Information Technology and Finance during COVID-19

One of the key responses of foreign companies operating in China to the COVID-19 pandemic has been expanded use of information technology (IT). In a country like America, paper checks are still written from payers to payees because there has been no forced total overhaul in exchange technology. In some countries like China, more recent and rapid modernization has seen swift adoption of mobile payment platforms like WeChat Pay and AliPay without as much of the intermediate credit card payment stage as used in North America and Europe. When Citi China, a subsidiary of American multinational bank Citigroup Inc., began to formulate responses to COVID-19, IT was a core component.

Citi China shared that their priority has been safeguarding the health and safety of their employees and their families and that of the communities they serve. As with many companies, this involves working from home. They invoked their “Continuity of Business (COB) protocols through remote access protocols and then through split operations to ensure that all critical operations can be performed from alternate locations as needed.” Through institutional planning and technological integration, Citi China changed gears to sustain operations during the pandemic. They worked with WeDoctor, a network providing online consultations with doctors, to provide health and wellness support for their employees and clients.

Finance is a critical aspect of sustaining business. Even with guaranteed profits, businesses can’t reach the payoff if they can’t purchase materials and pay employees. Ready access to loans is key. Citi China reaffirmed its commitment to business in China and its readiness to support industries getting their supply chains back up and running. They have striven to assist liquidity management for clients worldwide, citing collaboration with the New York headquarters, Hong Kong, Singapore, and other locations. During the Chinese New Year, also known as Spring Festival, they “urgently implement[ed] a telephone bank redemption process” for their customers to trade local securities. Under the challenging times, they have maintained online and offline channels for clients to access Citi services.

As China goes back to work with a “new normal” of pandemic control measures, finances both from abroad and within China are key for all companies ramping up operations. Citi China, as part of its multinational banking operation, is taking advantage of the full range of modern IT infrastructure to ensure reliable internal corporate communications and client access to services. Although through social distancing colleagues, friends, and acquaintances have to stay far apart, IT helps everyone do what they can to get everything back to normal as fast as possible.