Deutsche Bank’s Chinese clients will soon be able to use WeChat on the Symphony platform to work foreign exchange trades.
The investment bank said it will introduce WeChat to provide a more digital client experience for its clients in Asia, particularly China. Deutsche Bank will also be able to communicate with clients on WeChat in real-time within a regulatory compliant framework.
“WeChat is to China what WhatsApp is to the rest of the world; it is the primary communication channel country-wide. Deutsche Bank is thrilled to be part of the team that created a solution to communicate seamlessly with our Chinese clients, that’s convenient for them while upholding rigorous compliance and security standards,” said chief information officer for the investment and corporate bank at Deutsche Bank in Asia Pacific, Chris Bezuidenhout.
Deutsche Bank added that its clients will be able to obtain the RMB exchange rates for other currencies and documentation process flows via WeChat, in a bid to support pre-trade services such as FX rate transparency. Deutsche Bank is also one of four international banks using Symphony’s Joint Development Program to integrate WeChat on the platform.
According to David Lynne, head of corporate bank and fixed income currencies in Asia Pacific, Deutsche Bank will roll out WeChat for Asia local markets and onboard clients by the end of the year.
“The Symphony WeChat service has the potential to transform how our Chinese clients engage and do business with us. This pioneering solution reflects our commitment to our Chinese clients and China as one of our most important growth markets, and highlights the continued digitalisation of our platform,” Lynne added.