OREANDA-NEWS. February 14, 2011. In 2010, ICBC maintained strong momentum in its cash management business. The Bank has secured the first place in the local ranking of cash management banks by scoring more than 500,000 customers as of the end of 2010. In terms of cash management, ICBC currently has partnership with all the non-banking Chinese companies in the list of Fortune 500. Many multinational corporations choose ICBC as their RMB cash management administrating bank for their subsidiaries in China, reported the press-centre of ICBC.

While the customer scale and transaction volume are set to gather further momentum, the content and quality are an integral part of ICBC's drive to improve the cash management service and shift the course from simple fund management to integrated wealth management, from local service to global service, from single customer to supply chain finance. ICBC holds on to the top spot among the domestic peers in the cash management service.

As related, cash management is a host of financial products and services offered by commercial banks to help customers administer cash assets in an effective and efficient manner. Cash management is vital for customers to streamline the financial management and save the cost. Beginning from 2010, ICBC stepped up innovation in cash management and launched a range of new products: cash pool (in home and foreign currency), butler services for cash receipts, consolidated account reporting, and global cash management.

The new services offer strong technical support for the companies to effectively manage their cash assets in times of market uncertainties. While gathering pace on product innovation, ICBC also spent efforts to widen the scope of cash management services, improve service quality and expand service content. ICBC ensures high degree of customized delivery in cash management from serving the internal of a company to its funding chain, from simple collections and disbursements, centralized management of cash resources to integrated wealth management. ICBC has established a strong image of cash management service expert in all industries. ICBC also offers cash management services to the small and mid corporate segment to help them grow at the same time keeping good relationship with a number of top corporate clients in large scale.

In 2009, ICBC was the first among the domestic peers to launch the global cash management service backed by its state-of-the-art IT system, strong product innovation and excellent services. ICBC leverages its independently developed global cash management system and worldwide network of subsidiaries and agency banks to offer “one-stop” cash management services, encompassing a collection of solutions for multinational groups involving the administration of accounts across the world, centralized collections and disbursements, cash pool in home and foreign currency, investment and financing, and risk management. In less than two years since its launch, this new emerging service is available in all the ICBC overseas and domestic subsidiaries and has achieved very good result. By the end of 2010, ICBC has the most number of contracting enterprises among Chinese banks by securing more than 1,000 customers signed the global cash management agreement with the Bank. ICBC offers strong support for Chinese multinational companies to "Go Global".

With a strong focus on service capacity to improve, ICBC continues to gain market recognition and brand influence for its cash management services. The Bank has received numerous accolades from the international respected organizations and industry sectors. In 2010, ICBC has been named as "Best Cash Management Bank(China)" by The Assets (HK) and won the Asian Banker (Singapore)'s Award of "Achievement in Cash Management in China", "Best Cash Management Bank in China" from the Finance Asia (HK) and "Best Treasury and Cash Management Bank of China" from the Global Finance (USA).

ICBC is dedicated to the service philosophy of "create more value for customers", said an executive with ICBC. Driven by the market need, ICBC will take concrete steps to improve its cash management services, more professional, more convenient and more integrated. The Bank also aims to better respond to customers by increasing its global service capacity and offer more comprehensive cash management services.