VTB obtains direct access to CNAPS, China’s national payment system
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.”
VTB Group has been working in China since 2008. Offices in Hong Kong and Shanghai offer a wide range of corporate services, including opening and maintaining settlement accounts for Chinese residents and non-residents, international and domestic payments, lending, documentary operations, trade and export finance (including transactions in national currencies), conversion and derivative operations and commodity trading.
VTB became the first Russian bank to receive the status of a Shanghai Gold Exchange (SGE) member with the right to participate in international trading in the exchange’s international branch in the Shanghai free trade zone. VTB is the largest market maker in RMB/RUB.
VTB Bank is the only Russian bank with a full banking license in mainland China. The Bank offers classic trade finance products, including active business with Chinese exporters in discounting letters of credit with payment deferral.
In partnership with the China Export & Credit Insurance Corporation (Sinosure) credit agency VTB Group comprehensively develops collaboration in the area of supporting trade and economic relations between China and Russia. The Bank maintains leading positions on the corporate investment segment and supports joint projects of the One Belt One Road initiative.
More detailed information is available at: https://www.vtbbank.cn/ru