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Deutsche Bank said Monday that it has become the first European bank to secure approval from China to join its pilot scheme for the facilitation of foreign exchange receipts and payments for trade, which aims to “simplify and improve” foreign currency payments for cross-border trades.

Banks in the U.S., Europe and parts of Asia will not return to pre-pandemic levels of credit strength until 2023, S&P ratings said Wednesday, warning the sector may take years to recover after the launch of a successful vaccine.

Deutsche Bank’s incoming Asia-Pacific CEO Alexander von zur Muehlen will be based out of Singapore rather than Hong Kong, the region’s longtime major financial hub, amid rising international tensions with China over its crackdown on civil unrest in the territory.

Munich Re’s ERGO Group unit is set to enter China’s property and casualty insurance market through a planned investment in Taishan Insurance, in a deal that will lead to the German firm acquiring a nearly 25% stake.

German neobank N26 has raised an additional $100 million in new series funding, the company said Tuesday, even as the digital bank faces the impact of the coronavirus pandemic.