Citi’s Global Transaction Services has entered into a Renminbi (RMB) remittance distribution agreement with Bank of China. Citi has said that by partnering with Bank of China’s New York branch, it can now offer clients RMB cross-border funds transfers to China.
Citi expects that the link with Bank of China will open up the global remittance space into China for it, which had previously been limited to US dollar-denominated transactions.
Dianne Challenor, managing director, regional head of payments, receivables and information services, Asia Pacific, Citi, said: “China’s share of global remittances will continue to grow, and clients are turning to their local banks to cater their increasingly international requirements. By partnering with Citi, Bank of China has demonstrated a long-term commitment to future remittance flows of its clients.”
Akash Rathke, managing director, regional head of bank services and public sector group, Asia Pacific, Citi, said: “This alliance marks a major breakthrough for Citi’s global remittance offering and is a demonstration of our strategy to ally with preferred partners in the cross-border payment space to be able to bring market leading solutions that best serve the interest of both remitters and the beneficiaries.”
