ICBC Singapore, Surbana ink cash management deals
Singapore
ICBC Singapore on Tuesday said it has signed a global cash management agreement with Surbana Jurong and Mewah Oils & Fats Pte Ltd.
The agreements were signed as part of a cash and treasury management seminar co-hosted between ICBC and Singapore Business Federation (SBF).
Wong Heang Fine, group chief executive officer, Surbana Jurong said, the latest agreement fits into the group's needs, it being one of the largest Asia-based urban, industrial and infrastructure consulting firms,
Surbana Jurong has more than 110 offices over 44 countries across Asia, Australia, the Middle East, Africa and the Americas.
"A global cash management service that is tailored for us and catered to our global and local needs is crucial as we continue to grow our business," he said in a press statement.
"We are confident that this partnership with ICBC will strengthen and enhance our capability and efficiency in this aspect."
ICBC Singapore said as at end of May, it has offered cash management services to more than 600 overseas branches and subsidiaries of about 20 multi-national corporations.
The head office's general manager of settlement and cash management department Zeng Qi said China and Singapore continue to enjoy close economic ties.
"The increase in business interactions between Singapore and China emphases the importance of a sound and efficient cross-border cash management infrastructure," she said, adding that the bank is "fully committed to advancing internationalisation".
SBF chairman S S Teo said: "With the steady increase in Singapore-China trade and the growth of RMB internationalisation, the cash management demands of Singapore enterprises are becoming increasingly complex.
"We look forward to continue working closely with ICBC to benefit local businesses and grow Singapore's position as a regional and global financial hub."
