HONG KONG SAR – Media OutReach – 18 October 2021 – Amid Covid-19 pandemic, cross-border trades fall sharply. In order to accelerate digital transformation and achieve durable growth for multinational enterprises, in 2020 Yonyou Network Technology has released YonBIP, a brand new business innovation platform. This year, Yonyou launches a global treasury management product – TMS Cloud in Yonyou Hong Kong, the headquarters of Overseas Business Unit, aiming to provide treasury management solutions for multinational enterprises with cross-border businesses.
For enterprises, financial management is the front-runner in the process of the digital transformation, and the digitalization of treasury management continues to gain importance in the business strategies of enterprises. As treasury management becomes more complex and professional, traditional tools and services can barely meet the needs in the rapidly changing markets.
Mr. Bowen Guo, General Manager of Yonyou Hong Kong, pointed out that Yonyou has been serving Chinese enterprises treasury management for over two decades, connecting 1,700 domestic and foreign banks with enterprises and helping more than 10,000 conglomerates to operate treasury efficiently. However, for Chinese enterprises going global, treasury management is restricted by local policies and regulations, derailing the globalization in business.
Yonyou is the transformational leader that rebuilds an innovated and digitalized financial ecosystem, supporting Chinese enterprises to expand internationally. The newly launched TMS Cloud will help Chinese enterprises to set up a global treasury center in Hong Kong, which takes advantage of the metropolitan’s role as a bridgehead of China’s ‘domestic-international dual circulation’ and accelerates the development of ‘headquarters economy’ to achieve one-stop treasury management with real-time visibility. In terms of connectivity, TMS Cloud will adopt cutting-edge technologies like robotic process automation (RPA), directly connecting banks and enterprises with open application program interfaces (API) of banks. With the broad network of Chinese banks, TMS Cloud assists Chinese enterprises to establish the global cash pool for easier cross-border transaction.
Managing global treasury efficiently is hard not only for Chinese enterprises ‘going out’ to other countries, but also for foreign-owned companies ‘coming in’ China’s market. Today, a large number of overseas companies, including local companies in Hong Kong, still adopt the ‘twin headquarters, twin treasury centers’ strategy for treasury management in mainland China. According to Mr. Guo, when investing in mainland China, overseas companies are not familiar with the products and services of domestic banks, creating the ‘last mile’ of treasury management in China that most multinational enterprises cannot go through. Meanwhile, TMS Cloud demonstrates strong multi-bank connectivity, empowering overseas enterprises to manage treasury inside and outside China. Yonyou will also launch TMS-API for global treasury center to manage all bank accounts in China.
Through TMS Cloud, multinational enterprises can obtain safe and reliable payment channels, optimize payment process, significantly reduce costs of building IT system, and reconciliate global accounts and transactions in real time. TMS Cloud boosts the overseas business expansion for multinational enterprises and makes global treasury management smart.
Founded in 2003, Yonyou Hong Kong is the headquarters of the Overseas Business Unit, providing software and cloud services to enterprises in Hong Kong, Macau, Taiwan, ASEAN countries, Australia, and other countries in the Asia-Pacific region. Based in Hong Kong, Yonyou Hong Kong leverages the city’s role as a gateway between the East and the West, boosting the process of globalization for enterprises. Yonyou’s subsidiary Chanjet Information Technology (1588.HK) is listed on Hong Kong Stock Exchange.
About Yonyou Network Technology
Founded in 1988, Yonyou Network Technology (600588.SS) has been leading the enterprise services market for 33 years. Yonyou is currently the No. 1 provider of enterprise cloud services in China and the world’s leading enterprise management software and cloud services provider, offering tailor-made Enterprise Resource Planning (ERP) software and Software as a Service (SaaS) solutions. Yonyou has been recognized by Gartner as the top 10 ERP providers in the world, and ranked by IDC as the largest enterprise management software provider in China.