Competition among local banks offering cash management services in China is heating up as increasing numbers of small and medium-sized enterprises SMEs seek more diverse products.
According to a recent report by Boston-based banking consultancy Celent, the number of cash management clients that financial institutions in China can claim as their own will rise 30% during the next three years. SMEs, which constitute 99.6% of all enterprises in China, are expected to drive the bulk of that growth. This increase is the reason for new and expanded product offerings from both foreign and local banks.
SMEs have cash management needs as well, and...
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