Since China’s approval of the Renminbi Qualified Foreign Institutional Investor (RQFII) pilot scheme to Singapore with RMB50 billion quota in October 2013, ABC Singapore Branch, as a cross-boarder services platform of ABC group, has proactively assisted Head Office Custody Services Department in marketing ABC’s RQFII custody services to Singapore financial institutions. Targeting local banks and asset managers, ABC Singapore Branch arranged various face-to-face meetings and conference calls to introduce ABC’s RQFII service offerings. Through close collaborations between the Head Office and ABC Singapore Branch, ABC successfully assisted a renowned Singapore bank in obtaining its RQFII licence and investment quota.
As part of the branch’s cross-selling initiatives, ABC Singapore Branch also focused on other business opportunities with these financial institutions in areas such as CDs, bonds, fund investment and wealth management products.