Baiduri Bank, a leading local banking and financial group in Brunei Darussalam, in its effort to provide more trade options in currency to its corporate customers launched the Renminbi Trade Payment Services here on Thursday.

Pierre Imhof, CEO of Baiduri Bank, in his welcoming speech said, "the Renminbi Trade Payment Service is brought to you in partnership with our correspondent bank, The Industrial Commercial Bank of China (ICBC) for remitting funds to China for the purpose of trade settlement." "Payments for goods and services to companies in China have traditionally been carried out by using U.S. dollars, and are subject to fluctuations. With this Renminbi payment service, fluctuation risk is minimized, and, being in the same time zone, businesses in China can receive payments faster than before," explained Imhof.

Jennifer Tan, head of Financial Institutions and Sales, and deputy head of Global Market and Treasury Department at Industrial and Commercial Bank of China (Malaysia) Berhad (Limited) has given the guests a further insight of the Renminbi Trade Payment Service through presentation slides at the launching ceremony. It also show how the payment system can help to provide better and more efficient financial services to the guests' cross-border businesses.

The guests were also given advice on how the bank could help expand cross-border use of Renminbi, allow corporate banking customers to expand their overseas business, dispense with currency exchanges, lower the foreign exchange risk, and provide convenience to cross-border Renminbi settlements.