SHANGHAI--(BUSINESS WIRE)--Kyriba, the global leader in cloud treasury and finance solutions, announced today that major Chinese clients, including the world’s largest developer of polyurethane, Wanhua Chemical Co., and Didi Chuxing Technology Co., China’s largest cab hailing service, and others are now live on Kyriba’s cloud finance technology network. In just over three years since Kyriba officially launched its business venture 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.
"Wanhua has realized the optimization, integration and automation of end-to-end domestic and international payment processing systems with Kyriba Payments, laying the foundation for the eventual integration of the entire group's ERP solution," said Kou Chunpeng, project manager of Wanhua Chemical Global Cloud Financial Platform. "Kyriba's advanced Currency Risk solutions also help Wanhua more easily adapt to unpredictable economic changes, and supports Wanhua's overseas growth strategy, while meeting global regulatory standards."
For the full case study featuring Wanhua Chemical, read "Wanhua Reduces Its Manual Payments by 98% in Less Than Six Months."
Wanhua Chemical Group, headquartered in Yantai, is a global leader in the isocyanate industry. It has four production bases in China and Europe and has established subsidiaries and representative offices in more than 10 countries and regions. The company is named as a 2018 Global Top 50 by Chemical and Engineering News.
In addition to Wanhua Chemical and Didi, major domestic corporations and banks have partnered with Kyriba to expand their international footprint and mitigate risk of internationalization, including SUNGROW, HAND, and many others.
"Kyriba is honored to welcome China’s major corporations and banks to partner with Kyriba," said Jean-Luc Robert, CEO, Kyriba. "Kyriba has the capacity and strategy to help Chinese companies simplify financial management while mitigating exchange rate risks associated with doing business overseas."
Chinese companies will face alarming exchange rate risks over the next five years due to economic volatility, according to EY risk consulting experts. "Exchange rate risk management will undoubtedly become a key indicator of corporate financial management and risk management," said Mr. Liang Shangwen, head of financial services and risk consulting, Greater China, Ernst & Young (China) Enterprise Consulting Co., Ltd.1
The new wave of support from Kyriba helps Chinese companies at a critical time when CFOs demand modern cloud solutions to manage their finances, and help them mitigate global market currency volatility.
"China is a key market for Kyriba in the Asia Pacific region and we have invested in our talent and local data infrastructure to comply with Chinese regulations, a major investment that reflects our commitment to our customers in China," said JaeSon Kim, APAC managing director for Kyriba. "We will continue to invest in our people and innovate our product to help put Chinese corporations in a strategic position to grow internationally."
Kyriba recently announced it has doubled the number of clients in the Asia Pacific region in the past 12 months. In October 2019, Kyriba was awarded the "Global Treasury Management Service Innovation Award" by Golden Finance for its leading technology and outstanding contributions in the field of cloud treasury and financial management solutions. Kyriba is established as the pioneer in cloud treasury solutions, and continues to be recognized as a leader by IDC, the premier global provider of market intelligence, and other analyst firms.
About Kyriba Corp.
Kyriba empowers CFOs and their teams to transform how they activate liquidity as a dynamic, real-time vehicle for growth and value creation, while also protecting against financial risk. Kyriba’s pioneering Active Liquidity Network connects internal applications for treasury, risk, payments and working capital, with vital external sources such as banks, ERPs, trading platforms, and market data providers. Based on a secure, highly scalable SaaS platform that leverages artificial and business intelligence, Kyriba enables thousands of companies worldwide to maximize growth opportunities, protect against loss from fraud and financial risk, and reduce costs through advanced automation. Kyriba is headquartered in San Diego, with offices in New York, Paris, London, Tokyo, Dubai, Singapore, Shanghai and other major locations. For more information, visit www.kyriba.com.cn.
1 China Merchants Bank and Ernst & Young jointly release the "2019 China Enterprise Exchange Rate Risk Management White Paper" to create foreign exchange New Future for Risk Management.