SHANGHAI – (BUSINESS WIRE) – January 13, 2020–
KyribaWanhua Chemical Co., the world's leading provider of cloud treasury and financial solutions, announced today that major Chinese customers, including the world's largest polyurethane developer, Wanhua Chemical Co. and Didi Chuxing Technology Co., China's largest taxi hail service, and others, now online, are Kyriba's cloud finance technology network. In just over three years since Kyriba was officially launched in China, the company has hired sales, marketing and product support engineers to meet the growing demand from Chinese companies and is now seeing double-digit growth in the region.
"With Kyriba Payments, Wanhua has implemented the optimization, integration and automation of end-to-end payment processing systems in Germany and abroad, laying the foundation for the later integration of the ERP solution for the entire group," said Kou Chunpeng, project manager at Wanhua Chemical Global cloud finance platform. "Kyriba's advanced currency risk solutions also help Wanhua adapt to unpredictable economic changes and support Wanhua's overseas growth strategy while complying with global regulatory standards."
For the full Wanhua Chemical case study, go to “Wanhua Reduces Manual Payments by 98% in Less Than Six Months, "
The Wanhua Chemical Group, headquartered in Yantai, is a global leader in the isocyanate industry. The company has four production locations in China and Europe as well as branches and representative offices in more than 10 countries and regions. The company will be recognized as the Global Top 50 in 2018 from Chemical and Engineering News.
In addition to Wanhua Chemical and Didi, large domestic companies and banks have partnered with Kyriba to expand their international presence and reduce the risk of internationalization, including SUNGROW, HAND and many others.
"Kyriba is honored to welcome China's large corporations and banks as Kyriba's partners," said Jean-Luc Robert, Kyriba's CEO. "Kyriba has the capacity and strategy to help Chinese companies simplify financial management while reducing the foreign exchange risks associated with doing business abroad."
According to experts from EY Risk Consulting, Chinese companies will face worrying exchange rate risks over the next five years due to economic volatility. "Exchange rate risk management will undoubtedly become a key indicator of corporate financial and risk management," said Liang Shangwen, Head of Financial Services and Risk Consulting, Greater China, Ernst & Young (China) Enterprise Consulting Co., Ltd. 1
Kyriba's new wave of support is helping Chinese companies in a critical time when CFOs need modern cloud solutions to manage their finances and help reduce the volatility of global market currencies.
"China is a key market for Kyriba in the Asia Pacific region. We have invested in our talent and local data infrastructure to comply with Chinese regulations. This is an important investment that reflects our commitment to our customers in China," said JaeSon Kim, APAC Managing Director, director for Kyriba. "We will continue to invest in our people and develop our product to bring Chinese companies into a strategic position to grow internationally."
Kyriba recently announced that it has doubled the number of customers in the Asia Pacific region in the past 12 months. In October 2019, Kyriba was honored by Golden Finance for its leading technology and outstanding contributions in the field of cloud treasury and financial management solutions with the "Global Treasury Management Service Innovation Award". Kyriba is a pioneer in cloud treasury solutions and continues to be recognized as a leader by IDC, the world's leading provider of market intelligence, and other analyst companies.
About Kyriba Corp.
Kyriba enables CFOs and their teams to change the activation of liquidity as a dynamic real-time tool for growth and value creation, while protecting against financial risks. Kyriba's groundbreaking Active Liquidity Network connects internal treasury, risk, payments and working capital applications to key external sources such as banks, ERPs, trading platforms and market data providers. Built on a secure, highly scalable SaaS platform that leverages artificial and business intelligence, Kyriba enables thousands of companies worldwide to maximize growth opportunities, protect themselves from fraud and financial risks, and reduce costs through advanced automation. Kyriba is headquartered in San Diego and has offices in New York, Paris, London, Tokyo, Dubai, Singapore, Shanghai and other key locations. More information is available at www.kyriba.com.cn,
1 China Merchants Bank and Ernst & Young jointly publish the "2019 China Enterprise Exchange Rate Risk Management White Paper" Create a new future for risk management.
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PUB: 13.01.2020, 7 p.m. / DISC: 13.01.2020, 7:01 p.m.