HSBC named Best RMB Bank in Singapore
HSBC has been named Singapore’s Best Renminbi (RMB) Bank in The Asset Triple A Treasury Supply Chain and Risk Management Awards 2021.1
Over recent years HSBC has built out its RMB capabilities and expertise in Singapore across its suite of products, including Trade Finance, Cash Management, FX and Fixed Income, Wealth & Personal Banking and Securities Services.
Highlights of HSBC’s market-leading transactions from Singapore include:
- Facilitating the First Interest Rate Swap (IRS) trade by an overseas institutional investor through the central counter party clearing model in the China Interbank Market (CIBM).2
- Servicing the first authorised Singapore variable capital company (VCC) exchange trade fund (ETF) investing in CIBM Direct.3
ASEAN is a large and growing market for Chinese companies, and Singapore has become a key regional hub for businesses accessing region. China is the largest foreign direct investor (FDI) in Singapore and the Republic’s top trading partner, with bilateral trade accounting for S$135 billion.4
Commenting on the award, Regina Lee, Head of Commercial Banking, HSBC Singapore said: “Singapore has become a key regional hub for Chinese businesses accessing Southeast Asia and this award is strong recognition of the accelerated build-out of our RMB capabilities to support this growing trade corridor. Leveraging our unique network, we have been able to stay close to our clients’ needs in RMB during an unprecedented year for global trade. The award affirms our status as a leading bank in internationalisation of the Chinese currency.”
HSBC Singapore
HSBC Group’s history in Singapore dates back to 1877 when its founding member, The Hongkong and Shanghai Banking Corporation Limited, opened its first branch on the island. HSBC in Singapore offers a comprehensive range of banking and financial services including retail banking and wealth management; commercial, investment and private banking; insurance; forfaiting and trustee services; securities and capital markets services. One of the earliest banks to establish in Singapore, HSBC today is a prominent player in Singapore's financial services sector serving the banking needs of multi-national corporations, home-grown businesses, private banking clients, institutional and retail customers. In May 2016, HSBC locally incorporated its retail banking and wealth management business in Singapore and established, HSBC Bank (Singapore) Limited. HSBC Singapore has a retail network of 13 branches (comprising 10 dedicated HSBC Premier Centres, 2 HSBC Jade Centres and a Premier International Centre) and many locations across the island providing self-service terminals.
1 https://www.theasset.com/awards/treasury-best-rmb-bank-2021
2 HSBC press release: HSBC facilitates first IRS trade for OII in the CIBM, 24 Jan 2020
3 HSBC to service Singapore’s first VCC ETF, Funds Global Asia, 22 Sep 2020
4 https://www.enterprisesg.gov.sg/overseas-markets/asia-pacific/china/market-profile