The Bank clinched Award for Innovation in the PFTZ
Standard Chartered China received the Award for Model Business in Innovation from China (Shanghai) Pilot Free Trade Zone (PFTZ) Administration, for its innovation case of establishing RMB two-way cross-border cash sweeping for Baoxin Auto Group.
In February this year, Standard Chartered approved the first non-quota-based RMB denominated two-way cross border sweeping transaction for Baoxin Auto Group, supporting the Group with greater convenience and flexibility in managing its onshore and offshore RMB denominated cash flow. This transaction is the first non-quota based cross-border RMB cash pool business approved by bank itself after Notice from PBOC Shanghai on expanding the use of cross-border RMB. Meanwhile got published, Baoxin Group won the Highly Commended Prize in Best Cash Management of the Tao Zhu Gong Awards held by EuroFinance
To mark the PFTZ’s one-year anniversary, the PFTZ Administration awarded 20 companies for their prominent contributions on financial innovation, including 5 banks, among which Standard Chartered was the only foreign bank to receive this honour.
Loh Long Hsiang, Head of CEO office and General Manager of Shanghai Branch, was interviewed by media after the award ceremony. Click here to watch the TV interview.
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