Yonyou Launches TMS Cloud in Hong Kong, Enabling Multinational Enterprises to Manage Cash Flow Globally | Taiwan News
HONG KONG SAR – Media reach – October 18, 2021 – In the midst of the Covid-19 pandemic, cross-border trade is falling sharply. To accelerate digital transformation and achieve sustainable growth for multinational companies, in 2020 Yonyou network technology launched YonBIP, a brand new business innovation platform. This year, Yonyou is launching a global treasury management product – TMS Cloud in Yonyou Hong Kong, the headquarters of the Overseas Business Unit, aimed at providing treasury management solutions to multinational companies with cross-border operations.
For businesses, financial management is the forerunner in the digital transformation process, and the digitization of cash management continues to gain prominence in corporate business strategies. As cash management becomes more complex and professional, traditional tools and services can barely meet the needs of rapidly changing markets.
Mr. Bowen Guo, Managing Director of Yonyou Hong Kong, pointed out that Yonyou has been serving Chinese companies’ cash management for more than two decades, connecting 1,700 domestic and foreign banks with companies and helping more than 10 000 conglomerates to effectively manage their cash flow. However, for Chinese companies going global, cash management is constrained by local policies and regulations, derailing the globalization of business.
Yonyou is the transformational leader who is rebuilding an innovative and digitized financial ecosystem, helping Chinese companies to grow internationally. The new TMS Cloud will help Chinese companies set up a global treasury center in Hong Kong, which leverages the metropolis’ role as the bridgehead of China’s “dual domestic-international traffic” and accelerates the development of “head office economics” to achieve one-stop cash management with real-time visibility. In terms of connectivity, TMS Cloud will adopt cutting-edge technologies such as robotic process automation (RPA), directly connecting banks and enterprises to banks’ open application program interfaces (APIs). With the vast network of Chinese banks, TMS Cloud helps Chinese companies to establish the global cash pool to facilitate cross-border transactions.
Managing the global treasury effectively is difficult not only for Chinese companies âgoing outâ to other countries, but also for foreign companies âgoing intoâ the Chinese market. Today, a large number of foreign companies, including local companies in Hong Kong, still adopt the âtwin headquarters, twin treasury centersâ strategy for cash management in Mainland China. According to Guo, when investing in mainland China, foreign companies are unfamiliar with the products and services of domestic banks, creating the “last mile” of cash management in China that most multinational companies cannot cover. Meanwhile, TMS Cloud demonstrates strong multi-bank connectivity, enabling foreign companies to manage cash flow inside and outside of China. Yonyou will also launch TMS-API for the Global Treasury Center to manage all bank accounts in China.
With TMS Cloud, multinational companies can achieve secure and reliable payment channels, optimize the payment process, dramatically reduce IT system construction costs, and reconcile global accounts and transactions in real time. TMS Cloud drives overseas business expansion for multinational companies and makes global cash management smart.
Founded in 2003, Yonyou Hong Kong is the headquarters of the Overseas Business Unit, which provides software and cloud services to companies in Hong Kong, Macau, Taiwan, ASEAN countries, Australia and others. countries in the Asia-Pacific region. Based in Hong Kong, Yonyou Hong Kong takes advantage of the city’s role as a gateway between East and West, stimulating the process of globalization for businesses. Yonyou’s subsidiary, Chanjet Information Technology (1588.HK) is listed on the Hong Kong Stock Exchange.
About Yonyou Network Technology
Founded in 1988, Yonyou Network Technology (600588.SS) has been the market leader in business services for 33 years. Yonyou is currently the leading enterprise cloud service provider in China and the world’s leading provider of business management software and cloud services, offering enterprise resource planning (ERP) software and software solutions in as a tailored service (SaaS). Yonyou has been recognized by Gartner as the world’s top 10 ERP vendor and ranked by IDC as the largest business management software provider in China.
Company Website: https://www.yonyou.com.hk