Deutsche Bank strikes deal with China Merchants Bank
The MOU to boost German lender’s presence in Asia, particularly in China.
Deutsche Bank's expansion into Asia continues apace with the signing of new operational support and liquidity management arrangement with China Merchants Bank.
Under the terms of a Memorandum of Understanding signed at the international Sibos banking conference in Toronto, Deutsche Bank will provide CMB with a dedicated operational and service support team and with Asia Accelerator, its newly-launched system for speeding up intra-Asia payment flows.
Asia Accelerator was developed to address inefficiencies in the settlement of Asia's high volume of US dollar-denominated payments as a result of different clearing time-zones. The product uses sophisticated algorithms and text-recognition technology to identify and prioritise intra-Asia USD payments, recycling and automatically directing available liquidity to active market participants.
View the full story in Finextra.
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Tags: Deutsche Bank China, Deutsche Bank Asia, Asian expansion
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