HSBC today announced the issuance of its first RMB cashier's order in Hong Kong on behalf of a local SME customer, Hung Fook Tong Holdings Limited, the largest herbal tea group in Hong Kong. The issuance of Hong Kong's first RMB cashier's order is consistent with HSBC's strategy of providing customers with a wider range of guaranteed RMB payment options.
Albert Chan, HSBC's Head of Commercial Banking Hong Kong, said, "The development of RMB investment products and increasing cross-border settlement in RMB in Hong Kong is gaining traction and remains an initiative fully supported by HSBC. As penetration of RMB products and increased trade settlement are likely to gather momentum, customers will demand increased options from banking partners. The availability of RMB Cashier's Order meets demand for RMB payment solutions that are both flexible and convenient."
Customers who are interested in purchasing an RMB cashier's order can make it through our HSBC branches or complete an application form online at www.hsbc.com.hk.
John Laurens, Head of Global Payments and Cash Management, Asia Pacific, emphasised HSBC's commitment to anticipating client RMB product needs, "By taking a lead role and investing in RMB product development, HSBC ensures that our clients are able to take immediate advantage of new opportunities created by the liberalisation of the RMB."
Similar to traditional cashier's orders, HSBC's RMB cashier's order provides customers with a streamlined method for guaranteeing payments without requiring beneficiary account numbers. The service benefits customers in Hong Kong by providing a secure, immediate, and cost effective platform that initiates payments and minimises risks associated with cash settlement. Furthermore, HSBC's RMB cashier's orders offer customers the additional convenience of not maintaining an RMB current account. The payment service can also be utilised by customers to subscribe RMB IPO, effect insurance premium payments, local vendor payments, as well as salary payments.
The Hongkong and Shanghai Banking Corporation Limited
The Hongkong and Shanghai Banking Corporation Limited is the founding and a principal member of the HSBC Group which, with around 8,000 properties in 87 countries and territories and assets of US$2,418 billion at 30 June 2010, is one of the world's largest banking and financial services organisations.
HSBC Global Payments and Cash Management
HSBC Global Payments and Cash Management is a leader in the provision of cash management services to over 445,000 customers in Asia-Pacific, including Fortune 500 multinational companies, top-tier local corporates, middle market companies, SMEs, financial institutions and government bodies. In addition to a continued investment in products and services, HSBC prides itself on developing and sustaining long term relationships with clients and delivering the highest level of customer service at both the regional and local levels.