New Delhi: Multinational companies continue to view India and China as promising and lucrative investment hubs with an increasing number of their regional headquarters being set up in the two Asian giants, Bank of America said.
MNCs, which till now had their Asian headquarters based in Singapore and Hong Kong, are looking to Indian and Chinese cities for setting up their regional centres.
"Over 100 MNCs have already set up their regional base in Shanghai," Bank of America Senior Vice President (Global Treasury Services) Richard P Linebaugh said, adding this trend was on an upswing, giving the bank an incentive to expand its cash management services in such markets.
This move by multinational firms has led banks such as Bank of America to enhance their global treasury services in India as well.
"We see great opportunities in both the markets (India and China) as they have similar local needs and size, in terms of treasury services," Linebaugh said.
Both the countries have had a paper-based payment structure, which is now moving towards an electronic clearing environment aided by improved automation and telecom networks, and adoption of Real Time Gross Settlement (RTGS) platform.
Besides acknowledging the improving payment infrastructure in India, Linebaugh said the country also had strong potential to attract more Foreign Direct Investments.
Comments
0 comment