HSBC rolls out mainland China corporate cash management solutions
HSBC has set out new tax and cross-border offerings in mainland China, including Shanghai
HSBC Bank China has completed its first electronic tax payment for a corporate client in Shanghai, the first step in a new service that is designed to help customers complete tax reports and process payments on the government’s tax system terminal from any location.
The first of its kind among all foreign banks in the city, the new tax payment service is designed to deduct funds in real time and enables customers to help users pay state and local taxes as well as other charges such as VAT, business and corporate income taxes, personal income tax and stamp duties. HSBC plans to extend the service to its other branches across the country by the end of the year including Beijing, Tianjin, Xiamen, Chengdu and Chongqing.
HSBC China also introduced an electronic payment system that enables companies to submit cross-border payment documents electronically through HSBCnet without having to present paper documents.
The service is designed to help companies centralise and standardise all cross-border payments by submitting paperless instructions and documents through a shared services centre for review and processing by HSBC. Companies such as tech firm Laird Technologies have a network of branches across the Chinese mainland. HSBC plans to market its centralised cross-border payment solution for cash management to these firms.
“Financial liberalisation is set to continue as we move towards the Chinese government’s objective to establish Shanghai as a leading international financial centre by 2020 and make RMB a leading currency offshore,” said Kee Joo Wong, head of global payments and cash management China at HSBC. “Regulatory authorities are changing the cash management landscape to improve the ease of doing business in and with China. It is important that treasurers remain up to date with new opportunities to enhance their cash management capabilities in China. We will continue to invest and innovate in the technology that will enable our customers to access robust cash management solutions as China evolves.”
