OREANDA-NEWS. October 14, 2014. Since the start of this year, ICBC has been actively innovating global cash management service mode to serve demands of enterprises for allocating and managing funds around the world, and help Chinese enterprises in the international competition. By the end of June 2014, ICBC global cash management service has extended to more than 50 countries and territories and the number of customers under global cash management contract with ICBC have exceeded 4,000.

An ICBC executive said that by resorting to means such as refined management, big data mining and information monitoring, and its integrated global technology platform, multi-disciplinary professional teams, and worldwide service network, ICBC has innovated global cash management service mode, improved one-stop service capability, and met the diversified business demands of transnational enterprises. In the first half of this year, according to the policy of centralized operation and management of foreign exchange funds of transnational companies released by the State Administration of Foreign Exchange (SAFE), ICBC launched the global cash management service featured by centralized operation and management of foreign exchange funds.

For example, ICBC set up a three-tier cross-border capital pool service system, including domestic principal account, international principal account, and overseas member institutions, for a large domestic mining enterprise, helped the enterprise get through capital channels at home and abroad, and realize the free flow of internal funds within the limit of external debt scale and overseas loans, which won the high recognition of the customer. At present, by leveraging on cross-border capital pool service offered by ICBC, the enterprise has already realized the fund collection and allocation between group’s international principal accounts at home and member institutions in Hong Kong, through channels of counter, corporate internet banking and bank-enterprise interconnection, which has effectively improved efficiency of the fund management.

At the same time, ICBC also has closely followed new demands of transnational companies for centralized operation and management of funds and the relevant policy dynamics and made efforts to extend its reach of global cash management service. For example, ICBC successfully provided enterprises, such as Baosteel, Itochu, and Jinjiang Hotel, with cross-border cash management service based on the policies in the Shanghai free trade zone (FTZ), made use of its cash management centers in Asia-Pacific, Europe, America, and Singapore and Sino-Africa cash management platform to improve its global cash management service ability.

The global cash management refers to a series of comprehensive services, including global account information, collection and payment, liquidity management and overseas information support, investment and financing offered by a bank’s global branches and partner banks to assist the customer in managing cross-border cash, through building a global fund settlement network. ICBC is the first bank to launch the global cash management business in China and provides customers with a package of financial services on a global scale, including account management, collection and payment management, liquidity management, investment and financing management, domestic and foreign currency capital pool, supply chain finance, risk management, and information service, to assist customers in reducing financial management costs, preventing fund operational risk, and improving the efficiency of capital operation. With the constant improvement in service capability, ICBC’s global cash management business has won the recognition from international professional institutions and industry experts. In “International Transaction Bank Award in 2014” held by the Asian Banker magazine, ICBC won the awards of “Best Asian International Transaction Bank”, “Best Cash Management Bank in China”, and “Leading Counterparty Bank in China”.