November 24, 2009, Beijing – At the presence of ICBC Vice President Zhang Furong, Vice President Yi Huiman and all the top management from more than 30 domestic and foreign multinational groups, ICBC officially set off a program of making cash management a global service. Industry insiders believe that ICBC not only opens its new chapter in being the first among the domestic peers to launch global cash management service, but marks a new milestone of its international strategy in boosting its strong presence around the world to serve multinational groups from home and abroad.

ICBC global cash management service is a collection of solutions involving the administration of accounts, centralized receipt and payment, cash pool in home and foreign currency, investment and financing and risk management. The service breaks the traditional barriers between countries and banks. ICBC extends its domestic advantages and leading service experience to overseas by its worldwide network of subsidiaries and corresponding banks. ICBC global cash management service is a solution that let multinational corporations access to accurate information on their cash liquidity around the world, allocate or transfer funds or bring accounts from around the world all under one roof, and a solution that is customized to the needs of centralized management of company cash liquidity in different countries, in different banks, in different currencies, as well as mitigating risk in business operation spanning different countries. 

According to ICBC spokesperson, ICBC leverages on its key strength in R&D, advanced network system and rich management experience to come up with a total cash management product system. As of today, ICBC garnered a base of over 240,000 cash management customers, the market leader in terms of the largest cash management bank in China. Apart from expanding the market size, ICBC places the same importance on the content and philosophy of cash management service, moving in steps from liquidity management to integrated wealth management, from local service to global service, from single customer to supply chain finance. In terms of customer resources or service support level, it would be hard to top ICBC cash management service in China.

As more and more Chinese enterprises "Go out to the world" amid globalization fanfare, multinational corporations are in need of a solution to manage their cash liquidity around the world. Hence, ICBC escalates its overseas presence to serve all customers. As of today, ICBC gains a foothold on global service by setting up a worldwide service network of 155 overseas subsidiaries in 15 countries and regions. Meanwhile, ICBC started in 2005 to build a core service system and global cash management service system with home and foreign currency all-in-one, domestic and overseas services all-in-one. In 2007, ICBC made another successful debut by its own-developed overseas core banking system into production in overseas. Based on this system, the global cash management system is another successful production system rolled out by ICBC serving as a strong technological platform for the global cash management service.

As mentioned by a top management executive from one Chinese multinational enterprise participated in the launch, in the past their overseas subsidiaries can only open accounts in foreign banks when they invested overseas and contracted large projects. This posed a lot of difficulties in financial management to the company. Now, through ICBC global cash management system, their overseas subsidiaries can open accounts in ICBC's local branches to connect to headquarters' financial system in real time. In this way, management level of cash liquidity has been greatly improved since headquarters can directly manage all the overseas accounts through Internet Banking in Beijing for cash sweeping and appropriation.