To meet the need of its multinational corporate clients for efficient fund allocation and management worldwide, ICBC has vigorously developed the global cash management service in recent years, setting up a multi-currency and multilingual “one-stop” service system across countries, time zones and banks. By the end of June, ICBC’s global cash management service covered more than 80 countries and regions, and benefited around 7,000 multinational companies from various industries including petrochemicals, air transportation, equipment manufacturing, high technology, agriculture and food, energy conservation and environmental protection.

According to an ICBC official, reasonable and efficient fund allocation worldwide is a standard financial service required by multinationals to boost their operations and management capabilities, as they often encounter problems such as difficulty in account opening and communication, decentralized funds and information lags during business development in different countries. To this end, the Bank has worked out customized financial solutions by leveraging its edges in internationalized operations and information technology. Firstly, relying on its service network covering 45 countries, ICBC can provide efficient and swift account opening and local financial services to customers. Secondly, it has realized one-stop centralized fund management in multiple currencies and across multiple banks through various channels, including online banking, bank-enterprise interconnection, SWIFT, EBICS and bank outlets. On the basis of business compliance, ICBC helps customers establish a multilayered account architecture, enabling them to fulfill centralized fund management worldwide. Moreover, the Bank helps enterprises easily gain a full picture of their funds in different bank accounts by connecting with SWIFT members all over the world through SWIFT; and has effectively enhanced its global treasury management by building an integrated fund management platform for customers all over the world.

Now, ICBC’s global cash management service has reportedly covered six areas, i.e. account management, fund collection and payment management, liquidity management, short-term financing, investment & wealth management, and risk management. In addition to global account management, centralized collection and payment, and cross-border fund pool (including cross-border two-way RMB fund pool, and centralized operation of foreign exchange funds of multinationals), the Bank can also provide multinationals with diverse solutions, including multi-currency account, automatic foreign exchange purchase for payment, multi-currency fund allocation, and exchange rate hedging. This allows it to help customers exchange currencies flexibly and realize value preservation and appreciation. ICBC has set up six cash management centers in the Asia-Pacific, Europe, Central Africa, North America, Latin America and Singapore, and established multilingual and professional service teams, devoting to providing customized services to multinational corporations.