Deutsche Bank has announced that it will be investing and launching a digitally enhanced FX platform for business clients in Sri Lanka. The bank says the rollout of this platform marks its first step in a suite of digital FX solutions for its corporate clients in the country.
The bank said that e-commerce customisation is driving a change in payments currency, and increasingly international supply chains across Asia are demanding banks and payment service providers enable local currency payment.
“Clients are challenging the historical trend of settling payments in USD between two Asian markets, as they become more aware of the layers and costs in their payment chain. As a result, clients are demanding cheaper and faster ways of delivery, which our digital FX platform Autobahn is enabling” said Vikas Arora, Deutsche Bank Sri Lanka’s chief country officer.
The bank plans to bring Sri Lanka on par with other Deutsche Bank branches in the region by mid-year, where clients can pay in local currency between two Asia markets. This reduces the FX execution costs to a single conversion and creates faster delivery between the branch network.
In addition to the FX platform, the bank also plans to extend FX API technology to local clients, to help them connect direct sales e-commerce infrastructure with the bank’s platform for pre- and post-trade activities.