup, August 16

Citi increases its branch network in China, while China Minsheng Bank and City Savings Bank implement new solutions.

Citi opens new sub-branch in Shanghai

Citibank (China) has opened a new sub-branch located in the Jingan district of Shanghai. The new smart banking outlet is Citi’s eleventh consumer outlet in the city and brings the bank’s total consumer outlets to 40 in mainland China.

“We have more sub branches in Shanghai than any other Chinese city, and we are delighted to be introducing another smart banking outlet to Shanghai, making banking easier than ever before for our growing customer base,” said Simon Chow, country business manager at Citibank China.

Citi’s smart banking outlets offer Citi Explore, Connect and Assist services on top of Citibank and Citigold services to the bank’s customers. It also provides complementary use of mobile phones and access to internet kiosks. The bank opened a full service consumer outlet in Chongqing airport at the beginning of April this year.

Fico wins mandate from China Minsheng Bank

China Minsheng Banking Corporation (CMBC) has selected US-based analytics and decision management technology company, Fico, to provide Basel II compliance consulting, analytic services and support. Fico will also help CMBC focus on small and micro businesses by using data-based risk management tools and analytics in addition to ensuring Basel II compliance.

“Basel II compliance is critical for a healthy and sustainable retail credit industry to emerge in China,” said Dan McConaghy, president and general manager at Fico for Asia-Pacific. “CMBC has taken a big step in embracing advanced risk assessment tools and analytics.”

The initiative will allow the bank to improve its risk management, while reducing capital requirements, thereby freeing up capital to fuel additional growth according to Zhao Jichen, member of the Basel II implementation steering committee at CMBC.

City Savings Bank implements Finacle solution

Philippines-based City Savings Bank has selected Finacle’s core banking solution to power its strategic business transformation initiative. The bank will replace the legacy systems at its 29 branches in the country with Finacle’s bank-in-a-box pre-configured and fully integrated framework. According to William Paradies, vice-president at City Savings Bank, a robust technology platform is indispensible for a growth-focused bank.

“We are delighted to partner with City Savings Bank and are strongly committed to ensuring that City Savings Bank attains its twin business objectives of retail growth and business agility,” said Sanat Rao, vice-president and global head of business development, client engagements and alliances at Finacle. “The Philippines is a focus market for Finacle and we will continue to invest and innovate to accelerate growth and drive efficiencies for our clients in the region.”

China UnionPay partners with NYCE

NYCE, a US-based electronic payments network, has signed an agreement with China UnionPay. Under the agreement NYCE cardholders will be able to make withdrawals and balance enquiries in China. China UnionPay cardholders will be able to access similar services at more than 360,000 automated teller machines in NYCE’s network.

“UnionPay attaches high value to giving UnionPay cardholders as many access points to their funds as possible,” said Jianbo Cai, first executive vice-president at China UnionPay. “By enhancing the cooperation with its partners, UnionPay is focusing on building broader acceptance in the US. This new cooperation between UnionPay and NYCE can serve both UnionPay and NYCE cardholders more effectively.”

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