SEB Offers Cross-border Trade Settlement in RMB
SEB is the first Nordic bank to provide cross-border trade related settlement and account services including cross-border payments and foreign exchange transactions in renminbi (RMB) to all corporate customers for settlement of eligible trade transactions outside China. All SEB sites can now offer their clients these services through SEB in Singapore. In addition, SEB’s corporate clients based in China can execute all their financial needs in RMB and foreign currency via SEB’s branch in Shanghai.
“This new service allows all SEB clients to take advantage of the possibility to use RMB for cross-border trade and payments between China and Singapore under the pilot programme launched by the Chinese authorities,” said Bo Carlsson, head of SEB Singapore.
The pilot programme is seen as a first step in developing the RMB into an international settlement currency for Chinese exports and imports.