HSBC unveils Renminbi internet banking services

The service was prompted by HSBC's renminbi trade settlement volume which jumped 200% in May.

HSBC on Thursday announced the launch of a wide range of Renminbi (RMB) internet banking services for commercial banking customers from 12 July 2010.

The new online RMB services include remittances, transfer and payments, deposits, application for import document credits, settlement of import bills and account enquiries, according to an HSBC report.

Meanwhile, customers can handle money transfers and view their transaction history and account balance using mobile phones.

Albert Chan, HSBC’s Head of Commercial Banking for Hong Kong, said, “In the past few months, we’ve seen a growing demand for RMB trade settlement accounts and an increase in transaction volumes. The RMB trade settlement volume in May reached RMB1.6billion ($236.08 million), which is three times of that in April. As at end of May, we have altogether settled around RMB2.6 billion ($383.64 million) in trade for our customers. We now have over 160,000 Business Integrated Accounts that have RMB trade settlement capabilities.”

“With the roll-out of RMB trade settlement to all overseas countries, and domestically to 20 provinces in June, we are launching these new online services to allow customers to settle their transactions in a more convenient and efficient way. We will also further broaden our RMB related products and services as regulations allow. With the largest network in mainland China among international banks, HSBC is well positioned to be a major player in the RMB trade settlement scheme,” added Chan.

Under the RMB trade settlement pilot scheme, HSBC was the first international bank to complete its RMB trade settlement in mainland China’s expanded provinces and cities.

Expanded provinces and cities include Shanghai, Guangdong, Beijing, Tianjin, Inner Mongolia, Liaoning, Jilin, Heilongjiang, Jiangsu, Zhejiang, Fujian, Shandong, Hubei, Guangxi, Hainan, Chongqing, Sichan, Yunnan, Tibet and Xinjiang.

HSBC was the first foreign bank to settle cross-border trade in RMB in Hong Kong as well as the first bank to conduct RMB denominated trade settlement across all its ASEAN sites. HSBC was also the first international bank to launch an RMB Trade Finance standard rate and RMB commercial current account with cheque services in Hong Kong.