Insight & Analysis

Press Release: Deutsche Bank becomes first European bank to be approved for China’s SAFE foreign currency trade payments pilot scheme

Published: Oct 2020

12th October 2020 – Deutsche Bank today announced that it has become the first European bank to be approved for the State Administration of Foreign Exchange (SAFE)’s Pilot Scheme for Facilitation of Foreign Exchange Receipts and Payments for Trade, which aims to simplify and improve foreign currency payments for cross-border trades.

Newspaper press release

Under the scheme, eligible clients of Deutsche Bank China (Shanghai Branch) will be exempt from providing supporting documents for foreign currency trade payment upfront, allowing a straight-through payment processing upon the client’s e-banking instruction. Compared with the traditional payment procedure, this cuts the foreign currency payment process time from days to just a few minutes. The bank has completed its first foreign currency payment under the pilot scheme for global automotive technology company Aptiv on September 30.

Jerry Chen, Asia Pacific Chief Financial Officer of Aptiv, said: “Cross-border foreign exchange payments have been a lengthy process for corporates. With Deutsche Bank’s pilot scheme services, we see the direct benefits with faster and easier payments. As Aptiv’s banking partner, Deutsche Bank has provided us with a tailor-made pilot solution, which improved the overall process throughout the payment cycle and it is testament to Deutsche Bank’s professionalism and commitment.”

Alvin Ho, Deutsche Bank China’s Head of Corporate Cash Management, said: “The successful approval for the foreign currency trade payments pilot scheme is solid testimony to our local market expertise and commitment. Deutsche Bank in Shanghai is one of only a few banks that offer clients both capital account and trade account pilot solutions. We will continue to leverage our information technology capabilities to provide convenient, efficient, and secure one-stop cross-border payment solutions to our clients.”

All our content is free, just register below

As we move to a new and improved digital platform all users need to create a new account. This is very simple and should only take a moment.

Already have an account? Sign In

Already a member? Sign In

This website uses cookies and asks for your personal data to enhance your browsing experience. We are committed to protecting your privacy and ensuring your data is handled in compliance with the General Data Protection Regulation (GDPR).