Standard Chartered Bank has opened Pilot Free Trade Zone (PFTZ) sub-branch in Shanghai, China.
The PFTZ sub-branch currently offers domestic and cross-border RMB as well as foreign currency financial products and services to a wide range of enterprises and financial institutions in the zone, reports The Asset.
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It also aims for the development of cash management and settlement services, cross-border financing, cross-border financial market risk management, and cross-border capital market services.
Standard Chartered China CEO and executive vice-chairman Lim Cheng Teck said that the company is fully confident about the future of PFTZ’s development, and will make the most of the opportunities presented by the zone’s financial reform as we actively support its financial innovation.
"Capitalizing on our strengths and experience as an international bank, and with our deep market insight and business expertise in the local market, we will work closely with regulators to pilot solutions to better serve our clients with first class products and services," added Teck.
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