The Cross-border RMB Trade Finance Transfer Service Platform
The Cross-border RMB Trade Finance Transfer Service Platform (hereinafter referred to as the Cross-border Platform) is a comprehensive digital platform that provides cross-border RMB trade finance-related services to financial institutions in and outside of China, and was officially launched on November 3, 2020. As of July 31, 2021, 31 financial institutions and 208 branches, including ICBC, Bank of China, DBS Bank and Standard Chartered Bank, have been accredited to the platform.
The cross-border platform provides online transfer services for cross-border trade finance for financial institutions, and the first phase of business includes interbank payment and forfaiting.
The cross-border platform realizes the whole process of cross-border RMB trade finance transfer business online, enhances information concentration and improves transaction efficiency. The platform has three main advantages.
(1) It replaces the traditional model of signing paper contracts offline on a one-to-one basis, simplifying the transaction process and enhancing transaction efficiency.
(2) The cross-border platform realizes the online centralized processing of cross-border trade finance secondary market business.
(3) The business process design of the platform takes into account the domestic regulatory regulations and international common practices, supports free switching between Chinese and English, and enhances the experience of using the platform for domestic and foreign, Chinese and foreign-invested institutions in all aspects.
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