ISLAMIC BANKING | Tony Chua, Malaysia

RHB Bank unveils 2 transaction banking services

With the new products, trade products can now be issued and settled in renminbi and value-added services can now be added to the existing export collection service.

RHB Banking Group has launched the Chinese Renminbi Trade Products and Payment Services, and Enhanced Export Collection Services, the two transaction banking services.

The Chinese Renminbi (RMB) Trade Products and Payment Services caters to Malaysian companies and enterprises which have trade-related dealings (import or export of goods and services) with Eligible Enterprises from 20 permissible provinces/autonomous regions/municipalities in mainland China.

RHB Banking Group said that The People's Bank of China, together with other relevant authorities in China, has announced an expansion of the RMB Trade Settlement Scheme (which was introduced in 2009), covering 20 provinces and cities. With this announcement, any enterprise in the relevant provinces and cities in China can now settle their merchandise imports and service trade transactions in RMB, while an expanded list of Eligible Enterprises in China will be able to accept their merchandise exports in RMB.

Trade products such as Documentary Collections, Letters of Credit, Standby Letters of Credit and Bank Guarantees can now be issued and settled in RMB. Besides that, open account trade transactions can be sent via Telegraphic Transfer at RHB Bank branches.

The Enhanced Export Collection Services, in collaboration with one of correspondent banks, is a premium service offered to qualified collection customers and it includes the following value-added services in addition to the existing efficient service to expedite receipt of export proceeds: an e-mail advice, complete with the courier air waybill number and the link to DHL's website, will be generated and sent to customers upon the completion of the processing of the Outward Collection Bill; and upon receipt of the exports proceeds, an e-mail advice will be sent to the customers.

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