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Companies expanding in Asia fuel UOB’s cash management growth
United Overseas Bank’s (UOB) focus on supporting companies expanding and investing in Asia has fuelled the Bank’s cash management business.
In the first six months of this year, UOB grew its cash management revenue by 42 per cent year-on-year as the Bank provided regional solutions to help more of its clients manage liquidity and working capital across geographies. These clients are global and Asian companies which recognise the economic potential of Asia, its growing middle class and its need for infrastructural development.
“Even with a volatile global economic environment, there are still tremendous business and economic opportunities within Asia. We are seeing an increasing number of our clients investing in Asia, especially in Southeast Asia and the Greater China region. As these clients expand across the region, they are putting in place the necessary cash management structures to help them remain resilient and nimble through business and market cycles,” said Ms So.
One company that has benefitted from UOB’s cash management services is Singapore-based supply chain management company YCH Group. The company’s growing business in China meant that it required both domestic and cross-border financial solutions to help it optimise the use of its Renminbi (RMB) funds and to manage foreign currency risks.
Mr Roger Yap, Deputy CEO of Greater China at YCH Group said he chose UOB as a partner because of the Bank’s experienced on-the-ground cash management specialists.
In addition to Asian companies, UOB is also providing more cash management services to multinational companies with business interest in the region. One such company is an energy and commodities business which trades in more than 50 countries globally and across nine currencies. To enable it to use its working capital more effectively, UOB delivered a cash management solution to help it move funds seamlessly from one geographical region to another throughout the business day.
UOB invests in its award-winning cash management business
UOB’s focus on strengthening its cash management business has yielded industry recognition. The Bank received a strong vote of confidence from businesses in the 2015 Asiamoney Cash Management Poll, winning a total of 28 awards in China (4), Malaysia (9), Singapore (8) and Thailand (7). These awards recognise UOB for providing outstanding domestic and cross-border cash management services. They include Best Foreign Cash Management Bank in China, Best Foreign Cash Management Bank in Malaysia, Best Local Cash Management Bank in Singapore and Best Foreign Cash Management Bank in Thailand.
7 October 2015