Payment news, July 13

Chinese companies select Deutsche Bank and BNY Mellon as their depository bank, while HSBC launches new renminbi internet services.

Chinese companies choose Deutsche Bank and BNY Mellon

Deutsche Bank has been appointed as depositary bank for the Nasdaq-listed American depositary receipt (ADR) programmes of two Chinese companies. The companies are: HiSoft, a provider of outsourced information technology and research and development services; and AutoNavi, which produces digital map content and navigation and location-based solutions in China.

"We are pleased to be HiSoft's depositary bank of choice," said Akbar Poonawala, head of global equity services at Deutsche Bank, in a statement. "This appointment underscores Deutsche Bank's commitment to the China."

Meanwhile, China New Borun Corporation, a China-based edible oil producer and distributor, has selected BNY Mellon as the depository bank for its ADR programme.

"Chinese companies continue to raise capital in the US via ADRs," said Gregory Roath, head of Asia-Pacific for BNY Mellon's depositary receipts business, in a statement. "Borun is an excellent example of the recent group of Chinese companies that are developing innovative new technologies for their industries."

HSBC offers new renminbi internet banking services

HSBC has launched several renminbi internet services for its commercial banking customers including remittances, transfer and payments, deposits, application for import document credits, settlement of import bills and account enquiries.

"In the past few months, we've seen a growing demand for Rmb trade settlement accounts and an increase in transaction volumes," said Albert Chan, HSBC's head of commercial banking for Hong Kong, in a statement. "With the rollout of Rmb trade settlement to all overseas counties, and domestically to 20 provinces in June, we are launching these new online services to allow customers to settle their transactions in a more convenient and efficient way. We will also further broaden our Rmb-related products and services as regulations allow."

Swift launches new solutions

Swift (Society for Worldwide Interbank Financial Telecommunication) has released SwiftNet 7.0 and Alliance 7.0. New features include tools to help reduce cost and risk, improve efficiency and increase flexibility.

"We strive to limit the number of major releases and ensure that, when there is one, we maximise the benefits for our customers," said Luc Van Bergen, Swift product manager, in a statement. "With this release, which contains many new features, I believe we have responded to what customers asked for: changes that make a difference and that help them win new business, reduce cost and manage their operation risk."

This release will alter both the Swift messaging and connectivity environments and customers will need to upgrade their Swift interfaces to the new 7.0 version.

CCB and form partnership

China Construction Bank has inked a partnership with, a business-to-business ecommerce platform based in China, to develop a new line of credit products to help China's international export-orientated small and medium-size enterprises (SMEs) handle financial difficulties.

"We are very pleased to partner with China Construction Bank to provide micro-loans, which are essential to online business growth," said Diane Wang, chief executive of, in a statement. "For the majority of's SME suppliers, this will undoubtedly help drive business innovation, benefiting our larger international community. This micro-loan programme has a very real social impact."

The new credit products will leverage's transactional data to evaluate orders. On the domestic side it will lower the barrier of entry for SMEs and provide incentives to improve quality and service. Internationally, buyers will have access to a greater variety of products.

Algorithmics wins Taiwan mandate

Taiwan-based financial services group, Shing Kong Financial Holding (SKFH), has implemented an enterprise risk management solution provided by Algorithmics. The solution, Algo Market Analytics, which supports risk analytics and improves risk control to SKFH and its subsidiaries, has been applied across all of SKFH's asset classes including foreign exchange, equities, bonds and credit derivatives.

"We are extremely pleased with the implementation of Algortihmics' market risk solution. The project was completed on time with an experienced local team," said Grace Chu, SKFH chief risk officer, in a statement. "The solution meets our strategic risk objectives for both the short and long term, and provides a robust set of risk control functions that enables enhanced decision making across all of our subsidiaries."

Western Union to offer money transfer services in Japan

Global payment services provider Western Union will offer international money transfer services in Japan following the implementation of a new Japanese act concerning settlement of funds law. According to Western Union, it will be the first non-bank provider authorised to conduct money transfer services under the new law.

"We are delighted to be registered as a money transfer provider under Japan's robust and progressive new law," said Drina Yue, Asia-Pacific managing director and senior vice-president of Western Union, in a statement. "Bringing Western Union services as close as possible to consumers, particularly international workers in Japan who have constraints on their time and their ability to travel to traditional financial centres, is a significant advantage."

Travelex will be Western Union's first agent under the new law to offer money transfer services in Japan upon regulatory approval.

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