Asiamoney Best Transaction Banks in China

View the results of the 2018 Asiamoney best transaction banks in China awards here

China Merchants Bank is realistic about where it can find its competitive edge.

Postal Savings Bank of China is an example of the rapid modernization of China’s banking industry. Once seen as an old bricks-and-mortar financial extension of China’s postal service, the bank has made a concerted effort to become a leading e-financial institution to serve consumers across all economic classes and geographies, chief among them villagers and village entrepreneurs in far-flung corners of rural China who – until the advent of smartphones – had no access to e-banking.

Bank of China is the most global of Chinese banks when it comes to trade finance. It offers clients a large global network for renminbi exchange and clearing that is anchored by offshore branches served by an army of 22,000 offshore employees, who are capable of conversing in 27 languages and hundreds of dialects.

Shanghai-based Bank of Communications adopted an up- and downstream approach to its supply chain financing strategy back in 2005, and has seen business balloon from 3,000 enterprises to a client base of more than 30,000 that includes many of the customers, vendors and subcontractors of the original 3,000.

For years, the Bank of China has been the nation’s most international bank, serving Chinese industrial and commercial companies across 54 markets around the world, with wide coverage of nations that make up the Chinese government’s Belt and Road Initiative.

As the largest Chinese commercial bank and leading cash management bank in Asia, ICBC has delivered a variety of high-level, value-added cash management services to corporate clients.

Executives at Guangzhou-based China Guangfa Bank know full well that those banks that offer the best product suites and customer services are the only ones that can compete effectively in the 21st century.

Every year, senior managers at China Merchants Bank oversee a competition that pits top financial technology teams against each other to invent applications that help corporate clients with functions ranging from handling salary payments more efficiently to sorting out payment invoices.