Issue link: https://maltatoday.uberflip.com/i/362477
10 Business Today maltatoday, WEDNESDAY, 13 AUGUST 2014 FIMBank Group receives TFR gold medal awards FIMBank plc has been awarded a gold medal for 'Best Factoring Institution' in this year's TFR Excellence Awards. The award, which recognises leading performers in trade services, refers to FIMBank's "continued excellence in delivering efficiency and quality to its customers". Meanwhile, London Forfaiting Company Limited (LFC), another member of the FIMBank Group, was also presented with a gold medal for 'Best Forfaiting Institution". Both FIMBank plc and LFC have received TFR's gold medal award for the third year running. FIMBank Group President Margrith Lütschg-Emmenegger greeted the news of this latest accolade of FIMBank's services with great satisfaction, stating that: "FIMBank aims to be at the forefront in the introduction and development of receivable finance techniques in emerging markets, and this award reflects the industry's recognition of our achievements in the marketplace. We have built a solid reputation for providing tailor-made trade finance solutions that match our clients' liquidity and risk management needs." LFC's Managing Director Simon Lay was equally pleased: "LFC has been engaged in export and trade finance since 1984, and this year we celebrate our 30th anniversary. As one of the earliest players in the market, LFC has always been at the forefront of developments in the forfaiting and trade finance services industry. We intend to ensure that exporting, importing and bank clients alike continue to benefit from the experience and expertise garnered by LFC over the years." TFR is a leading international trade finance magazine, read by and featuring the market's key banks, credit insurers, corporates, traders, law firms, brokers and consultants. TFR award winners are voted for by TFR's readers, with input from impartial members of the TFR advisory board. For more information about the FIMBank Group please visit www. fimbank.com. MFSA orders resignation of Maltese Cross Financial Services' director The MFSA has issued a di- rective ordering Jean Claude Bugeja, of Maltese Cross Financial Services, to resign and desist from providing any financial services. The regulator issued an announcement on its investigation into the affairs of Maltese Cross Financial Services, which is currently ongoing. "A number of measures have been taken to safeguard the company's assets and to protect the interests of investors," the MFSA said, after revoking its approvals granted to Jean Claude Bugeja to act as a director, compliance officer and money laundering reporting officer of the company and to provide investment services. The regulator's directives order Bugeja to resign as company director; desist from providing any financial services, including investment advice; desist from carrying out any functions within the company; and do not access company records, IT systems, or its offices on 242, Fleur de Lys Road, Birkirkara, unless authorised by the Authority. The MFSA also ordered Bugeja to retain and to desist from destroying, damaging or altering any documentation that he might have in his possession relating to the company and its clients. The MFSA said Maltese Cross Financial Services was unable, due to its financial circumstances, to meet its obligations arising from claims by its investors. "The Investor Compensation Scheme has been notified of MFSA's determination, and will by public notice be advising investors on how they may apply for compensation from the Scheme." Being RMB-ready gives competitive advantage in China trade, global survey shows In the global race to develop trade links with China, readiness to do business in renminbi (RMB) could give some countries' exporters a vital edge over their rivals, a new HSBC Commercial Banking survey shows. Whilst two-thirds of companies in mainland China and Hong Kong said foreign firms doing business with China gain financial and relationship advantages from using RMB, awareness of these potential benefits varies widely overseas, according to the 11-market poll. Half of respondents from Singapore, 44% from the US and 42% from the UK said they believe RMB usage brings financial benefits, yet less than a third of their German and Canadian peers share this view. More than half of UAE respondents said they see business relationship benefits from RMB adoption, compared with 46% in France and 40% in Australia. Overall, 59% of decision-makers surveyed said they plan to increase their cross-border activity with mainland China over the next 12 months, rising to 86% in the UK, 74% in Canada, 73% in the UAE and 63% in France. At the same time, only 22% said their company currently settles business in RMB. "This survey highlights a need for many companies to learn more about how the RMB can help them connect to opportunities in China and get ahead of their rivals in this highly competitive market," said Simon Cooper, Chief Executive of HSBC Commercial Banking. "Most Chinese businesses look favourably on overseas partners who are using RMB, both because it shows commitment and because it eliminates foreign exchange risk from their cost base. Although a currency can't guarantee commercial success in China, it's clear that RMB should be a core component of every company's business planning." "The findings confirm the growing importance of RMB as a world currency. As part of HSBC Group, HSBC Bank Malta, which is the only bank in Malta offering Direct Trade Settlement in RMB, is well positioned to assist its customers wanting to carry out transactions in RMB as well as facilitate trade through this currency, as part of our ongoing Malta Trade for Growth initiative," said Michel Cordina, Head of Commercial Banking at HSBC Malta. The Head of Global Banking and Markets for HSBC Malta James Woodeson said: "Aside from creating new trade avenues, the growing use of China's currency worldwide is also generating capital investment and financing opportunities for companies doing business internationally. The benefits for corporates using RMB include improving working capital, simplifying processes and mitigating payment risks." With its trade in goods passing US$4 trillion, China overtook the US to become the world's largest trading nation in 2013. The IMF's projections for nominal dollar GDP show that China will add about US$850 billion to global demand this year; the equivalent of adding an economy the size of Indonesia to global trade flows. As China becomes ever more important to international businesses, the internationalisation of the RMB is creating new opportunities in trade, investment, cash management and funding. HSBC forecasts that a third of China's trade will be settled in RMB by 2015 and that the currency will be fully convertible by 2017. For its new survey, HSBC polled more than 1,300 decision-makers from mainland China, Hong Kong, Singapore, Taiwan, Australia, Germany, France, Canada, the UK, the US and the UAE who represent companies that conduct international business with or from China.