National Bank of Fujairah (NBF) announced that it has launched a non-banking subsidiary in Hong Kong, to facilitate cross-border flows for UAE customers doing business in Asia.
The entity is NBF’s first overseas subsidiary and would facilitate the reissuance of import Letters of Credit to beneficiaries in Asia. This will provide NBF customers easier access to their trading partners in the region and reduce the turnaround time for the payments, documentation and delivery of goods, an NBF statement said.
“The Hong Kong subsidiary is a significant step towards raising our international profile and establishing us across strategic global trading links,” said Vince Cook, NBF chief executive.
“Our Hong Kong subsidiary comes at a time when cross border flows between the UAE and China are expanding at a rapid pace, making it the perfect platform to springboard our clients into the thick of the action.”
Banks in the Middle East have introduced new Asian financial services in recent months, to tap into the growing trade and business ties.
Earlier this year, HSBC launched a series of Renminibi deposit accounts for its customers in the UAE looking to invest in the Chinese currency.
Last year, Commercial Bank of Dubai launched a Chinese banking platform called TianLong to support the business needs of the Chinese small and medium enterprises.
China’s currency RMB, also known as yuan, is poised to join the US dollar and the Euro as one of the world’s top three trading currencies as China looks to settle 30 per cent of its annual trade in RMB, equivalent to $2 trillion.