Deutsche Bank now operates a global network of cash management services in 35 locations with 14 in the Asia Pacific, the release stated. There were 14 new jobs added to support the new Australia location, including John Godlonton of Deutsche Bank Singapore, who will act as the head of cash product for Australia.
The Australia business will offer current accounts and deposit products, domestic and cross-border payments and collections, and liquidity services, the release stated.
Glenn Morgan, the interim CEO for the Australia business, said in the release that adding Australia to the bank’s global network of cash management businesses will be “a terrific boost for local employees.”
“Launching a new business that is a key to the bank’s global growth and global client base reaffirms the commitment to our local franchise as a whole," he said, according to the release.
Peter Connor, Australia's head of corporate bank, spoke positively of the impact the cash management business will have overall.
“Cash management will expand our footprint by servicing a larger set of our multi-national corporates," he said, according to the release. "Clients have been asking us to introduce cash management services for some time now, so we’re excited to add that capability to our product suite. We are in a strong competitive position and are confident we can build market share.”
In separate news, Vikram Dewan, chief information officer at Deutsche Bank, spoke with PYMNTS in August about the rise of digital, instant payments, saying companies and consumers largely expect quick, instantaneous payments, wanting them to happen as fast and painlessly as possible. FinTechs have played a role in speeding up the transformation as their lack of legacy baggage makes them more free to innovate.