Article

Renminbi Internationalization

China is by all accounts an economic powerhouse. It is the second largest economy in the world and the second largest trading nation. Inbound foreign direct investment (FDI) and outbound direct investment flows rank first and ninth in the world, respectively. However, China’s currency, Renminbi (Rmb), plays virtually no role in China’s international dealings. In June 2011, 98% of China’s international payment was settled in currencies other than the Rmb – 80% in US dollar.

This reliance on foreign currencies is costly. First, with the overwhelming share of China’s international trade settled in US dollar, Chinese traders face increased exchange rate risk and transaction costs. Second, years of trade surpluses and foreign capital inflows have seen China’s foreign exchange reserves balloon to the largest in the world. As of September 2012, China’s foreign exchange reserves amounted to US$ 3.29 trillion, most of which were held in assets denominated in US dollars. With the deteriorating economic and fiscal conditions in the US, this reliance on US dollar is both a sizable risk and a concern for the Chinese Government.

Incubation

OneTransact started in 2010 from the opportunities arose from the Chinese government in ‘internationalize’ the RMB currency and the ‘issuing’ and ‘licensing’ of third party payment service providers in China. We seize this moment with vision and boldness by partnering with industry leaders, technology innovators and Chinese regulatory body, State Administration of Foreign Exchange ‘SAFE’ to build a comprehensive platform to bridge the barrier between the China and oversea market.

The role of OneTransact

Our unique is built on our network and ability to work with payments service providers in China and to capture the opportunities arisen from the "internationalize" of the RMB. We will work not only closely with PSP in China to promote the acceptance of RMB in trade and settlement in the Asia Pacific region but also international banking systems and payments networks to further promote the role of RMB in the international community.

Our Partners

We have been working with industry leaders such as China Union Pay (CUP) and major third party payment services providers to facility the use of RMB in trade and retail industry in accordance with international payments standards and practice.

OneTransact is committed to delivering effective ‘merchant services’ to our clients. Our various partnerships, innovative technologies and professional team enable us to provide full-service online payment service in a cleaner, simpler and quicker fashion.

Vision & Mission

Vision

To be the leading provider of one-stop electronic payment service solutions to financial institutions and merchants through a strategy of innovative and efficient exchange, payments and remittance services while maintaining core values of honesty, integrity and professionalism.

Mission

We committee continuous support in both technology and security to ensure every transaction in an easy, efficient and exceptional manner.

Honesty

Telling the whole truth as we work with our clients.

Seamless

Delivering the best service standards and latest payment trend to our clients.

Innovation

Ensuring smooth and secure transaction without time and place limit.

Integrity

Offering complete end-to-end payment services for the worldwide clients to pay in any currencies.

‘Business only makes sense when we speak the same language, share the same beliefs and work toward the same goal’. We will offered endless supports to our clients in every aspects of their business and we are obligated to hear the stories behind your every transaction.