Citi China continues to lead in innovative treasury management, partnering clients to win 11 awards at "2017 Tao Zhu Gong Awards"
Citi China, together with clients, has been recognized at the Tao Zhu Gong Awards in Beijing for excellence and innovation in treasury management. Established by EuroFinance of The Economist Group, this prestigious annual award is one of the most recognized industry acknowledgements for treasury and financial professionals in China. This is also an important recognition of Citi’s leadership in transaction banking in China.
Commenting on the awards, Yigen Pei, Citi China's Country Head of Treasury and Trade Solutions, said, "We are delighted that our clients have been recognized by EuroFinance for excellence in treasury management and congratulate them for their wins. We will continue to leverage our global scale, in-depth market knowledge and expertise, tailored solutions and market-leading product capabilities to serve them every day with excellence and help them on their growth journey."
This year, there are 12 overall category winners, and of those winners, four are Citi China clients ("Top Treasurer / Treasury Team of the Year", "Most Innovative Treasury Solutions", "Top Funding Solution" and "Top Strategic Process Re-engineering"). Furthermore, seven Citi China clients are also highly commended across the different award categories ("Best Supply Chain Finance Management", "Top Strategic Process Re-engineering", "Most Innovative Treasury Solutions", "Best Working Capital Management", "Top Local or Global Banking Solution", "Best Cash Management" and "Top Treasury Team of the Year").
Among the 11 awarded companies, five are from our global multinational clients while six are large corporate clients in China. This recognition underlines Citi’s consistency and commitment to the China market. We continue to invest to support our clients and to further grow our business in this important region.
With more financial innovation taking stage in the global arena, and RMB gaining momentum in its internationalization journey, large corporates are looking for advanced treasury services for their cross-border business. With our strong global network, deep local knowledge, innovative market-leading solutions and product capabilities, Citi is well placed to be a strategic partner for our clients' growth journey.
Yigen Pei added, "Our expertise has been built upon our global capability of moving over USD 3.5 trillion in 134 currencies across 200 clearing systems each day, and is broadened by our deep understanding of local market and client needs."
Amway China, who was awarded Most Innovative Treasury Solutions, is a good example. Amway's cross-border e-commerce solution was implemented is an end-to-end service, from payment and delivery to settlement. The on-line collection channel has the capability to accept payments from more than 100 banks across the nation and is able to sweep the funds in Amway China Headquarters within 24 hours.
By simplifying the online payments to a "one-click" button on Amway Net or Amway Hub, the payment is auto-transferred from the end customer’s designated bank account to Amway China's Headquarters account. Once the payment is received, this will trigger a notification for goods delivery from Amway's warehouse overseas. At the same time, a detailed report summarizing the collection information, purchase order information and courier numbers is autogenerated.
The solution not only improves the efficiency of collections, but also speeds up Amway China's cash conversion cycle. In addition, the system supports Amway's business needs and sets the benchmark for a market-leading business model transformation for cross-border sales in China.
Alibaba, who was awarded the Best Cash Management Award, worked with Citi to implement a Virtual Account Solution that streamlines their collections processes to improve operational efficiencies and enhance its cash visibility.
Alibaba was looking for a solution to automate, simplify and streamline their collection processes to improve operational efficiencies, enhance cash visibility and lower import cost. Through the solution with Citi, the payment will match the virtual account number to the client's real account number in a fully automated process. Citi then credits the Alibaba B2B's account with the payment and automatically feeds reports to Alibaba's ERP system.
The Virtual Account solution enabled Alibaba B2B to accept collections in various currencies. Moreover, the Virtual Account Number is currency-agnostic; therefore buyers are able to telegraphically transfer funds to Alibaba B2B in any of the currencies using the same number.
The Tao Zhu Gong Awards are given by EuroFinance, the leading global provider of conferences, training and research on cash management, treasury and risk. The Awards are designed to recognize true excellence and innovation in treasury and finance in companies operating in mainland China. Each award category acknowledges achievement in a key aspect of the treasury role - from liquidity management and funding, through to supply chain finance and best application of technology.
Citi, the leading global bank, has approximately 200 million customer accounts and does business in more than 160 countries and jurisdictions. Citi provides consumers, corporations, governments and institutions with a broad range of financial products and services, including consumer banking and credit, corporate and investment banking, securities brokerage, transaction services, and wealth management. Additional information may be found at www.citigroup.com | Twitter: @Citi | YouTube: www.youtube.com/citi | Blog: http://new.citi.com | Facebook: www.facebook.com/citi | LinkedIn: www.linkedin.com/company/citi
About Citi China
Citi first established an office in China on May 15, 1902, in Shanghai. In April 2007, Citi was among the first international banks to locally incorporate in China. Citi's locally incorporated entity is known as Citibank (China) Co. Ltd. (Citi China), which is wholly owned by Citibank N.A. Today Citi China is a leading international bank in China with footprint in thirteen cities across China (Beijing, Changsha, Chengdu, Chongqing, Dalian, Guangzhou, Guiyang, Hangzhou, Nanjing, Shanghai, Shenzhen, Tianjin and Wuxi). With operations in more than 160 countries around the world, Citi is the most global of all international banks in China. For more information, please visit: www.citibank.com.cn 或 www.citi.com.cn.
About Citi Treasury and Trade Solutions
Citi Treasury and Trade Solutions (TTS), provides integrated cash management and trade finance services to multinational corporations, financial institutions and public sector organizations across the globe. With a full range of digital and mobile enabled platforms, tools and analytics, TTS continues to lead the way in delivering innovative and tailored solutions to its clients. It offers the industry’s most comprehensive suite of treasury and trade solutions including cash management, payments, receivables, liquidity management and investment services, working capital solutions, commercial and prepaid card programs, trade finance and services.