Asiamoney Best Transaction Banks in China

View the results of the 2019 Asiamoney best transaction banks in China awards here

Mobile banking is the new battleground for digitalization of corporate banking business. Since the launch of the China Guangfa mobile banking app a few years ago, the bank has received positive feedback from customers.

China Merchants Bank is so serious about improving its customer experience that its transaction banking division recently set up a specialist unit, employing 10 people to research client interactions, both online and offline. The team is using the research results to improve the bank’s service interfaces, both online and offline, as well as to help its biggest clients to tailor-make and build entire e-banking services.

Bank of China remains the most global of Chinese banks when it comes to trade finance. It offers clients a large global network for renminbi exchange and clearing through more than 110 offshore branches. The bank has invested in building out a substantial global IT network that offers clients the ability to manage cash and seek trade financing globally.

Bank of Communications has developed a complete one-stop supply chain management and financing platform that focuses on payment settlement, trade financing and value-added services.

Since 2009, Bank of China has invested nearly Rmb600 million ($87 million) in building a domestic and foreign currency, global cash-management platform that connects the banks’ enterprise clients to the world of finance, giving them not only cash management abilities but also access to the global Swift remittance network, and multi-bank cash management systems.

Agricultural Bank of China is best known for serving businesses in the nations’ agricultural and rural economies. But the bank has expanded in recent years to provide cash management services to 2.45 million clients across all industries and urban centres, including the majority of China’s top 500 corporations.

CCB’s enterprise-level aggregate payment platform was launched in September 2017.

Known as Gongyinju, Industrial and Commercial Bank of China’s homegrown e-commerce platform is widely used among the bank’s corporate clients. Over the last five years, ICBC has built and adapted Gongyinju for 204 large and medium-sized enterprises, creating a system that gathers more than 90,000 associated upstream and downstream small and micro-enterprises. The platform has helped these enterprises to handle close to 11 million online orders, altogether worth Rmb1.4 trillion ($203 billion), and resulting in Rmb1.54 trillion in total settled transactions.