Deutsche Bank will be investing in Sri Lanka and launching a major push into the corporate client market, with the rollout of a new digitally-enhanced foreign exchange (FX) platform.
The rollout marks the bank’s first step in introducing a comprehensive suite of digital FX solutions for our corporate clients in Sri Lanka.
Deutsche Bank Sri Lanka Chief Country Officer Vikas Arora said: “The bank is investing in Corporate Bank business in Sri Lanka. As international supply chains gravitate toward settlements in local currency, we are pleased to cater to our clients’ requirements.”
E-commerce customization is driving a change in payments currency, and increasingly international supply chains across Asia are demanding banks and payment service providers enable local currency payment.
“Clients are challenging the historical trend of settling payments in USD between two Asian markets, as they become more aware of the layers and costs in their payment chain. As a result, clients are demanding cheaper and faster ways of delivery, which our digital FX platform Autobahn is enabling,” he said.
By mid-year Deutsche Bank Sri Lanka will be on par with other Deutsche Bank branches across Asia where clients can pay in local currency between two Asia markets, reducing the FX execution costs to a single conversion along with a faster delivery between the branch network.
Last month the bank hosted clients at an outlook forum in Colombo where the new digital offering was launched.
“The launch of the upgraded Autobahn FX in Sri Lanka is the foundation for expanding our digital payment, collection and hedging capabilities to better serve our clients’ local currency needs both onshore and overseas.
“In addition to introducing the enhanced FX platform, we are also extending FX API technology to local clients. This means they can connect our platform into their own direct sales eCommerce infrastructure, while we support them in pre and post trade activities,” Arora added.
(LI)