Standard Chartered Completes Cross-border Two-way Sweeping Deal for WPG Holding in SFTZ

Published 

Accelerates cash management efficiency by two-way flow of capital 

Taipei – Standard Chartered Bank (Taiwan) Limited announced today the completion of an RMB cross-border two-way sweeping deal for Asia’s largest electronics distributor WPG Holdings in Shanghai Free Trade Zone (SFTZ).

John Tan, CEO of Standard Chartered Bank (Taiwan) Limited, commented that the Bank possesses leadership and strong experience in RMB business globally. With its networks in the Shanghai Free Trade Zone and Kunshan Free Trade Zone, the Bank is able to provide its clients with comprehensive and innovative RMB solutions. The RMB cross-border two-way sweeping deal completed for WPG Holdings provides the client with a more efficient cash management solution. This deal, the first for Standard Chartered Taiwan, demonstrates the Bank’s expertise and quality of service in cross-border trade finance and cash management service in the Greater China region, and further strengthens Standard Chartered’s leading position in RMB internationalisation.

WPG Holdings is the largest electronics distributor in Asia as well as the world’s 3rd largest IC distributor with global presence. Its network in China can be found across Beijing, Shanghai, Suzhou and Guangdong. WPG Holdings established an RMB cross-border two-way sweeping pool as “Pool header” with the aid of Standard Chartered that WPG Holdings can enjoy a more flexible cash flow between Taiwan and China, as well as centralised cash management and capital flow. They will also benefit from lower cash management cost and better application of capital under this mechanism. After the completion of the deal, WPG has remitted the first batch of capital via Standard Chartered Taiwan. 

RMB cross-border two-way sweeping allows Taiwanese corporates better capital management among their cross-strait networks. With this mechanism, corporates can finance their subsidiary in China with capital needs via the allocation of capital coordinated within the group, instead of borrowing from banks which would incur interest cost. This helps save cost of financing and increase cash management efficiency. 

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