Bank in Mozambique launches Chinese foreign exchange services

Millennium bim, a Mozambican bank whose main shareholder is Portugal’s Banco Comercial Português (BCP) group, has launched a Chinese foreign exchange service, “which aims to facilitate business and trade between the bank’s customers and their Chinese suppliers.”

The bank also said in the statement that the decision to start marketing the service also stems from the fact that the People’s Republic of China is becoming one of Mozambique’s main economic partners.

The bank pointed out that this service was created under the China International Payment System (CIPS) and customers who wish to benefit from the service have to comply with the documentation requirements of the Chinese authorities.

“The transactions carried out have no limits, but the system requires that the beneficiary companies have accounts based in Chinese territory,” according to the Millennium bim statement.

This service is one more in a suite that Millennium Bim has created for businesses, including a recently launched business credit card that ensures better management of customer-company accounts.

Previously, Standard Bank Moçambique and Société Générale Moçambique launched a similar service. Standard Bank said it was in a privileged position to assist Mozambican businessmen with interests in China and vice versa, given its strong link with the Commercial and Industrial Bank of China (ICBC), the largest Chinese and world bank, with a 20.1% stake of the Standard Bank Group since 2008.”

Banco Comercial e de Investimentos, 60% controlled by the Portuguese state financial group Caixa Geral de Depósitos, is another bank in Mozambique that already provides this service. (macauhub)