On February 18, BOC became the first financial institution to launch the cross-border RMB third-party payment pilot program in China (Shanghai) Pilot Free Trade Zone ("CSPFTZ"), entered into the Cooperation Agreement on Cross-border E-Commerce RMB Payments with 99Bill.com and cooperated with payment companies in starting the first real-time transaction supporting the export business of Trade-Van Information Services Co., Ltd.
The launch of cross-border RMB payment business by third-party institutions will further expand the cross-border use of RMB, allow payment institutions to expand their overseas business, dispense with currency exchanges, lower the foreign exchange risk for payment institutions, and provide convenience to cross-border RMB settlements.
As one of the first financial institutions launching the cross-border RMB payment pilot program by third-party institutions, BOC has extensive experience in international settlement and foreign exchange management, with unrivalled advantages in cross-border RMB business, widely-distributed clearing systems worldwide and diverse RMB products and services, and has formed a comprehensive financial services system comprising cross-border RMB settlement, cross-border RMB trade financing, cross-border RMB cash management, and cross-border RMB-denominated direct investments.
As a leading independent payment company in China, 99Bill.com is committed to providing efficient liquidity management solutions for enterprises by utilizing information platforms, helping enterprises gain quick access to and optimize cash flows, and accelerating their development.
BOC will leverage its unique advantages built through a century of development as an internationalized and diversified bank, further promote financial innovation in cross-border e-commerce trade, RMB and foreign currency cross-border business, cross-border investment and financing by centering on the reforms in CSPFTZ, vigorously explore further integrated and win-win cooperation models for internet finance and enterprises in CSPFTZ, and provide better and more efficient financial services to clients.
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