Bank of America Corp (BofA) has hired Bank of New York Mellon Corp’s Winnie Chen as head of Asia Pacific global payments solutions, a business that generates US$11 billion worldwide in annual revenue.

Chen, who was BNY’s Singapore chief executive, starts at BofA in September, according to a memo seen by Bloomberg News. She will become a member of the firm’s Asia Pacific executive committee and be based in Singapore.

BofA’s global payments-solutions business offers treasury and working capital solutions to help businesses manage funds across the globe. Banks are increasingly investing in the tools and technology that businesses need to manage money through apps that mirror what consumers use on their phones and tablets. 

The firm’s corporate clients approved a record US$500 billion in payments through BofA’s Cash Pro app through mid-year, up nearly 40% from the same period a year earlier. Payments on the app are projected to exceed US$1 trillion this year, up from US$802 billion in 2023, BofA said earlier this month. 

Chen’s hiring marks a return to BofA, where she was head of sales for banks and the public sector for Hong Kong and Macau from 2011 until 2013. She spent the last three years at BNY as head of treasury services in Asia Pacific, and was named Singapore chief executive in May of last year. 

“Winnie brings an international perspective and deep knowledge of credit administration, sales, relationship management and transaction banking,” Mark Monaco, head of global payments solutions, and Jin Su, president of Asia Pacific, said in the memo.

A representative for the Charlotte, North Carolina-based bank confirmed the contents of the memo.

  - Bloomberg