Deutsche Bank launches digital FX platform for corporate clients in Sri Lanka
The rollout marks the bank’s first step in introducing a comprehensive suite of digital FX solutions for its corporate clients in Sri Lanka.
Deutsche Bank today announced it is investing in Sri Lanka and launching a major push into the corporate client market, with the rollout of a new digitally-enhanced Forex platform. The rollout marks the bank’s first step in introducing a comprehensive suite of digital FX solutions for its corporate clients in Sri Lanka.
Deutsche Bank Sri Lanka Chief Country Officer Vikas Arora elaborated on the business rationale for the launch: “As international supply chains gravitate toward settlements in local currency, we are pleased to cater to our clients’ requirements.”
E-commerce customization is driving a change in payments currency, and supply chains across Asia are demanding banks and payment service providers to enable local currency payment.
“Clients are challenging the historical trend of settling payments in USD between two Asian markets, as they become more aware of the layers and costs in their payment chain. As a result, clients are demanding cheaper and faster ways of delivery, which our digital FX platform Autobahn is enabling,” Vikas Arora said.
By mid-year Deutsche Bank Sri Lanka aims to be on par with other Deutsche Bank branches across Asia where clients can pay in local currency between two Asia markets, reducing the FX execution costs to a single conversion along with a faster delivery between the branch network.
In addition to introducing the enhanced FX platform, the bank is also extending FX API technology to local clients. This means they can connect the bank’s platform into their own direct sales eCommerce infrastructure, while the bank supports them in pre and post trade activities.
Globally Deutsche Bank most often sees API used by clients to expand their own B2B and B2C sales offering by introducing a wider range of currencies for online transactions. This provides end customers with greater choice around payment currency and often local currency is preferred, given USD currency movement can affect price point.
More upgrades are planned in the rest of the year to further enhance the foreign currency payment offering for both inbound and outbound payments in Sri Lanka Rupee (LKR).
Deutsche Bank has operated in Sri Lanka since 1980, providing banking and financing solutions to multinationals, large local corporates and financial institutions, ranging from cash management, FX, custody and trade finance. The Sri Lanka branch rollout of the digital FX platform follows the launch of an online payments facility for customs and excise for importers toward the end of 2019.