HSBC releases first renminbi cashier’s order in Hong Kong

Move shows the bank’s commitment to anticipate client renminbi product needs while it capitalizes in the new opportunities created by the liberalisation of the currency.

HSBC on Monday announced the issuance of its first RMB cashier’s order in Hong Kong on behalf of a local SME customer Hung Fook Tong Holdings Limited, the largest herbal tea group in Hong Kong. The issuance of Hong Kong’s first RMB cashier’s order is consistent with HSBC’s strategy of providing customers with a wider range of guaranteed RMB payment options, according to an HSBC report.

Albert Chan, HSBC’s Head of Commercial Banking Hong Kong, said, “The development of RMB investment products and increasing cross-border settlement in RMB in Hong Kong is gaining traction and remains an initiative fully supported by HSBC. As penetration of RMB products and increased trade settlement are likely to gather momentum, customers will demand increased options from banking partners. The availability of RMB Cashier’s Order meets demand for RMB payment solutions that are both flexible and convenient.” 

Customers who are interested in purchasing an RMB cashier’s order can make it through our HSBC branches or complete an application form online at www.hsbc.com.hk. 

John Laurens, Head of Global Payments and Cash Management, Asia Pacific, emphasised HSBC’s commitment to anticipating client RMB product needs, “By taking a lead role and investing in RMB product development, HSBC ensures that our clients are able to take immediate advantage of new opportunities created by the liberalisation of the RMB.” 

Similar to traditional cashier’s orders, HSBC’s RMB cashier’s order provides customers with a streamlined method for guaranteeing payments without requiring beneficiary account numbers. The service benefits customers in Hong Kong by providing a secure, immediate, and cost effective platform that initiates payments and minimises risks associated with cash settlement. Furthermore, HSBC’s RMB cashier’s orders offer customers the additional convenience of not maintaining an RMB current account. The payment service can also be utilised by customers to subscribe RMB IPO, effect insurance premium payments, local vendor payments, as well as salary payments.