Prime Minister Theresa May announced the start of the R5-SHCH Connect Partnership between London and China; the partnership will allow banks in China to have access to London’s foreign exchange market; the partnership is between London's R5 and the Shanghai Clearing House; companies involved include HSBC, LSE, BP, Standard Chartered and Standard Life Aberdeen; Jon Vollemaere, CEO of R5 commented to Finextra, “The new service offers benefits for all institutions trading FX. It provides Chinese banks with increased access to the global FX market, it enhances liquidity in major currencies, and it advances the internationalisation of the RMB.” Source.
Standard Chartered and Ant Financial signed a memorandum of understanding to expand their fintech reach in the Belt and Road Initiative; as Banking Technology reports the details are not flushed out yet but they are looking to broaden access to financial services in countries where the Belt and Road Initiative reaches; the companies have already partnered on funding settlement, FX services and Alipay Wallet. Source.
The new entity will work with businesses in a variety of ways; under “catalysts” internal consultants will help with problem solving and will include the eXellerator innovation lab; “Investments” will include their minority investments in a variety of companies; they have previously invested in Ripple and Paxata; “Ventures” will focus on their investments in new technology. Source
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