VTB’s Shanghai branch has linked up to the China National Advanced Payment Systems (CNAPS). This makes VTB the first and only Russian bank to obtain direct access to settlements in renminbi, allowing it to ensure efficient and reliable cross-border payments and foreign currency exchange transactions between Russia and China.
The status of CNAPS direct participant enables VTB to process payments for the branch office and headquarters without involving any Chinese intermediary banks, increase the processing of renminbi payments, and execute them in a reliable and uninterrupted manner, which is also made possible through the use of SWIFT-independent communication channels. Moreover, direct access to CNAPS will enable the bank to expand its Chinese client base in the region and actively provide full support for the entire range of banking services to accompany Russian-Chinese contracts within the VTB ecosystem, making the bank more competitive in the Chinese market.
Yuri Soloviev, First Deputy President and Chairman of VTB Bank Management Board, said: “One of VTB’s international priorities is to gain a better foothold in China and develop the capabilities of VTB Shanghai. Russia and China are continuously expanding their economic cooperation, and we see that there is an increased interest among our clients in transacting business with the support of a reliable financial partner. We already offer a broad range of services in China, including debt, equity and trade financing, commodity trading, a line of transactional business products, as well as access to fixed-income instruments. With direct access to CNAPS, we can meet the growing demand among our clients for prompt, reliable settlements with local business partners, as well as use the capabilities offered by this system when carrying out transactions in this region.”
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