China and Uganda banks launch cash management service

Zhao Xiufen, economic and commercial counselor in the Chinese Embassy in Uganda, gives a speech. [Photo by Pan Zhongming/CHINA DAILY]

In Kampala, Uganda the Industrial and Commercial Bank of China and the Stanbic Bank (Uganda) launched the China-Africa cross-border cash management platform service, dedicated to providing a one-stop service for its clients in Africa and the world as well.

Zhao Xiufen, economic and commercial counsellor of the Chinese Embassy in Uganda, said Uganda is rich in natural resources and has a huge amount of oil and natural gas reserves.

Uganda's economy has been growing at a relatively rapid speed due to the investment increase in the oil industry and infrastructure construction.

"China boasts rich advantages in its production capacity, capital and technology, creating much room for cooperation among enterprises of the two countries," she said.

She hoped that the Industrial and Commercial Bank of China and the Stanbic Bank will strengthen cooperation among enterprises.

Patrick Mweheire, CEO of Stanbic Bank (Uganda), said: "Standard Bank is the largest and powerful bank in Africa. It is able to provide overall financial service for enterprises in 20 African countries including Uganda."

Zeng Qi, general manager of the Payments & Cash Management Department of the Industrial and Commercial Bank of China, said China has become the largest investment source country and engineering contractor of Uganda.

"As the largest bank in the world in terms of its market value, the Industrial and Commercial Bank of China has long been actively pushing forward the acceleration of international development in network layout, system construction and team building."

Wang Lubin, general manager of ICBC Africa Representative Office, said that in recent years, the ICBC has helped the implementation of China’s Belt and Road Initiative and provided great support for the going abroad of Chinese enterprises.

In serving the African oil and gas industry, the bank has accumulated rich experience and skills. Wang said he hoped to have more cooperation with enterprises in Africa and support African economic development.

Xiao Zongwei, president of China National Offshore Oil Corporation Uganda Limited, has shared in the enormous business and employment opportunities brought by the investment of the Chinese and international oil and gas enterprises.

The ICBC and Standard Bank have successfully provided China-African cross-border financial service solutions in 78 projects, ranging from the fields of cash management, investment bank business, assets entrusting management, financial market and information technology.