Kyriba, a cloud treasury and finance solutions provider, has announced that Chinese clients, including the world’s largest developer of polyurethane, Wanhua Chemical Co., and Didi Chuxing Technology Co., China’s largest cab hailing service, are now live on Kyriba’s cloud finance technology network.

In just over three years since Kyriba officially launched its business venture in China, the company has hired sales, marketing and product support engineers to meet the growing demand from Chinese companies, and is now seeing double digit growth in the region.

“Wanhua has realised the optimisation, integration and automation of end-to-end domestic and international payment processing systems with Kyriba Payments, laying the foundation for the eventual integration of the entire group’s ERP solution,” said Zhang Shoujun, general manager of Finance Department at Wanhua Chemical Global Group. “Kyriba’s advanced Currency Risk solutions also help Wanhua more easily adapt to unpredictable economic changes, and supports Wanhua’s overseas growth strategy, while meeting global regulatory standards.”

Wanhua Chemical Group, headquartered in Yantai, has four production bases in China and Europe and has established subsidiaries and representative offices in more than 10 countries and regions. The company is named as a 2018 Global Top 50 by Chemical and Engineering News.

In addition to Wanhua Chemical and Didi, domestic corporations and banks have partnered with Kyriba to expand their international footprint and mitigate risk of internationalization, including SUNGROW, HAND, and many others.

“Kyriba has the capacity and strategy to help Chinese companies simplify financial management while mitigating exchange rate risks associated with doing business overseas,” said Jean-Luc Robert, CEO of Kyriba.

Chinese companies will face alarming exchange rate risks over the next five years due to economic volatility, according to EY risk consulting experts.

“Exchange rate risk management will undoubtedly become a key indicator of corporate financial management and risk management,” said Liang Shangwen, head of financial services and risk consulting, Greater China, Ernst & Young (China) Enterprise Consulting Co., Ltd. 

The new wave of support from Kyriba helps Chinese companies at a critical time when CFOs demand modern cloud solutions to manage their finances, and help them mitigate global market currency volatility.

“China is a key market for Kyriba in the Asia Pacific region and we have invested in our talent and local data infrastructure to comply with Chinese regulations, a major investment that reflects our commitment to our customers in China,” said JaeSon Kim, APAC managing director for Kyriba. “We will continue to invest in our people and innovate our product to help put Chinese corporations in a strategic position to grow internationally.”