This Tuesday, a global leader in cloud treasury and finance solutions announced that it would cater to several major Chinese clients while others are already live on its cloud finance technology network. Since the business venture launched in China, it has hired several sales, marketing, and product support engineers that addressed the shortage of demand for its services in the country.
Kyriba has revealed that it would serve Chinese companies such as Wanhua Chemical Co. who is the world's largest developer of polyurethane.
According to the project manager of Wanhua Chemical Global Cloud Financial Platform Kou Chunpeng, the company wanted to observe automation, integration, and optimization of its end-to-end domestic and international payment process systems reported by AP News.
Kyriba Payments, one of the global cloud treasury and finance solution services of Kyriba, has realized this goal for Wanhua. He added that the service provided a foundation for the integration of the company's ERP solution. According to Kyriba's official website, Wanhua has condensed its manual payments by 98 percent in less than six months since the latter acquired the former's services.
It was revealed that Kyriba's high-tech currency risk services helped the company ease its way into adapting the unpredictable economic changes present in China. Kou also claimed that the Kyriba supports Wanhua's foreign growth strategy while complying with global regulatory standards.
The general manager of the finance department at Wanhua Chemical Group Zhang Shoujun also mirrored Kou's statement and said the company has efficiently consolidated its financial data across the group and that the solution supports China's globalization strategy when it comes to overseas expansion.
Wanhua Chemical Group has been recognized as the global leader in the isocyanate industry. It operates in China and Europe and has subsidiary offices in more than 10 countries. It was also hailed as one of the Global Top 50 companies of 2018 operating in the chemical and engineering industries.
On top of which, Didi Chuxing Technology Co., China's cab-hailing company along with other Chinese companies have joined its cloud finance technology network. The report also revealed that major domestic corporations and bank entities other than Didi and Wanhua have partnered with Kyriba. These companies were said to be set at creating an international footprint without increasing their risk of internationalization.
The chief executive officer (CEO) of Kyriba Jean-Luc Robert said that the company is honored to serve China's major corporations and banks. He claimed that his company would aid is clients simplify their financial management strategies and, at the same time, mitigate their exchange rate risks. The said financial risk was revealed to be associated with overseas transactions.
