Yonyou Launches TMS Cloud in Hong Kong, Empowering Multinational Enterprises on Global Treasury Management
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
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
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.
The issuer is solely responsible for the content of this announcement.
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.