Deutsche Bank announced on Tuesday (Feb. 18) that it would improve its Sri Lanka operation with the launch of a new digital foreign exchange (FX) program, reports said. The FX program is a step into the corporate client market, and its investments in Sri Lanka mark an initiative for a more well-rounded set of digital solutions for clients in that region.
In a press release, Deutsche Bank Sri Lanka Chief Country Officer Vikas Arora said that the bank wants to change with the times. As the world's supply chains move into settlements in local currency, Deutsche Bank wanted to make sure it offered that service for clients in Sri Lanka.
eCommerce customization has been transforming payments currency. As in Asia, supply chains have been demanding the change, asking that they be able to settle payments in their own currencies, instead of in U.S. dollars — as the custom has been for years.
Arora said that tradition is being challenged now, as clients in Asian markets doing business with one another become more aware of the layers and costs in the payments chain. Due to those discoveries, many clients want ways to pay that are quicker and more efficient. Deutsche Bank's new program seeks to help with that, he added.
By mid-year, Deutsche Bank Sri Lanka intends to be on pace with the other Deutsche Banks across Asia. Like the others, it will be a location where two Asian clients can pay one another in local currency, and reduce the foreign exchange cost to one conversion, according to Deutsche Bank.
Globally, Deutsche Bank is often used for B2B and B2C payments, with a wider range of currencies that can be utilized. At the end of last year, the bank also created an online payments facility for customs.
Otherwise, the bank hasn't been doing so well. A probe into an alleged money laundering scheme was launched to find out if Deutsche Bank was involved in helping to move dirty money to the U.S.