Sumitomo Mitsui Banking Corporation SMBC has expanded its treasury offering in China with the addition of collections services through its partner the Industrial and Commercial Bank of China's ICBC domestic branch network.
Under the new service targeting Japanese corporates, account holders at SMBC China, the bank's local subsidiary, can collect account receivables at ICBC's 16,232 branches nationwide. The bank expects the service to be popular with leasing, instalment services, insurance, wholesale and auto-related companies. It was officially launched on April 1.
Japanese companies that do business in mainland China in RMB renminbi will be able to improve the efficiency of their accounts receivable collection and management,...
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