On June 11, at a forum on renminbi internationalization at the 2025 China-Singapore (Chongqing) Connectivity Initiative New International Land-Sea Trade Corridor (CCI-ILSTC) Trade and Financial Conference, Bank of China launched the BOC Cross-border E-Commerce Connect payment collection service. This service aims to better meet the urgent demand for financial services from Chinese payment institutions operating overseas and cross-border e-commerce businesses.

Singapore, as one of the global financial hubs, hosts the capital centers of many well-established international payment institutions. With a growing consumer base in Southeast Asia, Singapore’s cross-border e-commerce market holds significant potential. As a major bank for foreign exchange and foreign trade in China, BOC continues to push digital product innovation and is the first among major Chinese banks to introduce an overseas payment collection service for cross-border e-commerce in Singapore. The service offers comprehensive financial support for overseas payment institutions and e-commerce platforms through fully online operations, including fund sub-account management, currency exchange, cross-border remittance and bank reconciliation.

In recent years, BOC has leveraged its traditional strengths in cross-border financial services and delved deep into the cross-border e-commerce sector. It previously launched a series of solutions based on the BOC Cross-Border E-Commerce Connect, such as Three-Party Connect, Overseas Connect, and E-commerce Connect, to better address the challenges in domestic payment and collection for cross-border e-commerce, and to better connect various entities, including domestic and international payment institutions and cross-border e-commerce companies. The newly launched overseas payment collection service aims to extend the cross-border e-commerce service chain to the source of overseas payment collections, covering Southeast Asia and extending to developed markets in Europe and North America, providing high-quality financial support for globalized overseas payment collection.

BOC will continue to enhance product and service innovation, further perfecting its unique overseas payment collection network. The bank aims to upgrade its integrated services in global settlement, currency exchange and fund management, striving to be the preferred partner bank for new foreign trade formats and contributing to creating a new, high-level open environment.