Westpac acts as FJD/CNY Market Maker

CAPTION: Westpac General Manager Fiji Adrian Hughes. Photo: SUPPLIED.

In a reflection of Westpac Fiji?s continuing commitment to making banking easier for its customers, the bank is pleased to announce that it can now act as a ?market maker? for direct trading of the Fiji dollar / Chinese Yuan.

According to Adrian Hughes, General Manager, Westpac Fiji, the ability to directly trade the Fiji dollar / Chinese Yuan is a landmark move, which will allow the bank?s customers to conduct a number of currency transactions with greater ease.

?This truly is great news and a huge step towards making banking easier for the Chinese community in Fiji, as it allows our customers to purchase Chinese Yuan directly from Fiji dollars for the first time,? said Mr. Hughes.

?This delivers considerable convenience to customers because it saves customers the added cost of having to convert Fiji dollars to US dollars before being able to convert to Chinese Yuan,? he added.

In more good news, the direct trading of the Fiji dollar / Chinese Yuan also means Westpac?s customers can remit funds back home to China in Chinese Yuan, according to Mr. Hughes.

The news follows the April 10 announcement of Westpac being granted approval to act as a market maker for the direct trading of Australian dollar / Chinese Yuan.

Having been present in China for over 40 years, Westpac was invited to apply for a ?market maker? license to directly trade interbank FX market AUD/CNY because of its local experience and capability.

?In Fiji, this is a significant offering for Westpac?s customers and a key milestone for Westpac as we grow in this market and this currency is internationalized,? said Mr. Hughes. ?We are thrilled to give our customers as many opportunities as we can to take part in the increasing trade and investment flows in Asia.?

Westpac operates in seven Pacific countries, the Cook Islands, Fiji, PNG, Samoa, Solomon Islands, Tonga and Vanuatu through its network of more than 50 branches and more than 100 ATMs, its online services, its In-store Banking service and thousands of merchants.

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