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Ebury signs Memorandum of Understanding with Qingdao Municipal Bureau of Commerce

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23 July 2019

Written by
Eleanor Stevenson

In recognition of our successful expansion into the Asian market, Ebury has signed a Memorandum of Understanding with Qingdao Municipal Bureau of Commerce.

n Monday the 8th of July, Wan Jianzhong, Deputy Secretary-General at the Qingdao Municipal Bureau of Commerce, and Lloyd Hutchinson, UK and Ireland Country Manager at Ebury, signed an agreement to strengthen the ties between Ebury and China. Qingdao is a hub for international business in Northern China, which is experiencing a prolonged period of rapid development, making it a highly valuable partner as Ebury grows into the Chinese market.

After the signing of the Memorandum of Understanding, the delegation from Qingdao was hosted in our London Headquarters. This was accompanied by a short presentation provided by Lloyd and Qi Yan, Key Account Director at Ebury, which led to an in depth Q&A session which quickly highlighted the scope of opportunity for all involved., Ebury already supports thousands of businesses trading with Asia, transferring over £2.5bn to China alone. Our capabilities in Chinese Yuan allow our clients to pay in local currency, improving supplier relationships and protecting them against market movements. Flexible hedging, dedicated China specialists and competitive credit terms streamline the process of switching to payments in CNY.

Through our partnerships with local businesses and organisations in Asia, we are also able to facilitate exporters in the West to receive payments in RMB from their Chinese clients, significantly expanding new business opportunities.

In the next 12 months, we expect to strengthen our operations in the Chinese market. Through mutually beneficial cooperation with local governments and bodies, such as the above, we will continue to improve our product offering, leading the way for trade with China.

For more information on how Ebury can help your business to start trading with China, please contact [email protected], or call 44 (0) 20 3872 6670.