MARUHAN Japan Bank engages in
RMB/YUAN business with Bank of China
RMB/YUAN business with Bank of China
05 April 2012
Phnom Penh, Cambodia
MARUHAN Japan Bank is proud to announce, as part of MARUHAN Group’s strategy for regional expansion, the formation of a “correspondent relationship” with Bank of China. This move will position MARUHAN Japan Bank as one of only a few global banks that can perform financial transactions in Renminbi (RMB), China’s official currency (otherwise known as Chinese Yuan or CNY). RMB, already a globally significant currency, is fast becoming the ASEAN’s second largest currency, after the US Dollar.
With this relationship in place, MARUHAN Japan Bank’s customers will be able to settle payments and carry out currency transactions in RMB, subject to the standard controls applicable to such transactions in China, making them highly attractive as trading partners for those doing business in China.
MARUHAN Japan Bank remains committed to pushing the boundaries of the banking industry in Cambodia and ensuring that Cambodians, and others doing business in Cambodia, have access to truly international standard banking products and services, and fully functional and competitive regional banking networks.
This alliance is yet another in a series of forward thinking moves by MARUHAN Japan Bank which have also recently included:
- The opening of representative offices in Yangon, MYANMAR and Vientiane, LAO PDR as part of MARUHAN Group’s business strategy in the ASEAN region, which will utilise “MARUHAN INVESTMENT ASIA PTE. LTD.”, the group’s new office in Singapore, as a business hub to introduce services into rapidly developing ASEAN countries such as Cambodia, Laos and Myanmar.
- An increase in paid up capital to $74 million, which positions the Bank as one of the largest commercial banks in Cambodia, allows it to support the Cambodian Government’s efforts to maintain financial security and stability and develop Cambodia’s economy, and demonstrates the Bank’s commitment to providing international standard products and services.
- An upgrade to its core banking and management information systems which allow the Bank to adapt quickly to changing market and regulatory requirements, increases operational internal controls, efficiency and IT security, and supports new products and services.
- A host of business alliances with respected national microfinance institutions that will, as recommended by the National Bank of Cambodia, support the development of Cambodia.
MARUHAN Japan Bank has a raft of significant product launches and strategies planned for 2012, and is confident that their pioneering spirit, combined with their commitment to global standards, will foster confidence with potential business partners across the region and make MARUHAN Japan Bank an ever more attractive choice for both Cambodian, regional and global customers.