Bank of China (Hong Kong) awarded Best Transaction and Cash Management Bank in Hong Kong at The Asian Banker Transaction Awards Programme 2019
- BOCHK’s strong financial performance is grounded in its ability tailor-made transaction services
- A mandate for one of the most successful technology companies in the world
- Launched 24 x 7 HKD and CNY real time payment solutions riding on Faster Payment System (FPS)
Bangkok, May 30th, 2019 — Bank of China (Hong Kong) received the award for Best Transaction and Cash Management Bank in Thailand at The Asian Banker Transaction Awards 2019. The award ceremony was held in conjunction with the prestigious Future of Finance Summit 2019, the foremost annual meeting for decision makers in the financial services industry in the Asia Pacific region, held at the Shangri-La Hotel, Bangkok, Thailand.
In the picture: Mathew Welch and Bill Chua; International Resource Directors, Siddharth Chandani, Researcher; The Asian Banker with Li Feng; CEO & Country Head, BOCHK (Thai) Plc.
BOCHK’s strong financial performance is grounded in its ability tailor-made transaction services
Embedding its transaction philosophy with provision of structured and tailor-made cash management solutions, BOCHK provided a range of holistic solutions that help the client manage their daily financial needs. The bank provided direct online and H2H solutions automated collection and receivables solutions, it leveraged its sole status as the largest RMB Clearing Bank in Hong Kong to serve the remittance market across a range of currencies. The bank’s annual transaction value grew 21% while profitability for its cash business rose by 25% in 2018. Strategic focus on regionalisation of its cash management business drove growth of healthier margin, relative to 2017.
A mandate for one of the most successful technology companies in the world
Strategic partnership with one of the strongest technology companies in the world reflects the bank’s strong commitment in fulfilling cross-border funding needs of world-class enterprises. The bank implemented a “TOTAL solution on cross-border RMB cash pool” to facilitate fund flows between Mainland China and Hong Kong. With the implemented solution, the bank recorded substantial growth of deposits in RMB as it leveraged unhindered flows, driven by access granted by the Shanghai Free Trade Zone. BOCHK and the corporate jointly set-up a fintech lab on cloud computing, big data, block chain and artificial intelligence (AI).
Launched 24 x 7 HKD and CNY real time payment solutions leveraging Faster Payment Services (FPS)
Leveraging FPS, the bank has stepped up its game to deliver unique CNY real-time payment solutions. With a wide range of e-channels which support internet banking services and corporate Host-2-Host connections, the bank's clients can enjoy 24 x 7 payments and fund receipt. The bank launched QR code collection solutions to facilitate payments collection for merchants from retail customers. The bank additionally migrated its core banking system to merge with that of its parent bank, arguably demonstrating the largest system-project to be conducted in the Hong Kong’s banking sector.
The Asian Banker Transaction Awards Programme, refereed by prominent global bankers, IT consultants and academics, is the most prestigious of its kind in Asia Pacific. Recipients of these awards are honoured in a gala event that recognises their efforts in bringing superior products and services to their customers. A stringent and comprehensive evaluation process determines the awardees. For specific details relating to description of the awards, evaluation criteria and process, kindly visit http://www.asianbankerawards.com/transactionawards/index.php.
About The Asian Banker
The Asian Banker is the region’s most authoritative provider of strategic business intelligence to the financial services community. The company is headquartered in Singapore, with offices in Manila, Malaysia, Hong Kong, Beijing, and Dubai, as well as representatives in London, New York, and San Francisco. It has a business model that revolves around three core business lines: publications, research services, and forums.
To view the Business Achievement Awards 2019 gallery, please visit https://bit.ly/2WcifTO.
For further information on the collaterals for winning banks, please contact:
Mr. Alfred Labicassi
The Asian Banker