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Industry roundup: 22 June 2020

SWIFT RMB Tracker shows currency's progress during crisis

SWIFT has released its latest monthly reporting and statistics on renminbi (RMB) progress towards becoming an international currency In May 2020, the RMB retained its position as the sixth most active currency for global payments by value, with a share of 1.79%. Overall, RMB payments value decreased by 3.40% compared to April 2020, while in general all payments currencies decreased by 10.32%. 

In terms of international payments excluding payments within the Eurozone, the RMB ranked 8th with a share of 1.22% in May 2020. This is based on live and delivered, MT 103 and MT 202 (customer initiated and institutional payments) exchanged on SWIFT, and based on value. In May 2018, RMB also ranked 8th with a 1.16%

Looking at the RMB’s share as a global currency in trade finance market, in May 2020 it ranked 3rd globally, with a share of 1.90%. Back in May 2018 it ranked 4th with a share of 1.65%. This data is based on live and delivered MT 400 and MT 700 messages exchanged on SWIFT, based on value. 

The top economies doing FX Spot transactions in RMB in May 2020 were:

  • UK 35.10%
  • China 14.15%
  • US 12.79%
  • Hong Kong 8.96%
  • South Korea 4.10%
  • Others 24.91%

This is based on the value of FX confirmations, including central banks, inter-group only, looking at MT 300 messages exchanged on SWIFT.


Dutch businesses endorse sustainable COVID-19 recovery

Over 220 Dutch companies have pledged support to take sustainability as a cornerstone in COVID-19 recovery plans at both a national and European level.

Signees of the Green Recovery Statement ask the Dutch government to, for example, endorse the EU Green Deal as part of the EU Recovery Plan and to build a recovery plan that puts the Netherlands on track to realising the Sustainable Development Goals (SDGs) and Paris Climate Agreement. 

“This unprecedented crisis we’re facing is giving us an opportunity to make new choices,” said Ruud van Dusschoten, country manager of ING in the Netherlands. “As we recover after COVID-19, sustainability must play a central role in order to realise the Paris climate goals and build a more resilient society. ING continues to support clients with green and social finance that creates jobs and speeds up growth, helping to ensure we build back better.”

The statement was organised by the Dutch Sustainable Growth Coalition. Other companies signing included AkzoNobel, Heineken, KLM, Philips and Unilever. 

ING has also published its own vision on the need to 'build back better'. The bank says it remains committed to financing and facilitating a low-carbon and financially healthy society. It has aligned its lending portfolio with the goals of the Paris Climate Agreement, in what it calls its Terra approach. 


Profile Software launches FX risk solution

Profile Software, a financial solutions provider, has announced the launch of the Acumennet eFX solution, which is designed to support banks’ agents, branches, digital channels and clients accessing and managing their foreign exchange (FX) risk more effectively.

Acumennet, Profile’s Group strategic treasury management platform, has been enriched with a client-centric solution to help both treasurers and their clients manage risk and integrate with existing banking platforms. Acumennet eFX can be deployed as stand-alone or as part of the Acumennet platform. It can be deployed on-premises or in the cloud. The company says that the user benefits from having all functionality needed on a single platform with a single infrastructure, offering a responsive user interface, with API-enabled connectivity that integrates with any platform or data provider. The solution also offers management of multiple exchange rate feeds and rates to customers.

Other features include the support of FX spot and FX forward, real-time FX rates, automatic dealing, request for quote including timer, position summary with client blotter, customer FX position monitoring and a "360-degree" client view offering full automation of processes.

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