Deutsche Bank (China) Co., Ltd today announced that it has joined the NetsUnion Clearing Corporation’s network (NUCC) to facilitate the e-wallet payments of its corporate clients.
Officially launched in 2018, NUCC is a critical component of China’s financial infrastructure system. NUCC is the designated platform for all mobile payments and aims at standardizing mobile transactions, as well as providing transparency in the non-banking payments market.
After joining the NUCC network, which links e-wallet providers with participating banks, Deutsche Bank will be able to offer faster and more efficient collection solutions, enhancing its corporate cash management offering.
Dirk Lubig, Head of Global Transaction Banking China and Head of Corporate Cash Management Greater China at Deutsche Bank, said: “We are proud to be one of the first foreign banks to join the NUCC platform. It is a step forward as we continue to expand our service offering in China. As non-banking payments record staggering growth, Deutsche Bank is well positioned to meet the e-commerce payment needs of its corporate clients onshore.”