A cross-border e-commerce zone was launched at the 8th China International Import Expo (CIIE) at the National Exhibition and Convention Center in Shanghai on Nov 6.

This marks the first collaboration between Bank of China (BOC) and the CIIE Bureau to establish a dedicated area for cross-border e-commerce. The goal is to utilize ecosystem strengths to build a robust financial service infrastructure for emerging foreign trade models, showcasing China's capabilities in supporting cross-border e-commerce with a comprehensive, high-level approach.

As the exclusive strategic partner of the CIIE for eight consecutive years, BOC unveiled a significant upgrade to its global cross-border e-commerce solution at the launch ceremony. The enhanced version now covers service scenarios, including domestic and international operations, import and export activities, and transactions in both local and foreign currencies. Its new features, such as overseas currency collection, will extend its global service reach.

BOC's global cross-border e-commerce solution currently partners with over 80 percent of leading payment institutions and cross-border e-commerce platforms or independent sites. In the first three quarters of this year, its transaction volume grew by nearly 50 percent compared to the same period last year, significantly outpacing market growth and leading in both product service capability and business scale.

During the ceremony, BOC's Singapore branch signed a strategic cooperation agreement with the Singaporean payment institution FOMO Pay. The two entities will deepen their collaboration in cross-border e-commerce payment and receipt services, helping businesses increase efficiency and reduce cross-border transaction costs.

Looking ahead, BOC plans to further leverage its expertise in cross-border finance by collaborating with more partners to drive product and service innovation, supporting the high-quality development of new foreign trade models in China.